Derivation of biofuel from timber woods and Easy supply of fuel in times of crisis are some of the major factor boosting the alternative fuel-powered military fleet market for the forecast period of 2017 – 2025. However, drop in crude oil prices is acting as a restraining factor for the market for the forecast period.
Based on platform type, the market is segmented into naval vessels, aerial fleet and ground vehicles. In 2016, in terms of platform type, the aerial fleet segment dominated the market followed by naval vessel and is anticipated to remain the dominant segment in the near future as well. The increase in the focus on the testing and production of renewable and alternative fuels by major companies and the rising number of government initiatives will reduce the use of crude oil-based fuel which in turn will help to increase the demand of alternative fuels.
Based on fuels type, the market is segmented into biofuels, nuclear power, alcohols fuels and others. Among various fuels type, in 2016, the biofuels segment dominated the market followed by nuclear power, and is anticipated to be the same during the forecast period 2017 – 2025. Easy of availability of biofuels compare to conventional fuel is one of the major facto boosting the demand of biofuels segment in market for the forecast period. The market is observing a shift from conventional fuels to the use of biofuels. The supply chain of conventional fuels is very complex and totally depend under various factors such as weather conditions, transportation system and complex maintenance among others. Due to these factor the market for the alternative fuel-powered military fleet is boosting.
The alternative-fuel powered military fleet market is categorized by the presence of regional and global vendors, which makes it extremely competitive. Factors such as rapid advance in technology, intense competition, environmental regulations and frequent changes in government policies pose as significant restraints to the growth of the vendors. Many vendors are gradually focusing on global footprint network, in-house manufacturing capabilities, investments in research and developmental activities, strong client base and product offerings to improve their geographical reach.
The increasing trend to produce fuel from seawater will stimulate the development of the market during the forecast period. To remove the practice of fossil fuels, the US Naval Research Laboratory (NRL) has come up with technology that is used to harness hydrogen and carbon dioxide from seawater and convert it into liquid hydrocarbon fuel, which in turn, will boost the development of the market for alternative fuel-powered military fleet.
The geographical split of the market includes North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. In 2016, North America is the major market followed by Europe. The U.S. dominated the market for the alternative fuel-powered military fleet for North America region as well as globally. The significant increase in investments towards the growth of biofuels by the US Air Force and the US Navy is one of the key factor boosting the adaptation rate of alternative fuels powered vehicles in the U.S. as well as North Americas. The increase in the trend to harvest fuel from seawater is one of the major factor fuelling the demand of market for the forecast period of 2017 – 2025. Europe is second largest region in alternative fuel-powered military fleet market. The U.K. is the key market for the alternative fuel-powered military fleet for Europe region.
The major players in the alternative fuel-powered military fleet market are GE Aviation (United States), Boeing (United States), General Motors (United States), Chevron (United States), ARA (United States), Dynamic Fuel (Canada), TerraVia (United States) and Southern Oil (United States) among others.
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