How big is the alternative fuel market, and what are its types?
The remarkable rise in energy consumption worldwide is the major factor driving the demand for alternative fuels, and help diversify the energy portfolio.
What types of alternative fuels are being explored so far? Why are we shifting away from fossil fuel towards alternative fuel?
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Haseeb
Alternative fuel is primarily advanced fuel or non-conventional combustion engines fuel, partially or entirely derived from a source other than petroleum.
It produces less carbon emission and can also help reduce the dependence on oil. Many oil companies and governments are investing in alternative fuel industry which is supporting the alternative fuel market.
A large number of countries imports oil to fulfil their energy needs. Therefore, to reduce the dependency on fossil fuels and save on foreign exchange, governments are trying to diversify its power generation portfolio and also aiming for alternative fuel.
The rising demand for alternative fuels in the automotive sector, the feedstock availability worldwide and the technological development in the fuel cell industry is driving demand growth in the alternative fuel market.