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Global Low-carbon Fuel Market was Valued at USD 546.07 Billion in 2022 and is Expected to Reach USD 1,663.82 Billion by 2030 and Grow at a CAGR of 15.28% Over the Forecast Period.

Infograph - Global Low-carbon Fuel Market was Valued at USD 546.07 Billion in 2022 and

By Infinium Global Research Jan, 2024

The global low-carbon fuel market was valued at USD 546.07 billion in 2022 and is expected to reach USD 1,663.82 billion by 2030 and grow at a CAGR of 15.28% over the forecast period. In recent times, low-carbon fuels have exhibited notable growth due to the increased emphasis on decarbonizing transportation, power generation, and various sectors to address climate change concerns. Additionally, the surge in conventional fuel prices has played a significant role in driving the demand for low-carbon alternatives. The low carbon fuels such as biofuels, ammonia, electricity, and others are used as the best alternatives to fossil fuels. Industries are opting for clean energy sources, such as low-carbon fuels, instead of relying on the combustion of fossil fuels. In addition, the fluctuations in the prices of traditional fossil fuels have also boosted the growth of the market as low-carbon fuels are becoming more competitive. Increasing investments in R&D are expected to offer growth opportunities in the market as the stringent government regulations have made countries across the globe implement zero-carbon emissions strategies. The sustainability goals are long term due to which investment in R&D activities are made to achieve it till 2050. All these factors are driving the market growth and further investments are anticipated to boost the market over the forecast period.

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