Global Alternative Fuel-powered Military Fleet Market 2017-2021
About Alternative Fuel-powered Military Fleet
Alternative fuel-powered military vehicles are primarily powered by a source of energy other than fossil fuels. These sources of energy may be 100% renewable, electric, or blended. As a whole, they help in the reduction of carbon emissions.
Technavio’s analysts forecast the global alternative fuel-powered military fleet market to grow at a CAGR of 4.46% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global alternative fuel-powered military fleet market for 2017-2021. To calculate the market size, the report considers the new sales.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Alternative Fuel-powered Military Fleet Market 2017-2021
Technavio recognizes the following companies as the key players in the global alternative fuel-powered military fleet market: Boeing, Chevron, GE Aviation, and General Motors.
Other Prominent Vendors in the market are: ARA, Dynamic Fuels, TerraVia, and SOUTHERN OIL.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is derivation of biofuel from timber woods. Since the early 2000s, there has been an increased focus on the use of alternative fuels in place of petroleum-based fuels to reduce the increasing greenhouse gas emissions. There are a number of feedstocks from which biofuels are processed or synthesized such as corn, sugarcane, sugar beet, soya bean oil, and wheat. However, there has been an increase in the production of wood-based cellulosic biofuels.”
According to the report, one of the major drivers for this market is easy supply of fuel in times of crisis. The transport of conventional fuels in a battlefield or under extreme weather or terrain conditions is associated with a number of supply chain complexities. This is mainly because of the unscheduled and spontaneous movement of the armed troops and defense personnel in emergency situations, and the following changes in the maintenance and transportation of the reserved stocks of fuel.
Further, the report states that one of the major factors hindering the growth of this market is decline in crude oil prices. Since June 2014, there has been a weighty decline in the crude oil prices, which has directly impacted the global defense sector, as these conventional fuels were used to power military aircraft, naval vessels, and ground support vehicles. Moreover, post the prospective withdrawal of Britain (Brexit) from the European Union (EU), there has been a substantial dip of over 50% in crude oil prices, to reach approximately $53 per barrel. While the massive decline in crude oil prices poses a major challenge for the oil equipment companies, the defense authorities would witness the benefits, as the standard fuel prices would also decline, which would result in lesser operational costs of the military.
Boeing, Chevron, GE Aviation, General Motors, ARA, Dynamic Fuels, TerraVia, and SOUTHERN OIL.