Published on : Jun 07, 2017
Albany, New York, June 07, 2017: The report, titled “Global Alternative Fuel-powered Military Fleet Market 2017–2021,” has emphasized especially on the past and the current performance of the global market to determine its future status.
According to the research report, the worldwide market for alternative fuel-powered military fleet is expected to rise at a CAGR of 4.46% over the period from 2017 to 2021, thanks to the easy supply of the fuel during crisis. Currently, the market is undergoing a massive shift from traditional fuels towards the usage of biofuels because, under extreme weather or terrain conditions, traditional fuels suffer supply chain complexities and face difficulties during spontaneous movement under emergency situations.
The complex maintenance and transfer of the reserved stocks of fuel are adding significantly to these issues. With the increasing adoption of biofuels, the need for the transportation of battlefields or other places has declined, which consequently has increased the focus of the defense authorities on the manufacturing and sustainment of biofuel of alternate fuel to power up the military fleet. This, as a result, will propel this market substantially over the next few years, states the report.
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The report has analyzed the global market for alternative fuel-powered military fleet on the basis of the type of platform and the geography. Based on the type of platform, the market has been classified into aerial fleet, ground vehicles, and naval vessels. The demand for alternative fuel-powered aerial fleet is much higher than the other two. Thanks to the rising focus on the manufacturing and the testing of alternative and renewable fuels by key players and the escalating number of government initiatives, the trend is likely to remain so over the period of the forecast.
In terms of the geography, the report has classified the worldwide market for alternative fuel-powered military fleet into Asia Pacific (APAC), Europe, the Middle East, and Africa (EMEA), and the Americas. Of these, the Americas has acquired the leading position and is anticipated to remain on the top over the forthcoming years. The significant rise in investments towards the development of biofuels by the U.S. armed force is projected to fuel the uptake of the vehicles that run on alternative fuels in this region over the next few years, ensuring its dominance, reports the research study.
The leading players in the global market for alternative fuel-powered military fleet mentioned in this report are Chevron, Boeing, General Motors, and GE Aviation. ARA, TerraVia, Dynamic Fuels, and SOUTHERN OIL are some of the other prominent market participants, reviewed in this report.
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