Biofuel Testing Services Market is Expected to Register Highest CAGR of 7% During the Forecast Period 2018 – 2028
VALLEY COTTAGE, N.Y. – The global demand for biofuel testing services accounted for revenues roughly equating US$ 1.5 billion in 2018. A new Future Market Insights (FMI) study envisages robust growth outlook for the biofuel testing services market, in the light of staggering growth in the biofuel production.
There has been rapid growth in the production of the biofuels due to increasing prevalence of hazardous emission from fossil fuels. Biofuels are renewable alternative to fossil fuels in various sectors. Various countries are adopting standards to increase the penetration of biofuels in various sectors. Hence, high usage of biofuels supports the growth of the biofuel testing service market. By 2020, EU aims to use a minimum of 10 percent of the transport fuel coming from renewable sources such as biofuels. There is increasing demand for biofuel testing services due to increasing importance of the biofuels over the fossil fuels.
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The biofuel testing services market has been segmented on the basis of biofuel tested type, location type, end use, and region. On the basis of biofuel tested type, the market has been segmented on the basis of ethanol, biodiesel, biogas, green diesel, butanol, and others. On the basis of the location type, the market has been segmented on the basis of off-site and on-site service. On the basis of end use, the market has been segmented on the basis of automotive, biofuel companies, mining, energy generation, refineries, other. On the basis of the region, the global market has been segmented on the basis of North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa.Standardization Enabling Better Penetration of Biofuel Testing Services
The ASTM standards for biofuel testing services include D975, D4806, D6751, D5798, and D7467 and the European standards for biofuel testing services include EN14214, EN 15376, NPR-CEN/TS 15293, DIN 51605. Numerous factors are fuelling the overall growth of the biofuel testing services market. Another key factor driving the growth of the market is the increasing usage of biofuels in the automobile industry in order to reduce impact of harmful gases released from fossil fuels.
Despite an impressively growing preference for biofuels for transportation purposes and the rising demand for biofuel testing services, the high costs associated with biofuel testing services will continue to limit the growth of market over the next few years. With strong signs of biofuels entering the mainstream, it is highly likely that the affordability of biofuel testing services will improve, thereby pushing the market revenues.
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On the basis of the geography, North America is anticipated to capture the significant share of the biofuel testing services market due to increasing ethanol production in the United States. In Latin America, there is increasing demand for the biofuel testing services as Brazil is one of the prominent producers of biodiesel. Thus, these factors are fuelling the growth of biofuel testing services market in these regions.
Moreover, Europe is estimated to be a prominent region in the global biofuel testing services market due to high production of biogas. Europe is the leading producer of biomethane as a vehicle fuel. Biogas production has increased in EU in last few years due to renewable energy policies adopted by the country.
The report tracks some of the key companies operating in the market –
- BUREAU VERITAS
- Intertek Group plc
- Eurofins Scientific
- SGS SA
- ALS Limited
- Core Laboratories
- Biofuel Systems Group Limited
- Beta Analytic.
- AKSHAR ANALYTICAL LABORATORY & RESEARCH CENTRE
- SOCOTEC Group
- Chem-Tech Laboratories
- FOI Laboratories Private Limited
- Peak Petroleum Testing Services
- Inc. BUREAU VERITAS
- Intertek Group plc
- Eurofins Scientific
- SGS SA
are estimated to capture a prominent share of the Biofuel Testing Services market. These tier 1 companies hold a share of approximately 40% of the Biofuel Testing Services market.
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