Alternative Fuels Advisor Market Size, Growth, Size, Share, and Industry Analysis, By Type (Hydrogen & Fuel Cell, Solar, Hydro, BioPower), By Application (Commercial, Research) Regional Forecast to 2031

Updated On: 08 April 2024

Alternative Fuels Advisor Market Report Overview

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The global alternative fuels advisor market size was USD 8 million in 2021 and is expected to touch USD 13.77 million by 2031, exhibiting a CAGR of 4.7% during the forecast period.

Alternative fuels are known as non-conventional and advanced fuels, which are materials or substances used as substitute fuels, apart from predictable fuels such as fossil fuels and nuclear materials such as thorium, uranium, and synthetic fuels made in nuclear reactors. The demand for advisors of alternative fuels is set to boom post the pandemic as industrial activities resume. This will benefit the service industry, leading to profits and revenues for leading industrial players. Developing regions will direct the production and supply of the devices as industrial activities return to the pre-pandemic levels.

The market is divided into two segments: type and application. The application segment consists of commercial and research purposes, whereas the type segment consists of hydrogen and fuel cells, solar, hydro, and bio powers. The alternative fuels advisor is a tool that enables fleet managers to decide which alternative fuel vehicles (AFVs) are compatible with their fleets. The device advisor considers factors such as the car's mileage, the type of driving usage, and the availability of fueling infrastructure based on geographical location. Developed countries will demand the product in bulk quantities as manufacturing activities resume.

COVID-19 Impact: Vehicle Manufacturing Units' Closure Hampered Market Growth

The market need for alternative fuel advisors is expected to increase during the forecast period. The global COVID-19 pandemic was unprecedented & staggering, with alternative fuel advisors experiencing lower-than-anticipated demand across all regions compared to pre-pandemic times. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels post the pandemic.

The closure of vehicle manufacturing units worldwide hampered the market growth and prospects of the alternative fuels advisor industry. The supply chain shutdown and the high inflation during the pandemic led to the closure of industrial activities in developed and developing countries, leading to significant revenue losses for investors and industrial giants. Furthermore, the uncertainty regarding fuel demand in growing regions contributed to the downward market trajectory. However, the need for these fuels will increase significantly post the pandemic with the resumption of industrial activities.

LATEST TRENDS

"Wide-Ranging Applications of Alternative Fuels to Drive Growth"

Hydrogen fuel cells are used in warehouses to reduce carbon emissions significantly. The growing adoption of solar power alternatives across residential and commercial buildings and on-site power generation will increase demand for energy systems using photovoltaic panels. This trend will positively impact market growth during the period owing to rising investments from governments worldwide in developing regions supportive of renewable energy sources such as solar panels and wind.

Alternative Fuels Advisor Market Segmentation

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• By Type

The market is categorized into hydrogen & fuel cell, solar, hydro, and biopower.

• By Application

The market is subcategorized based on commercial and research.

DRIVING FACTORS

"Demand for Hydrogen Fuel to Propel Market Growth"

Hydrogen fuel cells convert chemical energy from fuels into electrical energy. Fuel cells utilize hydrogen as raw material to produce electricity, where hydrogen is made by mixing various elements such as water and natural or manufactured fuels such as fossil fuel or coal. The most frequently produced hydrogen is steam methane reforming, using natural gas or carbon-based fuel sources in electric power plants. The demand for hydrogen as an alternative fuel will thus drive the alternative fuels advisor market growth.

"High Solar Usage due to Environmental Concerns to Lead Growth"

Solar is a renewable resource, providing clean electricity to consumers and industrial players. As it is the most abundant energy source on earth and can be used to generate electricity for homes, industries, and transport, the demand for alternative fuels advisor will increase significantly during the forecast period. The sun's rays are captured with solar panels, converting the sun's rays into usable forms of energy such as heat and light. Thus, wide-ranging applications will lead the market prospects.

RESTRAINING FACTORS

"High Costs and Rising Fuel Prices to Impede Market Share"

The high installation costs and rising fuel prices due to ongoing tensions in the European region will impede the growth of the alternative fuels advisor industry. The rising inflation and supply chain disruption in the area will affect the demand for the service, leading to significant revenue losses for investors and leading industrial players. Thus, the plummeting shares of companies and investors will lead the market down due to the abovementioned factors.

Alternative Fuels Advisor Market Regional Insights

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"With Innovations and Mergers, North America to Lead Market Prospects"

The North American region will lead the alternative fuels advisor market share owing to major industrial innovations and mergers in the area. The rise of electric vehicle manufacturers due to environmental concerns and growing consumer demand for environment-friendly vehicles will lead to the need for alternative fuels in countries such as the U.S. and Canada. Significant mergers, acquisitions, collaborations, and launches will guide the industrial market growth and share. 

KEY INDUSTRIAL PLAYERS

"North America to Lead Major Industrial Market Share"

The report analyzes various leading market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical outcomes, and newly emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the alternative fuels advisor industry. Therefore, the factors specified in the report are subject to manipulation as the dynamics and situation of the market change.

List of Market Players Profiled

• Vivint Solar (U.S.)
• TerraForm Power (U.S.)
• SunPower (U.S.)
• SunEdison (U.S.)
• SolarCity (U.S.)
• Plug Power (U.S.)
• NextEra Energy (U.S.)
• First Solar (FSLR) {U.S.}
• Enphase (U.S.)
• Canadian Solar (Canada)

INDUSTRY DEVELOPMENT

October 2022: Maxeon Solar Technologies, a leading solar innovation player, has partnered with Star Charge, a leading EV charging solution provider. The two companies will incorporate EV charging products as Maxeon's SunPower energy solutions. This partnership is the latest development by Maxeon to expand its SunPower One program, an open ecosystem of clean energy and alternative fuel advisor products and services. This will lead to an increase in SunPower's market share and growth.

REPORT COVERAGE 

The report examines elements that will affect the demand & supply and estimate dynamic forces for the forecast period. After thoroughly evaluating the market and industry factors, the report provides an extensive, comprehensive SWOT and PEST analysis. The information estimates all the factors mentioned, taken into consideration after thorough research and analysis. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the alternative fuels advisor industry. The report lists the worldwide leading industrial players and the regions that will experience growth during the forecast period.