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"Global demand for Biofuel Testing Services amounted to roughly US$ 1.67 billion in revenues in 2019. The Biofuel Testing Services market is expected to observe a CAGR of ~7.1% over 2020-2028."
Biofuels is a leading solution for the mitigation of energy security, environmental safety and economic security issues associated with petroleum & petroleum product dependency. Biofuels have increased public and scientific attention in the last decade, driven by factors such as oil price hikes, the Need to Increase Energy Safety, Concern about Greenhouse Gas Emissions from Fossil Fuels, and Government Subsidies Help. Biofuels are liquid or gaseous fuels mainly derived from biomass and can be used to substitute other fossil fuels.
Governments have therefore shown varying levels of interest in the use of bio-energy, based on current policies and future plans. Crops used to produce biofuels are usually high in sugar (such as sugar cane, sugar beet, and sweet sorghum), starch (such as corn and cassava) or oil (such as soybeans, rapeseed, coconut, sunflowers, and palms). World leaders in the production and use of biofuels are Brazil, the United States, France, Sweden, and Germany. The growing use of biofuels thus encourages the development of the demand for biofuel testing services. The EU aims to use a minimum of ~10% of transport fuel from renewable sources, such as biofuels, by 2020. There is a growing demand for biofuel testing services due to the increasing importance of biofuels over fossil fuels.
By End-Use Type, refineries hold maximum share in key regions
The increasing presence of refineries is boosting the growth of the market in the U.S., where the rate of production of biofuels is strong, thereby increasing the demand for biofuel testing services in refineries in the North American area. In addition, there is an increasing demand for biofuel testing services in refineries for quality testing of fuel-grade ethanol, sustainability testing, and other related research.
As a result, the growing presence of the numerous refineries in North America and Latin America is expected to see rapid growth in the demand for biofuel testing services with a high CAGR during the forecast period. The countries of the European Union (EU) have signed up for the Renewable Fuels Directive. This Directive sets out goals that are applicable to the implementation of different types of alternative energy sources, including biofuels, to reduce dependence on petroleum products in addition to the development of refineries in European countries, When Italy and Germany need biofuel testing services, the involvement of leading service providers in Europe eventually leads to the development of the biofuel testing market in Europe.
North America continues to have a strong market share in biofuel testing services.
In the context of an increase in ethanol production, North America continues to have a strong market share in biofuel testing services. It is expected to hold a maximum share of xx% during the forecast period. Service providers are exploiting opportunities emerging from the market competitiveness of developing countries, including China and India, among the world's leading producers of biofuels. Government initiatives in support of bio-based fuel substitutes are also likely to open up new growth opportunities for market participants. In Latin America, demand for biofuel testing services is growing, as Brazil is one of the leading producers of biodiesel. Consequently, these factors are fueling the development of the demand for biofuel testing services in these areas.
Moreover, Europe is estimated to be a prominent region in the global market for biofuel testing services due to high biogas production. Europe is the leading manufacturer of biomethane as a vehicle fuel. Biogas production in the EU has increased in recent years due to the country's policies on renewable energy.
BUREAU VERITAS, Intertek Group plc, Eurofins Scientific, AmSpec, LLC, SGS SA, ALS Limited, Core Laboratories, Biofuel Systems Group, Beta Analytics, AKSHAR ANALYTICAL LABORATORY & RESEARCH CENTRE, SOCOTEC Group, FOI Laboratories, Private Limited, Chem Tech Laboratories, and Peak Petroleum Testing Services, Inc. are some of the key companies operating the market of Biofuel testing service market. BUREAU VERITAS, Intertek Group plc, Eurofins Scientific and SGS SA are estimated to have a significant stake in the Biofuel Testing Services market. These Tier 1 companies hold approximately 45% of the Biofuel Testing Services market.
By Biofuel Tested Type:
- Green Diesel
By Location Type:
- Off-site Services
- On-site Services
By End-Use Type:
- Biofuel Companies
- Energy Generation
- North America
- South America
- Middle East and Africa