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The Alternative Fuels Market size is expected to reach USD 12.9 billion and is projected to reach a CAGR of 12.3% from 2023-2030.
The fulfilment of the "zero emission" and "zero waste" ideals will be facilitated by the generation of alternative fuels. Alternative fuels will reduce pollution from automobiles and make cities carbon neutral. Moreover, food and agricultural waste may be converted into alternative fuel, helping to reduce the amount of trash dumped in landfills.
The need for alternative fuels is also increasing due to the importance of environmental protection.
Fundamentally, alternative fuels are utilized to replace fossil fuels. They produce fewer hazardous pollutants as compared to conventional fuels like gasoline and diesel. Moreover, two important benefits associated with alternative fuels are their local availability and the development of jobs. These elements suggest that the market for alternative fuels is growing as a result. Alternative fuels include biodiesel, natural gas, hydrogen, and others, and they may be utilized in a variety of businesses. On the other hand, a Lack of awareness related to environmental initiatives is expected to restrain the growth of the global energy management system (EMS) market during the forecast period. Additionally, the Absence of data, regulatory standards, and common practices within and among companies is expected to hinder the global energy management system (EMS) market over the forecast period.
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Last Update : 24 May 2023 6:18 AM
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