Natural gas refuelling station: Key market research findings
- Government support for NGV infrastructure
- Rise in adoption of NGVs
Technavio has released a new market research report on the global natural gas refuelling stations market, which is expected to grow at a CAGR of 4% by 2020. Concerns regarding rising GHG emissions and the need for cleaner energy sources have resulted in a growing interest in low-carbon emitting alternate fuels such as natural gas. Natural gas can be used in the forms of compressed natural gas (CNG) and liquefied natural gas (LNG). APAC holds the highest installed capacity of natural gas refuelling stations, owing to the high number of natural gas stations in this region. High dependence on fossil fuels and increased pollution levels in countries such as India, China, and Pakistan have prompted these countries to support the use of natural gas over gasoline and diesel.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The development of natural gas vehicle (NGV) fueling stations is strongly supported by the government in various countries. Natural gas has the potential to contribute toward climate change mitigation, which has prompted governments to focus on natural gas infrastructure developments. Owing to stringent emission norms, several transportation companies are shifting towards natural gas as it offers the dual benefit of reduced harmful emissions and lower fuel prices,” says Vishu R., Lead Analyst, Energy, Technavio Research.
The rise in the use of natural gas in vehicles has necessitated the installation of both public and private CNG stations. Car manufacturers such as GM and Ford have certified natural gas conversion system that can be installed without voiding the warranty, increasing its appeal to buyers. Engine manufacturers such as Cummins Westport and Caterpillar offer natural gas engines for MDVs and HDVs, resulting in their rapid adoption in refuse trucks, school buses, transit buses, delivery trucks, and shuttles.
The leading vendors in the global natural gas refuelling stations market are Atlas Copco, Clean Energy Compression, KwangShin and Wayne Fueling Systems. This market is fragmented with the presence of vendors providing complete solutions and vendors specializing in manufacturing specific components. The global players are continuously innovating and developing better components for gas stations. This enables safe and fast refueling process, with minimal fuel leak into the atmosphere.
A more detailed analysis is available in the Technavio report, Global Natural Gas Refuelling Stations Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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