Natural gas vehicles are a rapidly expanding technology and has the potential to transform the transportation sector as well as have significant impact on the global natural gas market.
Albany, NY -- (SBWIRE) -- 11/24/2017 -- Transparency Market Research has published a new research report, titled "Natural Gas Refueling Infrastructure Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 - 2022". The report states that the global natural gas refueling infrastructure market will amount to 29,688 units by 2022, increasing from 19,396 units in 2013, at a CAGR of 4.80% from 2014 to 2022. The valuation of the market, which was US$21.4 bn in 2013, will rise to US$50.2 bn by 2022, expanding at an impressive 10.17% CAGR from 2014 to 2022.
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Over the past few years, the demand for natural gas is on the rise across the globe. This is mainly attributed to the numerous benefits of natural gas over other conventional fuels, which include low cost, nontoxicity, lack of emissions, and non-corrosive nature of the commodity, to name a few. Increasing pollution levels across the world, particularly due to vehicular emissions, have necessitated a switch to eco-friendly fuels. This has generated the demand for natural gas from the transportation sector. The use of natural gas as a vehicular fuel reduces dependence on crude oil, which is largely an import commodity for many countries.
The use of natural gas ensures energy security in the long-run, essential for the economic growth of any country. These reasons are collectively promoting the need for natural gas refueling infrastructure, with adequate support from government agencies and industry players involved in the same. Thus, the natural gas refueling infrastructure market will expand significantly during the forecast period.
The natural gas refueling infrastructure market is divided on the basis of station type and geography. By station type, compressed natural gas (CNG) and liquefied natural gas (LNG) are the segments of the market. Of the two, it is the CNG station type that accounts for the larger volume share of the market. CNG has numerous benefits with respect to vehicle efficiency, eco-friendliness, etc., which have enabled governmental support for the development of the necessary infrastructure.
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With the use of CNG conversion kits, vehicles can be run on both gasoline and natural gas as fuel. Due to its eco-friendliness, many countries around the world are providing subsidies for vehicle owners to switch to natural gas for fuel. CNG is suitable for light and medium-duty vehicles, which are usually higher in number than commercial vehicles in any part of the world. This necessitates the construction of infrastructure for CNG refueling, thereby leading to the higher volume of these units.
In 2013, almost 17,000 CNG stations were present around the world and the number is expected to reach 28,000 by 2022. Due to the high mileage and efficiency of CNG, the demand for the fuel is on the rise from the transportation sector. On the other hand, LNG is mainly used in heavy-duty vehicles, suitable for the energy density and higher mileage needed for these vehicles. LNG has a high safety record, which renders it suitable to be used across industries; a substantial reduction in emissions and financial savings can also be attained by using LNG.
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