Growth Of Natural Gas Refueling Infrastructure Market 2014 – 2022
For years, one of the main hurdles to wider adoption of natural gas fuel by the heavy-duty trucking industry has been a lack of proper natural gas refueling infrastructure. However, this trend has changed over the years. Today, many companies in the world are heavily investing in the development of public natural gas refueling infrastructure. International companies are collaborating with several natural gas manufacturers to improve access to compressed natural gas and liquefied natural gas.
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Effective provisions for natural gas refueling infrastructure will allow many major regions in the world to better utilize natural gas in the coming years. Growth of the natural gas refueling infrastructure market will also reduce the dependency on foreign energy sources and crude oil imports.
Factors Contributing to the Need for Natural Gas Refueling Infrastructure
The low cost of natural gas, zero emissions, and government initiatives to use natural gas as transportation fuel are some growth drivers of the natural gas refueling infrastructure market. The cost advantage of natural gas is highly appealing for vehicles with a high intensity of travel. It is mainly popular among fleet vehicles such as taxis and buses.
Active participation of key industry players and strong support from the governments of several countries are also expected to boost the natural gas refueling infrastructure market, with significant growth expected in the near future. Since natural gas has the ability to maintain the energy security of a particular country, the demand for natural gas stations is rising rapidly in various regions across the globe.
A new market report from Transparency Market Research predicts that by 2022, the global natural gas refueling infrastructure market is expected to reach 29,688 units, from a total volume of 19,396 units in 2013. The market is growing at a CAGR of 4.80% from 2014 to 2022.
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In terms of revenue, the overall market is set to register a CAGR of 10.17% from 2014 to 2022 and further reach US$50,250.11 million by the end of the forecast period.
Natural gas refueling infrastructure is typically designed to supply natural gas to commercial stations or a specific private fleet of vehicles. With the rise in natural gas vehicles (NGVs) on the road, the need for refueling stations is becoming an urgent one in major parts of the world. Natural gas vehicles can now be refueled at dispensers, similar to the stations specifically designed for gasoline or diesel vehicles. Refueling stations supply natural gas to vehicles either in the form of liquefied gas (LNG) or compressed gas (CNG).
CNG Provides Environmental and Fuel Security Benefits over Oil
The market for CNG refueling infrastructure is a much more mature market than that for LNG refueling. Today, CNG has become an extremely popular alternative to conventional fuels such as diesel and petrol and is widely used in light and medium-duty vehicles. As compared to many other fuels in the oil and gas industry, CNG is much safer and reliable to use. The major advantage of CNG is that it has a relatively small range of temperature in which it can burn, which makes it safer than other conventional fuels.
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In the U.S., there are more than 1,200 CNG refueling stations including private depot-based refueling stations and commercial fuel stations providing natural gas to vehicles and heavy-duty trucks. Globally, CNG stations are predicted to rise and reach an expected total of 28,000 by 2022 from a value of 17,000 CNG stations in 2013
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