Natural Gas Refueling Infrastructure Market Analysis 2014 – 2022
Natural Gas Refueling Infrastructure Market According to this report, the global natural gas refueling infrastructure market stood at 19,396 units in 2013 and is expected to reach 29,688 units by 2022 at a CAGR of 4.80% from 2014 to 2022. In terms of revenue, the global natural gas refueling infrastructure market was valued at USD 21,370.76 Million and is estimated to reach USD 50,250.11 Million at a CAGR of 10.17% from 2014 to 2022.
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High demand for natural gas vehicles has been witnessed across the globe, owing to their large number of benefits. Low cost, no emissions, non-toxic, and non-corrosive nature are some of the advantages of natural gas. Natural gas is primarily used in two forms: compressed natural gas (CNG) and liquefied natural gas (LNG). With increase in air pollution levels, especially from the transportation sector, high demand for natural gas as a vehicular fuel has been generated across the globe.
Usage of natural gas in the transportation sector reduces the dependency of a country on foreign crude oil imports. Additionally, energy security can be maintained in the country with the application of natural gas. With the strong support from the government of various countries and active participation from industry players, the natural gas refueling infrastructure market is expected to grow at a significant rate in the future.
CNG dominates the natural gas sector in terms of high volume of sales. Vehicles can be easily converted from conventional fuels to natural gas through CNG conversion kits. These kits can be easily retrofitted to the vehicle and dual fuels, i.e. gasoline and natural gas, can be used to run the vehicle. Many countries are providing incentives in the form of subsidies to vehicle owners to get their vehicle converted to natural gas ones. CNG is majorly used in light- and medium-duty vehicles, while LNG is majorly used in heavy-duty vehicles. Owing to the lack of LNG infrastructure, CNG is majorly used as a transportation fuel.
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In 2013, approximately 17,000 CNG stations were present and the number is expected to reach around 28,000 by 2022. Thus, owing to high mileage and better efficiency, high demand for CNG is witnessed in the transportation sector. CNG has become a very popular alternative to conventional fuels such as petrol and diesel. Since, methane is the major component of CNG, it can be easily combusted without releasing high carbon content into the atmosphere. Further, it is safer for environment and human health as compared to other carbon-based fuels. As compared to other fuels, CNG is much safer and reliable. One of the major advantages of CNG is that it has a very small flammable range, which means it is safer than conventional fuels. Thus, CNG stations are much safer than petrol and diesel stations.
High demand for LNG has been witnessed in heavy-duty vehicles such as trucks and buses owing to greater energy density and high mileage. LNG has a high safety record and is widely used across industries. Significant reduction in emissions and attractive financial savings can be easily achieved using LNG as a transportation fuel.
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The global natural gas refueling infrastructure market has been segmented as follows:
Natural Gas Refueling Infrastructure Market: Station Analysis
Natural Gas Refueling Infrastructure Market: Region Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
- Rest of Middle East
- Rest of Africa
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