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.
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.
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comprehensive overview of the Natural Gas Refueling Infrastructure
market. Browse this market Research Report@
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.
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.
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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.
The global natural gas refueling infrastructure
market has been segmented as follows:
Natural Gas
Refueling Infrastructure Market: Station Analysis
- CNG
- LNG
Natural Gas Refueling Infrastructure Market:
Region Analysis
North America
- U.S.
- Canada
- Rest of North America
Europe
- Germany
- Italy
- Rest of Europe
Asia Pacific
- Pakistan
- Bangladesh
- Rest of Asia Pacific
South America
- Brazil
- Argentina
- Rest of South America
Middle East
- Iran
- Rest of Middle East
Africa
- Egypt
- Rest of Africa
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