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.
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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