Global market for vehicle grade LNG is projected to witness double digit growth of around 25% through 2020
North America and Asia-Pacific have emerged as the major growth areas on account of significant adoption of LNG fueled automobiles, specifically in the United States and China. Europe, on the other hand, is still a nascent market for LNG fueled vehicles. The global vehicle grade LNG market is at an embryonic stage of development (excluding China and the US) and it would take some time for LNG to become a widely used transportation fuel worldwide.
In recent years, Liquefied Natural Gas (LNG) has emerged as an environment-friendly clean fuel for use in automotive industry across major global economies. Vehicle owners across major global markets are gradually moving towards LNG fueled vehicles. Major factors that are driving the adoption of LNG as a fuel in automobiles include significantly lower carbon emissions and cost-effectiveness of LNG compared to conventional fuels. Consequently, an increasing number of countries are emphasizing on the adoption of LNG as a fuel as it would lower their dependence on crude oil. Owing to these factors, various government initiatives have been introduced in developed economies to steer the market towards LNG powered vehicles. However, most of the countries still lack proper LNG infrastructure, which is posing a huge market challenge. Presently, the number of active refueling stations and related infrastructure is very limited across the globe.
Global Vehicle Grade LNG Market Forecast & Opportunities, 2020 discusses the following aspects of vehicle grade LNG market across the globe:
Impact of Euro-Zone Crisis to limit LNG fuel Growth in Europe
Proliferation of LNG Fuel Adoption in Asia-Pacific to drive LNG Imports in the Region
Russia-China Deal to Drive LNG Vehicle Adoption in Asia
Shale Gas Revolution to Foster Growth in North America
Technological Advancements in LNG Technology
Increasing Replacement of Gasoline Fuelled Vehicles by LNG Fuelled Vehicles
Increased Conversion of Heavy-Duty Vehicles from Diesel to Natural Gas
Commencements of LNG Pilot Projects in Major Economies
Key Topics Covered:
1. Research Methodology
2. Analyst View
3. Liquefied Natural Gas (LNG) in Automotive Industry: An Overview
CONTACT: Research and Markets
Laura Wood, Senior Manager
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Sector: Energy and Natural Resources, Power
(March 20, 2015 - 5:08 AM EDT)
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