Global Natural Gas Refueling Stations Market to Grow at a CAGR of 4% by 2020, According to Technavio
According to Technavio’s latest report, the global
natural gas refueling stations market is expected to grow at a
CAGR of 4%, with the total number of gas refueling stations worldwide to
reach 32,731 by 2020.
The global natural gas refueling stations market is expected to grow
during the forecast period due to an increased interest in low-carbon
emitting alternate fuels and the need for cleaner energy sources.
According to Vishu Rai, lead research analyst at Technavio for oil
and gas, “Natural gas can be used in the forms of CNG and LNG.
It can also be used in different modes of transport such as rail, road,
off-road, marine, and in aviation. Natural gas is cheaper than gasoline
and diesel and its prices are less volatile than international oil
prices, which reduces the burden of importing heavily.”
In this report, Technavio
covers the present scenario and growth prospects of the Global
Natural Gas Refueling Stations Market 2016-2020. The
report also presents the vendor landscape and a corresponding detailed
analysis of the top four vendors operating in the market. The market is
segmented into the following three regions:
APAC: fastest growing region for natural gas refueling stations
APAC is the leading and the fastest growing region for natural gas
refueling stations. High dependence on fossil fuels and increased
pollution levels in countries such as India, China, and Pakistan have
prompted the governments in these countries to support the use of
natural gas over gasoline and diesel. Natural gas emits fewer emissions
when compared to diesel or gasoline.
In 2015, Sinopec announced that it will be installing 97 CNG stations
and 76 LNG stations in the Jiangxi province in southern China in the
next five years. In Russia, Westport and Gazprom have signed a market
development plan for expanding the use of natural gas vehicle (NGVs) in
Russia. Under the agreement, they have a target of building 500 new
fueling stations as well as upgrading 200 stations owned by Gazprom by
2020.
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Americas: stringent emission regulations help natural gas refueling
stations market
Brazil, Argentina, and the US account for the maximum refueling station
installations in this region. In addition, the stringent emission
regulations and abundance of gas reserves in the region have helped
increase the number of NGVs as well as the expansion of the necessary
natural gas infrastructure.
The US government has been implementing stringent emission norms for the
transport sector. As a result, major automobile companies such as Volvo,
MAN, Ford, and Chevrolet are likely to offer NGVs. Companies such as
Nike, Walmart, UPS, and FedEx are increasingly using NGVs for the
transportation of their goods.
In December 2015, the FAST act was passed to fund America’s
transportation infrastructure over the next five years. The FAST act
allows for the construction of alternate fuel infrastructure corridors
that include the building of natural gas fueling stations along the
major national highways.
In Brazil, various states offer incentives such as reduced annual
vehicle registration tax for flex fuel vehicles.
EMEA: need for energy independence and climate concerns boost growth
Iran and Italy are the leading countries in this region, in terms of
having the maximum number of natural gas refueling stations. The natural
gas stations market in these countries is driven by the need for energy
independence and climate change mitigation.
There is a need to reduce Europe's over-dependence on oil. Approximately
94% of its transport sector is dependent on oil, of which about 84% is
imported. Countries in Europe are trying to adopt low-carbon and
alternate fuels in the transport sector in order to achieve this goal.
Millions of NGVs are being used for public transport, trucking,
maritime, and commercial fleet as the fuel is cleaner and emits less
pollutants.
The governments are also providing funding for the development of
natural gas stations under various programs such as the European LNG
Blue Corridors, Directive 2014/94/EU, and the Trans-European Transport
Network. “These directives aim to increase the number of filling
stations in Europe’s cities and densely populated areas,” says Vishu.
In Iran, the government is encouraging the involvement of the private
sector in the expansion of the natural gas sector. Over a 1,000 natural
gas stations are likely be installed in Iran by 2020.
Key Vendors:
-
Atlas Copco
-
Clean Energy Compression
-
KwangShin
-
Wayne Fueling Systems
Some of the other prominent vendors listed in the report are: ANGI
Energy Systems, Cryostar, GreenLine Fuel, Ingersoll Rand, and Siemens.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at media@technavio.com.
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