The global natural gas refuelling stations market is expected to grow at a CAGR of more than 4% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global natural gas refuelling stations market for 2017 – 2021. The market is segmented based on technology, which includes CNG and LNG and by type, which includes fast-fill and time-fill.
The global natural gas refuelling stations market is expected to grow at a moderate pace during the forecast period. Globally, there is a slow transition to low carbon fuels due to concerns over the rising GHG emissions, which have necessitated the need for cleaner energy sources. Oil reserves are distributed unevenly throughout the world. Countries with low reserves depend heavily on imports, and are, therefore, highly vulnerable to oil price fluctuations. But natural gas can be produced within a country, which makes it less susceptible to the crude oil price fluctuations, and also reduces the burden on importing. This improves the energy security of a nation.
Technavio’s energy research analysts categorise the global natural gas refuelling stations market into the following segments by regions:
APAC: largest natural gas refuelling stations market
Growing concerns over the rising air pollution and the impact on the health of the populations in APAC is driving the need for adopting alternative fuels that are less harmful to the environment. The governments in several countries in the region are investing in renewable and low carbon technology to reduce reliance on fossil fuels as well as control emissions from fossil fuel combustion.
“Natural gas is a clean fuel that can dramatically reduce NOx emissions and burns without emitting particulate matter. This makes it a potent solution to bring down vehicular emissions to near zero levels and improve air quality. This has encouraged administrations in countries such as Pakistan, India, China, Japan, and South Korea to support the use of natural gas instead of diesel and gasoline in the transportation sector,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on oil and gas.
Natural gas refuelling stations market in the Americas
Argentina and Brazil account for the maximum number of natural gas refuelling station installations in this region. The Americas region is rich in gas reserves, and stringent emission regulations have driven the sales of NGVs. The increasing number of natural gas vehicles is driving investments for the expansion and development of which will boost the demand for natural gas refuelling stations market during the forecast period.
“In the US, there has been a healthy growth in the adoption of vehicles that operate on alternative fuels, driven by the stringent emission norms in the transportation sector. These emission regulations are expected to get more stringent, as a result, major automobile companies such as Volvo, MAN, Ford, and Chevrolet have started offering natural gas vehicles,” adds Thanikachalam.
Natural gas refuelling stations market in EMEA
The natural gas refuelling stations market is expected to grow the fastest in EMEA. Iran and Italy accounted for the highest number of natural gas refuelling stations in the region. The major factors driving the market in the region are the need for achieving energy independence and reduction of GHG emissions.
Europe is over-dependent on oil imports; it is estimated that more than nine-tenths of its transportation sector is reliant on oil, of which about 16% of the demand is locally met. To increase local content, countries in Europe are trying to adopt low-carbon and alternative fuels in the transportation sector.
The top vendors in the global natural gas refuelling stations market highlighted in the report are:
- Atlas Copco
- Clean Energy Fuels
- Wayne Fueling Systems
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/04102017/natural-gas-refuelling-stations-market-forecast/