TechSci Research has published a report projecting that the market for vehicle grade LNG is set to witness double digit growth at a CAGR ~25% until 2020.
The ‘Global Vehicle Grade LNG Market Forecaast & Opportunities, 2020’ report suggests that the US and China are emerging as strong regions in the vehicle grade LNG market, due to their vast shale gas reserves.
TechSci Research suggests that that proper LNG infrastructure is a pre-requisite for the sector to grow. The research company expects that this infrastructure will develop at a slackened pace in developing countries, as well as China, Australia and the US.
Karan Chechi, Research Director with TechSci Research, said: "[The] global vehicle grade LNG market is expected to grow in [the] coming years owing to its lower cost, environment friendliness and higher price stability. Governments of various countries are pro-actively working to drive the use of LNG in the automotive industry. Amongst various types of vehicles, use of LNG as fuel is currently witnessing higher adoption in heavy duty trucks as these run on long hauls without requiring frequent re-fuelling."The report has evaluated the future growth potential of the worldwide vehicle grade LNG market. It provides statistics and information on market structure and consumer behaviour trends, as well as market projections and demand forecasting. The report also identifies and analyses emerging trends along with essential drivers, challenges and opportunities prevailing in global vehicle grade LNG market.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/small-scale-lng/31032015/vehicle-grade-lng-market-set-for-growth-511/