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With an increase in the number of natural gas vehicles, significant growth in natural gas refueling infrastructure has been witnessed across the globe. Natural gas is primarily used in two forms, namely compressed natural gas (CNG) and liquefied natural gas (LNG). Natural gas when compressed over 200 bars gets converted into CNG and is stored in high-pressure storage tanks. Natural gas when cooled to -161°C gets converted in liquid form and is stored in highly-insulated tanks. Generally, CNG occupies more volume of gas at standard conditions while LNG occupies small volume of gas.
Methane is the major component of natural gas and has chemical and physical properties which makes it suitable for vehicles. Natural gas is an excellent transportation fuel for internal combustion engines. A large number of benefits such as low cost, non-toxic nature, and abundant domestic supply boost the demand for natural gas as a vehicular fuel. High mileage and better efficiency can be achieved using natural gas as a transportation fuel. Natural gas vehicles are a rapidly expanding technology and has the potential to transform the transportation sector as well as have significant impact on the global natural gas market.
High demand for natural gas vehicles has been witnessed in Asia Pacific. Countries such as Pakistan, Bangladesh, China, and India have significant number of natural gas vehicles. Asia Pacific Natural Gas Vehicle Association (ANGVA) promotes the growth and development of the natural gas vehicle market in Asia Pacific. Of the top five natural gas vehicle countries in the world, four countries, namely Pakistan, India, China and Bangladesh are in Asia Pacific. Energy, economics, and environment are some of the key drivers that boost the demand for natural gas vehicles in Asia Pacific. Application of natural gas as a transportation fuel in Asia Pacific offers many advantages such as supply security, reduced crude oil imports and fuel subsidies, low cost of energy, and employment opportunities. In Asia Pacific, CNG is recognized as a preferred transportation fuel mainly by operators of heavy-duty vehicles such as buses and trucks. China has the highest number of LNG stations in the world. With the strong support from the Government of China and active participation from industry players, high demand for natural gas refueling infrastructure can be anticipated in future.
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Climate change is a major problem for the natural gas refueling infrastructure market and high emissions of CO2 and greenhouse gases could lead to extreme weather conditions and rising sea levels. Governments of various countries are promoting the use of clean fuel (in vehicles) by reducing the fuel duty on cleaner fuels such as LNG and CNG. Many countries have also started providing incentive schemes for converting vehicles from conventional fuels to natural gas. Conversion of heavy-duty vehicles from conventional fuels to natural gas has boosted the demand for CNG stations and LNG stations across the globe. According to the U.S. Department of Energy (DoE), LNG has high density than CNG and fuels many trucks and buses in the world.
North America is considered to be the potential market for natural gas refueling infrastructure owing to the vast natural gas reserves in the region. With the successful evolution of shale gas reserves in North America, it is anticipated that these reserves would fulfill the energy needs of the region for the next 100 years. Thus, with the easy domestic availability of natural gas, significant amount is saved in terms of foreign crude oil imports. Application of natural gas as a vehicular fuel helps maintain energy security, thereby boosting economic growth of a country. North America and Europe exhibit steady growth in the natural gas refueling market due to the debatable issue of whether to develop expensive infrastructure as the number of natural gas vehicles remains relatively small in the regions or to wait for additional development of vehicles before infrastructure development. These factors restrain the growth of market in North America, Europe and several parts in Asia Pacific region.
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The high-level analysis in the report provides detailed insights into the natural gas refueling infrastructure business globally. Major drivers, restraints, and opportunities in the natural gas refueling infrastructure market were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. There are currently numerous growth drivers for the natural gas refueling infrastructure industry. One of the most prominent drivers is the no emissions and government initiatives boost the demand for natural gas as transportation fuel. Apart from this, low cost of natural gas results in attractive return on investments. This factor also contributes to the overall growth of the natural gas refueling infrastructure market. Market attractiveness analysis was done on the basis of geography. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.
The natural gas refueling infrastructure market was further segmented on the basis of station type. Stations included in this report are compressed natural gas (CNG) and liquefied natural gas (LNG). The natural gas refueling infrastructure market was analyzed across six geographies: North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Regional data has been provided for each sub-segment of the natural gas refueling infrastructure market. Key market participants in the natural gas refueling infrastructure market include Abu Dhabi National Oil Company, Apache Corporation, BP plc, Indraprastha Gas Limited, Trillium CNG, Gazprom, PETRONAS, ENN Energy Holdings Limited, Gas Natural Fenosa, Fuel System Solutions, Inc., Blu LNG, Cryostar SAS, GE Oil & Gas, Clean Energy Fuels, and GNC Galileo. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.
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