Global Natural Gas Refueling Stations Market 2017-2021
About Natural Gas Refueling Stations
Natural gas is produced using conventional or renewable method. It is a clean-burning alternative fuel in the transportation sector and must be compressed or liquefied for use in vehicles. In most cases, CNG is supplied to the refueling stations via the existing natural gas distribution and is compressed at the station. LNG is cooled and stored in its liquid state and must be converted to gas again for use in vehicles. CNG is primarily used in light and medium vehicles and to some extent used in heavy-duty vehicles. CNG refueling stations are more common than LNG refueling stations. Since the use of LNG is limited but not restricted to long haul vehicles, fleet operators prefer having their own (private) LNG refueling infrastructure.
Technavio’s analysts forecast the global natural gas refueling stations market to grow at a CAGR of 4.17% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global natural gas refueling stations market for 2017-2021. To calculate the market size, the report considers the compressors, CNG refueling equipment, fuel dispenser etc., and the market size has been estimated based on vendors that provide complete solutions and few other vendors of individual components..
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Natural Gas Refueling Stations Market 2017-2021
Technavio recognizes the following companies as the key players in the global natural gas refueling stations market: Atlas Copco, Clean Energy Fuels, KWANGSHIN, and Wayne Fueling Systems.
Other Prominent Vendors in the market are: O Ring CNG Fuel Systems, Aerotecnica Coltri, ANGI Energy Systems (part of Gilbarco), BAUER COMPRESSORS, Chicago Pneumatic, Cryostar (part of THE LINDE GROUP), Cummins Westport, ENGIE, Honeywell, Ingersoll-Rand, Parker Hannifin, and Siemens.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing use of natural gas in transportation sector. The transportation sector is a significant source of air pollution globally. Emissions from air, road, and water transport are partly responsible for climate change and declining air quality in urban cities. Since this realization, a decisive move toward decarbonization of the transportation sector has been made by governments worldwide. This in due part is being accomplished by transitioning to natural gas vehicles.”
According to the report, one of the major drivers for this market is Demand for cleaner fuels. Globally there are rising concerns over the amount of CO2 produced from various activities, CO2 emissions have been growing in accord with an increase in economic activities. Efforts by countries across the world in decarbonizing the power system by shifting to renewable energy have helped in controlling CO2 emissions.
Further, the report states that one of the major factors hindering the growth of this market is Competition from other alternative fuel technologies. Natural gas faces stiff competition from other alternative sources of motive force such as electric, hydrogen, and fuel cells. One of the major drawbacks for natural gas vehicles sale is the ill developed natural gas refueling infrastructure. Natural gas refueling stations are outnumbered by power refueling stations for other alternative technologies for vehicle propulsion. For instance, at the end of 2016, there were more than 300,000 EV charging stations when compared with more than 28,000 natural gas stations worldwide. Improvements in battery and fuel cell technology are reducing the overall cost of production and improving the distance range. This, along with the presence of well-developed charging infrastructure is reducing the range anxiety, which is a concern for with EV’s.
Atlas Copco, Clean Energy Fuels, KWANGSHIN, and Wayne Fueling Systems, O Ring CNG Fuel Systems, Aerotecnica Coltri, ANGI Energy Systems (part of Gilbarco), BAUER COMPRESSORS, Chicago Pneumatic, Cryostar (part of THE LINDE GROUP), Cummins Westport, ENGIE, Honeywell, Ingersoll-Rand, Parker Hannifin, and Siemens.
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