Natural Gas Refueling Infrastructure Market from 2020-2025
Natural gas refueling infrastructure market is expected to grow at an approximate CAGR of around 3.5% from 2020-2025
With rising initiatives to have cleaner fuel, countries across the globe are concentrating more on having Compressed Natural Gas (CNG) fuel stations and Liquefied Natural Gas (LNG) fuel stations. Both the fuel station target different sets of vehicles and have a different set of operations before dispensing the fuels to vehicles.
The market is directly driven by the growing population of CNG & LNG vehicles around the world and various government policies that are focused on having a lesser carbon emission from vehicles. However, the CNG station installation site not well connected to natural gas grid pipelines, and the LNG station installation site, which is far from the LNG plant or terminal, is expected to act as restraints for the market to grow in future. Moreover, the involvement of particular storage units like high-pressure cylinders and cryogenic cylinders require considerably higher installation costs than gasoline stations.
Compressed Natural Gas (CNG) is expected to have a higher market share, in 2019, with around 85% market share than the liquefied natural gas.
With increasing carbon footprint, government across the globe is concentrating more on greener fuels like natural gas, to reduce dependency on petroleum products, to have a low energy cost, and to control the rising air pollution. The rising government initiatives across the globe to accelerate natural gas applications are expected to create an opportunity for the refueling infrastructure to grow in the future.
The Asia Pacific is dominating the natural gas refueling infrastructure market with the majority of fuel stations presence. The region has nearly 60% of the total natural gas refueling station around the globe.