LONDON–(BUSINESS WIRE)–According to Technavio’s latest report, the global natural gas refueling stations market is expected to grow at a CAGR of 4%, with the total number of gas refueling stations worldwide to reach 32,731 by 2020.
The global natural gas refueling stations market is expected to grow during the forecast period due to an increased interest in low-carbon emitting alternate fuels and the need for cleaner energy sources.
According to Vishu Rai, lead research analyst at Technavio for oil and gas, “Natural gas can be used in the forms of CNG and LNG. It can also be used in different modes of transport such as rail, road, off-road, marine, and in aviation. Natural gas is cheaper than gasoline and diesel and its prices are less volatile than international oil prices, which reduces the burden of importing heavily.”
In this report, Technavio covers the present scenario and growth prospects of the Global Natural Gas Refueling Stations Market 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market. The market is segmented into the following three regions:
APAC: fastest growing region for natural gas refueling stations
APAC is the leading and the fastest growing region for natural gas refueling stations. High dependence on fossil fuels and increased pollution levels in countries such as India, China, and Pakistan have prompted the governments in these countries to support the use of natural gas over gasoline and diesel. Natural gas emits fewer emissions when compared to diesel or gasoline.
In 2015, Sinopec announced that it will be installing 97 CNG stations and 76 LNG stations in the Jiangxi province in southern China in the next five years. In Russia, Westport and Gazprom have signed a market development plan for expanding the use of natural gas vehicle (NGVs) in Russia. Under the agreement, they have a target of building 500 new fueling stations as well as upgrading 200 stations owned by Gazprom by 2020.
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Americas: stringent emission regulations help natural gas refueling stations market
Brazil, Argentina, and the US account for the maximum refueling station installations in this region. In addition, the stringent emission regulations and abundance of gas reserves in the region have helped increase the number of NGVs as well as the expansion of the necessary natural gas infrastructure.
The US government has been implementing stringent emission norms for the transport sector. As a result, major automobile companies such as Volvo, MAN, Ford, and Chevrolet are likely to offer NGVs. Companies such as Nike, Walmart, UPS, and FedEx are increasingly using NGVs for the transportation of their goods.
In December 2015, the FAST act was passed to fund America’s transportation infrastructure over the next five years. The FAST act allows for the construction of alternate fuel infrastructure corridors that include the building of natural gas fueling stations along the major national highways.
In Brazil, various states offer incentives such as reduced annual vehicle registration tax for flex fuel vehicles.
EMEA: need for energy independence and climate concerns boost growth
Iran and Italy are the leading countries in this region, in terms of having the maximum number of natural gas refueling stations. The natural gas stations market in these countries is driven by the need for energy independence and climate change mitigation.
There is a need to reduce Europe’s over-dependence on oil. Approximately 94% of its transport sector is dependent on oil, of which about 84% is imported. Countries in Europe are trying to adopt low-carbon and alternate fuels in the transport sector in order to achieve this goal. Millions of NGVs are being used for public transport, trucking, maritime, and commercial fleet as the fuel is cleaner and emits less pollutants.
The governments are also providing funding for the development of natural gas stations under various programs such as the European LNG Blue Corridors, Directive 2014/94/EU, and the Trans-European Transport Network. “These directives aim to increase the number of filling stations in Europe’s cities and densely populated areas,” says Vishu.
In Iran, the government is encouraging the involvement of the private sector in the expansion of the natural gas sector. Over a 1,000 natural gas stations are likely be installed in Iran by 2020.
Some of the other prominent vendors listed in the report are: ANGI Energy Systems, Cryostar, GreenLine Fuel, Ingersoll Rand, and Siemens.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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