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.
Compressed Natural Gas to Dominate the Market
Asia-Pacific to Dominate the Market
Source:https://www.mordorintelligence.com/industry-reports/global-gas-compressors-market-industry