Natural Gas Refueling Infrastructure Market
REPORT DESCRIPTION
Natural Gas Refueling Infrastructure Market - Global Industry Analysis , Size , Share , Growth Trends , and Forecast 2014 - 2022
Transparency Market Research has published a new research report , titled “ Natural Gas Refueling Infrastructure Market - Global Industry Analysis , Size , Share , Growth Trends , and Forecast 2014 - 2022 ”. The report states that the global natural gas refueling infrastructure market will amount to 29,688 units by 2022 , increasing from 19,396 units in 2013 , at a CAGR of 4.80 % from 2014 to 2022 . The valuation of the market , which was US $ 21.4 bn in 2013 , will rise to US $ 50.2 bn by 2022 , expanding at an impressive 10.17 % CAGR from 2014 to 2022 .
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Over the past few years , the demand for natural gas is on the rise across the globe . This is mainly attributed to the numerous benefits of natural gas over other conventional fuels , which include low cost , nontoxicity , lack of emissions , and non-corrosive nature of the commodity , to name a few . Increasing pollution levels across the world , particularly due to vehicular emissions , have necessitated a switch to eco-friendly fuels . This has generated the demand for natural gas from the transportation sector . The use of natural gas as a vehicular fuel reduces dependence on crude oil , which is largely an import commodity for many countries .
The use of natural gas ensures energy security in the long-run , essential for the economic growth of any country . These reasons are collectively promoting the need for natural gas refueling infrastructure , with adequate support from government agencies and industry players involved in the same . Thus , the natural gas refueling infrastructure market will expand significantly during the forecast period .
The natural gas refueling infrastructure market is divided on the basis of station type and geography . By station type , compressed natural gas ( CNG ) and liquefied natural gas ( LNG ) are the segments of the market . Of the two , it is the CNG station type that accounts for the larger volume share of the market . CNG has numerous benefits with respect to vehicle efficiency , eco-friendliness , etc ., which have enabled governmental support for the development of the necessary infrastructure .
With the use of CNG conversion kits , vehicles can be run on both gasoline and natural gas as fuel . Due to its ecofriendliness , many countries around the world are providing subsidies for vehicle owners to switch to natural gas for fuel . CNG is suitable for light and medium-duty vehicles , which are usually higher in number than commercial vehicles in any
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