Compressed Natural Gas (CNG) Dispenser Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Compressed Natural Gas (CNG) Dispenser Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

With increasing CNG stations across the globe, compressed Natural Gas (CNG) dispenser market is expected to grow at a CAGR of around 3.5% during the forecasting period. In 2019, there are nearly 32 thousand natural gas stations for approximately 27 million natural gas vehicles (NGV) in the world. Out of the total natural gas stations, more than 80% are of CNG, while the rest are of liquefied natural gas (LNG). The number of CNG stations across the globe has a direct impact on the CNG dispenser market. CNG dispensing units vary from stations to stations, depending upon its location of installation and type of CNG stations allocation. The driver for the market is the increasing number of CNG vehicles around the world and various government policies that are focused on having a higher number of CNG stations to stabilize and to reduce the carbon footprint from vehicles. However, lack of proper natural gas infrastructures such as pipeline inaccessibility to certain areas and rising alternate fuel sources such as batteries is expected to act as restraints for the market to grow during the forecasting period.

Key Highlights

• With increasing carbon footprint, governments across the globe are concentrating more on greener fuels like compressed natural gas, to reduce dependency on petroleum products, to have a low energy cost, and to control the rising air pollution, with increasing vehicles. For instance, Europe is estimated to have a CAGR growth of 20% by 2030 in CNG vehicles count. Thus, factors such as supportive government initiatives, along with the rising population of vehicles across the globe to accelerate natural gas applications, are expected to create a significant opportunity for the CNG dispenser market to grow in the near future.
• The Asia Pacific is dominating the CNG dispenser market with the highest number of CNG fuel stations and CNG vehicle presence. By the end of 2018, China has nearly 10 million CNG vehicles, with 9000 fuel stations, and is expected to increase to around 20,000 by 2025.

Key Market TrendsIncreasing Number of CNG Vehicles to Drive the Market

• CNG vehicles are the alternative to conventional vehicles. The operational cost of the vehicles is comparatively lower than gasoline or diesel vehicles. Moreover, the combustion of natural gas doesn’t emit high carbon particles, making its more eco-friendly.
• CNG dispenser market and CNG vehicle market operate hand to hand i.e., with the increase in CNG vehicle, there is much possibility in CNG station growth. A CNG station minimum operates two dispenser units; thus, growth in CNG stations is expected to boost the dispenser market.
• During 2018, the India CNG vehicle population grew by nearly 27% Y-O-Y, with CNG station Y-O-Y growth of almost 9%. With the growth of CNG consumption, several private companies are participating in the bidding process to install CNG stations.

Asia-Pacific is Dominating the Market

• With around 19 million natural gas vehicles, the Asia-Pacific region has the highest number of natural gas fuel stations in 2018. The region’s natural gas stations count nearly 60% of the total natural gas stations of the world. Out of the total, around 97% of the Asia-Pacific’s natural gas stations offer CNG, indicating a large CNG dispenser market in the region.
• China and India are the prominent country within the region that have the highest number of CNG stations. China CNG station market is co-operatively covered by its state-owned companies, private and foreign companies, while in India, CNG stations are majorly operated by government entities.
• During 2018, there are around 101,000 gas stations in China, with China Petrochemical Corporation, China National Petroleum Corporation, Sinochem Corporation, China National Offshore Oil Corporation, and BP (China) Holdings Limited as the major gas station operator.
• India, on the other hand, has around 1900 CNG station in 2018, that is mostly operated by government entities like Indraprastha Gas Ltd., Mahanagar Gas Ltd, and GAIL Gas Ltd. It is expected that with the push of the Indian government to increase natural gas infrastructure, the CNG refueling station is expected to grow to 15,000 by 2030.

Competitive Landscape

The Compressed Natural Gas (CNG) dispenser market is fragmented. Some of the key players in the market include Greka Engineering, Gilbarco Veeder Root, Tulsa Gas Technologies India Pvt. Ltd, Tatsuno Europe AS, Scheidt & Bachmann Gmbh, and Sanki Industry Group.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Greka Engineering
Gilbarco Veeder Root
Tulsa Gas Technologies India Pvt. Ltd
Tatsuno Europe AS
Scheidt & Bachmann Gmbh
Sanki Industry Group
FTI International Group Inc.
Kraus Global Ltd.
Parker Hannifin Corp
Censtar Science & Technology Co., Ltd.

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