Natural Gas Refueling Stations

Natural Gas Refueling Stations

Natural gas is a clean fuel that can dramatically reduce NOx emissions and burns without emitting particulate matter. This makes it a potent solution to bring down vehicular emissions to near-zero levels and improve air quality. The burning of natural gas results in less pollution, which explains its increasing use in the transportation sector. Natural gas refueling stations are designed to provide a clean and efficient way to fuel vehicles that run on compressed natural gas (CNG) or liquefied natural gas (LNG). These stations typically have a specialized dispenser that delivers compressed or liquefied natural gas to the vehicle's fuel tank, allowing the vehicle to run on a cleaner-burning fuel source than traditional gasoline.

The natural gas refueling stations market is expected to grow at a steady rate of around 5% during the forecasted period. Factors such as reducing greenhouse gas emissions improving air quality in urban areas, and increasing prices of transportation fuels such as gasoline and diesel are responsible for the rising demand for low-cost, low-emissive natural gas. These factors are expected to propel the global natural gas market.

• Based on type, the market is bifurcated into compressed natural gas (CNG) and liquefied natural gas (LPG). Compressed natural gas types are expected to grow with a significant CAGR during the forecasted period. CNG is considered a cleaner-burning fuel compared to conventional fossil fuels, producing lower levels of nitrogen oxides, particulate matter, and carbon monoxide. Making it an attractive option for customers looking to reduce their environmental impact. Additionally, CNG is generally cheaper than traditional fossil fuels, which results in significant cost savings for customers over time. Moreover, CNG vehicles require less maintenance than those running on fossil fuels, which can also contribute to cost savings. Thus, such factors lead to the high demand for compressed natural gas which in turn increases the market demand for natural gas refueling stations.
• Based on application, the market is categorized into automotive, aerospace, and other. The automotive segment has the highest market share, and it will boost the market share in the forecast period. This is mainly due to the increasing popularity of natural gas in vehicles. The growing demand for transportation necessitates the development of a variety of cars, fuels, and natural gas fuels to not only satisfy the demand but also reduce emissions. A natural gas-powered engine can offer an alternative to gasoline or diesel that is more environmentally friendly. With natural gas filling stations, natural gas can be used to fuel vehicles including passenger cars, buses, trucks, and trains. Thus, such factors are leading to the high demand for natural gas refueling stations across the globe.
• For a better understanding of the market adoption of the natural gas refueling stations industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), Rest of World. Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the high need for reliable and affordable sources of energy. Natural gas is seen as a cleaner and more efficient alternative to traditional fossil fuels, making it an attractive option for power generation and transportation. Additionally, the region currently has a presence of nearly 19 million natural gas vehicles. With the increasing population of natural gas vehicles in the region, especially in China and India, on account of the initiative to lower the emission of carbon from vehicles, natural gas stations are expected to grow during the forecast period. Furthermore, India is committed to continuously improving the policy and regulatory environment to support the development and make cleaner and sustainable fuel accessible and available to the public at large. For instance, in August 2022, Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas & Housing and Urban Affairs inaugurated CNG stations and LCNG stations at Hebbal, Mysuru.
• Some of the major players operating in the market include PARKER HANNIFIN CORP; ENGIE; Honeywell International Inc.; Clean Energy Fuels; BAUER COMPRESSORS, INC; Chicago Pneumatic; Dover Fueling Solutions; Siemens; Aerotecnica Coltri Spa; Atlas Copco AB.