In recent years, the share of natural gas in the global energy mix has increased considerably. Compressed natural gas (CNG) is widely used in heavy-duty vehicles due to its affordability and environmental friendliness. With increasing environmental problems like climate change and ozone layer depletion, many countries around the world have started using CNG in power generation.
India has almost lost the Farzad-B gas field discovered by ONGC Videsh Ltd in the Persian Gulf after Iran decided to favor domestic companies over foreign ones for the development of the field, the sources said.
Market Drivers and Restrains:
Due to the recovery in oil prices, the low cost of CNG is preferred in many countries. In addition, the growing energy needs of several countries are leading to the use of unconventional fuels such as compressed natural gas, which is driving the CNG market. In addition, strict government regulations for pollution control and improving financial health in many countries around the world are driving the compressed natural gas market. Although the initial investment cost is too high, the installation and costs of CNG storage tanks in cars are expensive and the limited number of filling stations is holding back the growth of the market.
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Report is segmented as:
• Time filling
• Fast filling
• Company owned and Company run
• Company owned and dealer run
• Dealer owned and dealer run
By Flow Rate:
• Upto 15 kg/ min
• Upto 50 kg/ min
• Upto 100 kg/ min
With around 19 million natural gas vehicles, the Asia-Pacific region has the highest number of natural gas service stations in 2018. The region's service stations represent almost 60% of the total number of service stations in the world. Of the total, about 97% of natural gas stations in the Asia-Pacific region offer CNG, indicating a large market for CNG distributors in the region. China and India are the main countries in the region with the highest number of CNG stations. The Chinese market for CNG stations is covered cooperatively by its state, private and foreign companies, while in India CNG stations are mainly operated by government entities.
Impact of COVID-19 on Compressed Natural Gas Dispenser Market:
COVID-19 is an unrivaled global public health emergency that has affected nearly every industry, with long-term effects expected to affect industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure that the underlying issues of COVID-19 and possible avenues are included. The report provides insights on COVID-19 considering changes in consumer behavior and demand, purchasing patterns, supply chain deviation, the dynamics of current market forces, and significant government interventions.
Key market players:
Key market players in this sector include National Iranian Gas Company, Indraprastha Gas Limited, Royal Dutch Shell PLC, Gazprom, NEOgas Inc., Trillium CNG, China Natural Gas Inc., Pakistan State Oil, J-W Power Company, and GNVert.