Market Trends of Compressed Natural Gas (CNG) Dispenser Industry
This section covers the major market trends shaping the Compressed Natural Gas Dispenser Market according to our research experts:
Increasing 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.
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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.
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