Analysis of COVID-19 Crisis-driven Growth Opportunities in Natural Gas Refueling Infrastructure Market
Several new projects for developing natural gas facilities have surfaced across the globe. These projects have played a key role in driving demand within the global natural gas refuelling infrastructure market. A recent agreement between Snam, the European giant in gas infrastructure, and Italy’s renowned fuel station company, IP, has sent ripples across the global energy sector. The companies agreed to collaborate on building 26 new gas refuelling plants across Italy in 2020. This development, coupled with several other announcements related to the energy industry, has bolstered market growth.
Several regions rely on compressed natural gas (CNG) and liquefied natural gas (LNG) for a variety of power operations. This factor has popularised natural gas refuelling stations across the world. Moreover, despite the expenses involved in obtaining natural gas, it is extremely popular across several regions. The need for powering certain vehicle types and household equipment is met by CNG and LNG. Hence, the global natural gas refuelling infrastructure market is slated to expand at a respectable rate in the years to follow.
The National Renewable Energy Laboratory estimates the costs of setting up a CNG fuelling station. The laboratory makes prominent distinctions amongst station types based on their application. Hence, regional authorities have a yardstick to gauge their cost of operations and infrastructure. This factor has a key influence on the growth of the global natural gas refuelling infrastructure market.
Transparency Market Research (TMR) predicts that the global natural gas refuelling infrastructure market would grow at a sturdy CAGR of 10.17% over the forecast period between 2014 and 2022. The total value of the global natural gas refuelling infrastructure market stood at US$21.4 bn in 2013, and is expected to reach US$50.2 bn by 2022.
Growing Use of CNG and LNG in Automobiles
The presence of a stellar automobile industry has played an integral role in the growth of the global natural gas refuelling infrastructure market. Several types of vehicles run on natural gas, and this factor necessitates the need for CNG and LNG power stations. Furthermore, the importance of diesel and gasoline stations in urban centers has also generated huge-scale demand within the global natural gas refuelling infrastructure market.
The fleet of vehicles using natural gas has been recorded and evaluated across several regions and localities. Consequently, adequate investments have been made toward development and improvement of natural gas refuelling infrastructure. Furthermore, the popularity of storage tanks for natural gas has also given an impetus to the growth of the global natural gas refuelling infrastructure market.
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Safety Concerns Related to Development of Gas Refuelling Stations
The U.S. Department of Energy releases key stipulations and standards that need to be adhered while developing refuelling stations. The renewable energy domain of the department has imposed tall standards for safety and resilience. The National Fire Prevention Association’s Vehicular Gaseous Fuel Systems Code is one of the guidelines that need to be followed while developing energy infrastructure. This factor has played a defining role in ascertaining an attractive growth trajectory for the global natural gas refuelling infrastructure market.
As market players show greater resilience in following safety standards, the global natural gas refuelling infrastructure market should attract voluminous revenues. Some of the leading players in this market are Abu Dhabi National Oil Company, Blu LNG, Clean Energy Fuels, ENN Energy Holdings Limited, and Fuel System Solutions, Inc.
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