LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global compressed natural gas (CNG) compressors market to surpass USD 6 billion by 2020, according to their latest report.
“The rise in the use of NGVs will require necessary CNG fuel station infrastructure. This requires the installation of both public and private CNG stations, thus propelling the CNG compressors market”
The research study covers the present scenario and growth prospects of the global CNG compressors market for 2016-2020. This report also presents the vendor landscape and the respective analysis of the top vendors in the market. It also discusses the market drivers, trends, and challenges faced by the CNG compressor industry and its impact on future markets.
According to Anju Ajaykumar, a lead analyst at Technavio for unit operations research, “The global CNG compressors market is mainly driven by the usage of CNG as an alternative source of fuel for transportation to mitigate CO₂ emissions. The major fuel sources such as diesel, petrol, methane and gasoline have high CO₂ emissions when compared with natural gas. This has positively driven the CNG fueling station infrastructure leading to increased demand for CNG compressors.”
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Technavio heavy industry analysts highlight the following three factors that are contributing to the growth of the global CNG compressors market:
- Demand for cleaner fuels
- Increase in use of NGVs
- Growing use of CNG as fuel
Demand for cleaner fuels
The continuous increase in CO₂ emissions globally necessitates the use of alternative fuel sources. Natural gas is a clean and affordable alternative to fossil fuels such as diesel, gasoline, and fuel oil. It is employed in vehicles in the form of CNG and LNG.
Compared to diesel, natural gas has the following advantages produces 11%-20% less wheel-to-wheel green-house gas (GHG) emissions. Natural gas also reduces NOx emission by 80% and decreases particulate matter (PM) emissions by 75%. These environmental benefits have led to the rise in demand for natural gas in the transport sector. This is driving the need for CNG in fueling stations.
Increase in use of NGVs
The benefits of low operating cost and the reduction in vehicular emissions have increased the adoption of natural gas vehicles (NGVs) in both passenger and commercial fleets. OEMs such as GM, Ford, Fiat, Volvo, and Audi offer light, medium, heavy vehicles, trains, and aircraft that are powered by natural gas. Car manufacturers such as GM and Ford have certified natural gas conversion systems, which can be installed without voiding the warranty, increasing their appeal to buyers.
Engine manufacturers such as Cummins-Westport and Caterpillar offer natural gas engines for MDVs and HDVs, resulting in their rapid adoption in refuse trucks, school buses, transit buses, delivery trucks, and shuttles. NGVs offer significant economic advantages over diesel and gasoline-powered vehicles. Combining the availability of various sizes of engines, government, and commercial fleets are making a transition to natural-gas-powered fleets.
“The rise in the use of NGVs will require necessary CNG fuel station infrastructure. This requires the installation of both public and private CNG stations, thus propelling the CNG compressors market,” says Anju.
Growing use of CNG as fuel
The transportation sector alone contributed about 14% of the total GHG emissions across all sectors in 2014. These GHG emissions adversely affect the environment, leading to several health problems. To curb the widespread pollution from vehicles, governments of various countries are taking initiatives to replace gasoline and diesel, which results in harmful emissions, with CNG in the transportation sector. To reduce the emissions and meet the stringent anti-pollution norms, governments are promoting the use of CNG fuel and NGVs.
For instance, in China, there is a tremendous growth in NGVs as the central government is promoting and implementing green transportation in more than 100 cities in China. This is supported and adapted by all the regional governments in the country.
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