Natural gas offers additional benefits for medium and heavy duty vehicles, as well as fleets
A new report from Navigant Research examines the global market for the deployment of natural gas (NG) refueling infrastructure, including an analysis of key deployment factors, with forecasts segmented by compressed NG (CNG) and liquefied NG (LNG), through 2026.
Since late 2014, the production of crude oil has outpaced demand, triggering a sustained collapse in world oil prices, which have remained mostly below $50 per barrel. As a result, these low prices have put pressure on the market for natural gas vehicles (NGVs) and the corresponding refueling infrastructure. Click to tweet: According to a new report from @NavigantRSRCH, the total number of NG refueling stations globally is expected to reach almost 39,300 locations by 2026.
“Despite the decline in oil prices, stricter emissions and fuel economy regulations mean that NG remains a very attractive alternative to gasoline and diesel in many regions and vehicle applications where electrification is not a practical alternative,” says Sam Abuelsamid, senior research analyst with Navigant Research. “While slowing growth in China is having an impact on vehicle sales, the number of NG refueling stations globally is still projected to swell at a 4.4 percent compound annual growth rate during the next decade.”
Several market drivers continue to make NG an appealing proposition in the next decade, especially for larger trucks and buses, where electrification is not as practical, and NG operation can reduce the costs associated with diesel emissions after-treatment. According to the report, tightening emissions regulations, particularly for diesel engines, are also expected to push fleets toward NG conversions, with refueling infrastructure to follow.
The report, Natural Gas Refueling Infrastructure, analyzes the global market for the deployment of NG refueling infrastructure, including both compressed and liquefied natural (CNG and LNG) gas stations. The study examines the key factors expected to influence the deployment of NG refueling infrastructure, including economic growth, fuel prices, and NGV sales. An analysis is provided of how all of these factors are projected to affect station operators, equipment suppliers, and gas suppliers. Global forecasts, segmented by CNG and LNG and region, extend through 2026. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Natural Gas Refueling Infrastructure, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.