About Compressed Natural Gas Market
CNG has emerged as an abundant, clean, and safe alternative fuel and produces 28% less CO2 and other greenhouse gases compared to petrol and other fuels. Owing to its eco-friendly nature, it is widely used as a fuel for transportation. In industrial settings CNG is the second most important source of energy after electricity; it is primarily consumed in paper and pulp, plastic, food processing, metal, glass, and petroleum refining industries.
A double digit growth has been witnessed in the CNG market during the last decade and it is expected to grow at the same rate over the next six years. The growing demand for CNG by the automotive industry is expected to drive the global market for CNG. The European and Asia-Pacific markets are likely to increase their CNG consumption and are expected to grow at a steady pace from 2012 to 2018.
One of the major factors driving the global market for CNG is the cost benefit offered by CNG over other fuel types such as gasoline and diesel. The global CNG vehicle market is expected to reach 19 million units by 2018. In order to decrease reliance on petrol, a non-renewable and rapidly depleting source, companies are continuously looking to shift their focus towards alternative sources of fuels.
CNG, along with providing a clean solution, is also considered to be a more economical and feasible option compared to conventional fuels. Many countries adopted a legal norm of giving tax incentives for buying CNG vehicles, which in turn helps buyers to compensate for the higher prices of such vehicles. Vehicles powered by CNG require lower maintenance and cause lesser environmental degradation, which in turn is driving its demand at a global level.
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