CNG Dispenser Market Share Projected to Grow at a 9% CAGR by 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
CNG Dispenser Market Growth Boost by Rising Demand for Substantial Degree of Growth in Natural Gas-Fuel Vehicles
New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “CNG Dispenser Market Information by Type, Distribution, and Region - Forecast till 2030", CNG Dispenser Market Share can touch USD 255.5 million by 2027 and attain a growth rate of 9% between 2022 and 2030.
CNG Dispenser Market Overview
In 2019, close to 32 thousand natural gas stations were recorded for nearly 27 million natural gas vehicles (NGV) worldwide. Out of the overall stations for natural gas, over 80% are of CNG, and the rest are with respect to liquefied natural gas (LNG). The number of CNG stations worldwide directly impacts the market for CNG dispensers.
Market Competitive Landscape:
The affluent companies in the CNG dispenser industry are
Fortive (US)
Dover (US)
Tulsa Gas Technologies (India)
Scheidt & Bachmann (US)
Kraus (US)
Compac (US)
Bennett (US)
Censtar (China)
FTI International (Canada)
Lanfeng (China)
Sanki (China)
Parker (US)
Tatsuno (Japan)
WEH (Germany)
Among others.
There are many regional and local participants of the worldwide industry. In terms of prices and customization options, these competitors pose a serious threat to the big, well-established vendors. The businesses frequently have long-standing professional contacts.
The unexpected outbreak of the pandemic in the form of a healthcare emergency worldwide has expedited numerous changes in the operation of businesses and also has hampered the ability of the units to manufacture and produce as per the CNG dispenser market demand. This has further brought a disrupted change in the supply chain mechanism and displaced people from their workplace and employment opportunities. Also, the target audience is moving from one place to another to safeguard themselves. Owing to the adversity of the situation, a temporary and permanent lockdown is imposed for people to stay at home. Additionally, the players are subject to a number of rigid functional restrictions, which makes it even more difficult for the market to satisfy the current level of standard demand.
The global government is working to revive market operations and create a smooth flow during the forecast period of 2022–2030, though. As a result, they are increasing the budget set aside for research and development into creative applications for CNG dispensers across a range of industries. It is believed that this is an effort to create a significant demand from many different sources, which will aid in balancing the market's supply chain. Also, the global market players that are functional across various global regions are working on product variations that will be launched on a global scale for the use of a mass audience.
Report Scope:
Report Metrics
Details
Market Size 2030
2030: Significant Value
CAGR during 2022-2030
9% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type and Distribution
Key Market Opportunities
New product launches and R&D amongst major key players
Key Market Drivers
Low running cost of natural gas vehicles
Browse In-depth Market Research Report (111 Pages) on CNG Dispenser Market:
With increasing carbon footprint, governments across the globe are concentrating more on greener fuels like compressed natural gas, to reduce dependency on petroleum products, to have a low energy cost, and to control the rising air pollution, with increasing vehicles. For instance, Europe is estimated to have a CAGR growth of 20% by 2030 in CNG vehicles count. Thus, factors such as supportive government initiatives, along with the rising population of vehicles across the globe to accelerate natural gas applications, are expected to create a significant opportunity for the CNG dispenser market to grow in the near future.
Market Restraints:
The ease of switching to biofuels is the main factor impeding the growth of the CNG dispenser market during the current period that ends in 2030. Large market players worldwide are making investments in the production of biofuels, which makes the switch from liquid fuels to biofuels easier than the switch from natural gas, slowing the expansion of natural gas vehicles.
Moreover, lack of sophisticated natural gas infrastructures including the pipeline inaccessibility to various locations, especially in underdeveloped countries will hamper the growth rate of the CNG dispenser industry in the long run.
Opportunities
The surge in the industrialization rate backed by the initiatives and schemes set up by the governments of different economies will present a slew of lucrative opportunities for the market. To illustrate, the Indian Government has come up with the ‘Make in India’ scheme to allow commercial infrastructure to grow in the international market. Numerous global market industries have already benefitted from this scheme. Other than this, a massive demand has begun, which will accelerate the growth of the CNG dispenser market.
Fast fill and Time fill are the types of CNG dispensers in the worldwide market.
By Distribution
Company-owned & company run, Company-owned & dealer run as well as Dealer owned & dealer run are the distribution-based segments discussed in the report.
By Flow rate
Depending on the flow rate, the segments are Up to 15 kg/min, Up to 50 kg/min and Up to 100 kg/min.
CNG Dispenser Market Regional Insights
Asia Pacific held the largest market share of the global CNG dispenser market in 2017. It is estimated that Asia-Pacific region would also be the fastest growing market during the forecast period. Moreover, Asia-Pacific holds the largest number of natural gas stations as well as natural gas vehicles (NGVs) 18,509,677 and 18,735 respectively. This would positively impact the growth of CNG dispenser market. The expansion of the automobile industry drives the market demand in this region. Also, positive growth has been observed in the spending capacity of people.
The Asia-Pacific region has the most natural gas fueling stations in 2018 with about 19 million natural gas vehicles. Nearly 60% of all natural gas stations in the world are located in this region. 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.
The second biggest market is North America, owing to the increasing demand for automobiles. Also, the rising concerns related to the environment are fueling the global market growth during the ongoing period.
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About Market Research Future:
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