The Natural Gas Refueling Market and it is poised to grow by 8.07 k units during 2020-2024, progressing at a CAGR of 4% during the forecast period.
Automobile industry is also contributed to growth of the global natural gas. Various vehicles are running on natural gas and this factor is necessary for need in 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 refueling infrastructure market.
Major Players in global who holds the market rate are Apache Corporation, Blu LNG, Cryostar SAS, Trillium CNG, Gazprom, PETRONAS, Abu Dhabi National Oil Company, and BP plc.
Future of Natural Gas- In the past few years, shale has entered a new phase with the rise of LNG exports from North America. By 2023, North America is expected to head the list of the world’s top LNG exporting regions. On the other hand, as state-level decarburization policies ramp up, the demand for natural gas in key segments such as power generation and local distribution companies (LDC) is expected to decline. Stated simply, North America will continue to rely on gas for domestic use and exports, although domestic demand will start to decline after 2035.
McKinsey’s North American gas model shows that demand will continue to grow from 95 billion cubic feet per day (bcfd) to 125 bcfd by 2035 and then plateau. More than 70 percent of the demand growth is driven by gas exports (both LNG and also piped exports to Mexico).
Apache corporation-2020 and future outlook
Following the rapid drop in oil prices in early March, Apache announced a plan to reduce activity in Egypt and the North Sea and to eliminate all U.S. drilling and completion activity. This resulted in a $650 million decrease in planned upstream investment, compared to the company’s initial budget announced in late February. Approximately 60% of the revised 2020 investment will be in international assets, compared to approximately 45% in the previous budget.
Segmentation of natural gas refueling market is on the basis of product type it has Compressed Natural Gas Stations and Liquefied Natural Gas Stations. On the basis of application it contains Light Duty Vehicles, Medium Duty/Heavy Duty Buses and Heavy Duty Trucks. Further Segmentation on region includes North America, Europe, Asia-Pacific and South America. Almost 97% in the Asia-Pacific natural gas offers CNG. With the increasing population of CNG vehicles in the region, especially in China and India, on account of the initiative to lower the emission of carbon from vehicles, CNG stations are expected to grow during the forecast period.