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Annual NGV sales to reach 4 million by 2024

Hydrocarbon Engineering,

According to a new report by Navigant Research, increasingly stringent fuel economy and tailpipe emissions standards in major automotive markets are driving automakers to provide alternatives to tradition gasoline and diesel internal combustion engines. For many customers, particularly high mileage fleet operators and consumers in regions with high retail prices for liquid fuels, NGVs offer an excellent option for reducing both operating costs and CO2 emissions.

The report suggests that sales of NGVs will grow from 2.3 million in 2014 to 3.9 million in 2024.

Sam Abuelsamid, senior research analyst with Navigant Research, commented: “Although demand has increased, increased gas production in  North America and other regions, along with additional pipelines for distribution in Asia Pacific and Europe, is reducing prices for natural gas. NGV markets in a number of regions are expected to grow significantly over the next decade, particularly in China, which is grappling with serious air pollution issues that are affecting quality of life in major urban areas”.

With a large land mass and comparatively low filling station density, as well as price differential between gas and liquid fuels, North America’s NGV market is likely to see substantial growth over the next decade, according to the report. However, NGVs are expected to remain a small niche of the region’s total market, with fleet and commercial operations using dedicated private filling stations and making up the primary customer base.

Adapted from a press release by Emma McAleavey.

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