Oil-Producing Countries to be the Largest Markets for Natural Gas Vehicles, Says Pike Research
BOULDER, Colo.--(BUSINESS WIRE)--Natural gas vehicles (NGVs) offer a variety of economic and environmental benefits over conventional gasoline vehicles, but their adoption has been slow in most developed countries. However, according to a recent report from Pike Research, acceptance of NGVs is actually quite strong in other parts of the world. The cleantech market intelligence firm expects that, out of 11.3 million NGVs estimated to be on the road by the end of 2010, three-quarters of those vehicles will be in Latin America, the Middle East, and Africa.
“The use of NGVs is driven by four key factors: economics, environmental benefits, energy security, and availability of vehicles and fuel”
“The use of NGVs is driven by four key factors: economics, environmental benefits, energy security, and availability of vehicles and fuel,” says senior analyst Dave Hurst. “What many leading NGV markets have in common is that they are oil-producing countries that have an inexpensive supply of natural gas, yet they do not have strong petroleum refinement capabilities. Therefore, it makes economic sense for these countries to use natural gas to fuel vehicles at home, and export crude oil for refinement elsewhere.”
Hurst adds that NGV refueling stations are a critical infrastructure requirement, and a number of countries have demonstrated strong commitment by investing heavily in such stations. Pakistan leads the world with more than 3,000 NGV stations operational in 2010, followed by Argentina and Brazil. However, Pike Research notes that growth rates for NGV stations are expected to be strongest in the United States and several markets in Europe, with corresponding growth in NGV sales. Government and corporate fleets will be the key growth drivers for NGVs in the U.S. and Europe.
Pike Research’s report, “Natural Gas Vehicles”, analyzes the opportunities and challenges facing NGV cars, light trucks, and medium/heavy duty trucks. The report includes a comprehensive assessment of compressed natural gas (CNG), liquefied natural gas (LNG) and bi-fuel vehicle technologies, and it also examines key drivers of demand with both fleet customers and private consumers. An Executive Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Clean Transportation, Clean Industry, Corporate Sustainability, and Building Efficiency sectors. For more information, visit www.pikeresearch.com or call +1.303.997.9691.
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