According to the Market Research Future (MRFR) forecast, over the review period, the CNG dispenser market is projected to attain a significant market valuation at a moderate CAGR of 7.70%.
Drivers and Restraints
The stringent emission policies in prominent countries and the rise in demand for natural gas vehicles are the major drivers that are projected to accelerate the growth of the global CNG dispenser market. Factors like the simple transition to biofuels can inhibit the growth of the market for CNG dispensers. Furthermore, increasing refueling infrastructure is likely to build business opportunities in developing countries. Due to its efficiencies, demand for CNG dispensers is growing, including low in contaminants, high in durable heat content, high oily values and quite economical. Numerous types of alloys are used to manufacture the dispensing equipment. In addition, ease of conversion to biofuels is restricting the growth of the global demand for CNG dispenser.
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Segmental Overview
The types segment of CNG dispensers market is bifurcated into fast filling and time filling. The distribution method of CNG dispensers comprises company-owned dealer-run, company-owned company-run, and dealer-owned dealer-run. The company-owned company-run segment is projected to account for the largest share owing to the augmented profitability. By the flow rate, the global CNG dispenser market has been divided into up to 50 kg/min, up to 15 kg/min, and up to 100 kg/min. Among these, the up to 100 kg/min segment is projected to dominate the market share over the review period, and record the fastest growth rate, owing to the requirement of light-duty vehicles for quick tank refills.
Regional Analysis
Due to the growing number of vehicles running on natural gas, the Asia Pacific region is leading the global CNG dispenser market, as well as the number of refueling stations for these vehicles, and a few other factors. The region's large variety of industries including manufacturing, mining, oil gas, textiles, and automation is projected to drive the Asia Pacific CNG dispenser industry. Actually Asia Pacific is the main market for CNG dispensers followed by Europe. Rising demand in the CNG vehicle is one of the key critical drivers in this region's CNG dispenser industry. In India, the implementation of strict emission standards to reduce emissions is one of the major factors driving the market growth. India is one of the leading republics on the global market for CNG vehicles, with almost 60,000-70,000 units of CNG vehicles, resulting in increased demand for CNG dispensers. The government had exempted CNG vehicles from the strict regulation to control emissions leading to the growing adoption of CNG-fitted automobiles. In addition, the government is also working to increase the fuel stations that sell natural gas, enabling commuters and private car owners to turn to CNG.
Competitive Landscape
The key players identified by MRFR in the global CNG dispenser market manufacturers are Scheidt Bachmann (US), Bennett (US), Censtar (China), Fortive (US), Dover (US), FTI International (Canada), Compac (US), Kraus (US), Lanfeng (China), Tatsuno (Japan), Sanki (China), Parker (US), Tulsa Gas Technologies (India), WEH (Germany).
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