BURNABY, Canada, March 30, 2015 /PRNewswire/ --
Consistent increase in LNG consumption and reduction in LNG cost to drive the adoption of LNG in automobiles through 2020
According to a recently published TechSci Research report "Global Vehicle Grade LNG Market Forecast & Opportunities, 2020", the market for vehicle grade LNG is projected to witness double digit growth at a CAGR ~25% until 2020. The vehicle grade LNG market is currently in its nascent stage globally since many economies have just started adopting it under various pilot projects. Due to presence of shale gas reserves, the United States and China are emerging as strong regions in vehicle grade LNG market.
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For the sector to accomplish higher worldwide proliferation, proper LNG infrastructure is a pre-requisite, which is presently lacking in most of the economies. While capital intensive infrastructural development is likely to take more than a decade in many developing countries, China, Australia and the US are also expected to witness infrastructure development at a slackened pace. Though a number a government initiatives have been taken for the promotion of LNG vehicles in Europe, the market is yet to witness any significant activity on account of the aftershocks of the Eurozone crisis.
"Global vehicle grade LNG market is expected to grow in coming years owing to its lower cost, environment friendliness and higher price stability. Governments of various countries are pro-actively working to drive the use of LNG in the automotive industry. Amongst various types of vehicles, use of LNG as fuel is currently witnessing higher adoption in heavy duty trucks as these run on long hauls without requiring frequent re-fuelling." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Vehicle Grade LNG Market Forecast & Opportunities, 2020" has evaluated the future growth potential of vehicle grade LNG market across the globe and provides statistics and information on market structure and consumer behavior trends. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities prevailing in global vehicle grade LNG market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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