CNG and LPG Vehicle Market, Trends, Size, Share, Growth and Forecast to 2022

global-cng-and-lpg-vehicle-market

The global CNG and LPG market was valued at 45,952.4 thousand units in 2015, and it is expected to grow at a CAGR of 10.1% during 2016 – 2022. Increasing population and urbanization, growing demand for passenger and commercial vehicles mainly in developing economies, and stringent emission control norms across the globe are expected to drive the demand for CNG and LPG vehicles over the forecast period. The global demand for CNG and LPG vehicle is fueled by the unstable conventional fuel prices, which is driving the interest of people towards using CNG and LPG vehicles, as the overall price of CNG and LPG when compared to the cost of either gasoline or refined diesel fuels is low. Increase in the development of the infrastructure network for CNG and LPG fueling stations is expected to drive the demand for CNG and LPG vehicles in the coming years.

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Rapid transit vehicles are gaining popularity due to their rapid mobility and high seating capacity. Increasing number of CNG/LPG powered transit buses during the forecast period drives the growth of the CNG and LPG vehicle market. Moreover, increasing use of waste collection vehicles, including garbage truck, dustcart, dustbin lorry, bin lorry or bin van, runs on CNG and LPG and is thus supporting the growth of the CNG and LPG vehicle market in developed regions. Wider use of natural gas in both short-haul fleets and long distance trucking is being facilitated by the development of CNG, LPG and LNG fueling networks. Technological innovation is producing more affordable light-duty, medium-duty, and heavy-duty natural gas truck options, as well as natural gas fueled passenger vehicles. These factors are driving the growth of the CNG and LPG vehicle market in the developed economies.

Europe was the largest market for CNG and LPG vehicles in 2015. The major reason for the growth of the market in Europe includes high cost for diesel and stringent regulation by EU for low emission across the Europe. CNG and LPG vehicle market in South America is expected to increase at a significant rate, driven by growing automotive industry and increasing infrastructure for CNG and LPG fueling stations.

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Some of the major players operating in the global CNG and LPG vehicle market include Ford Motor Company, Suzuki Motor Corporation, Fiat Chrysler Automobiles NV, Honda Motor Company, Volkswagen Group, Hyundai Motor Group, General Motors Company, Groupe Renault, Kia Motors Corporation, Mercedes-Benz, The Volvo Group, Isuzu Motors Ltd. and Toyota Motor Corporation and Mitsubishi Motors Corporation.

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P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.

As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.

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Helium Market Analysis, Development, Growth and Demand Forecast to 2022 by P&S Market Research

The global helium market is witnessing growth, due to the increased research and development activities and high demand for helium in healthcare and welding industry. Among the various applications, the cryogenics segment held the largest share in the global helium market in 2015, and it is anticipated to retain its dominance during the forecast period, due to the high demand of liquid helium in magnetic resonance imaging (MRI) equipment. Liquid helium is utilized to cool the magnets in MRI machine. Similarly, the consumption of helium was largest in healthcare industry in 2015. Based on distribution models, the packaged segment accounted for the largest share in the global helium market and it is anticipated to retain its dominance during the forecast period. Helium is generally distributed to the end-users in form of compressed gas in metal cylinders.

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The usage of helium as cryogenic coolant in defense research is creating ample growth opportunities for the global helium market. Moreover, liquid helium is also being utilized for studying the atomic structure and behavior of subatomic particles in quantum mechanics. Therefore, there are ample revenue generation opportunities for the producers of helium. However, stringent regulatory requirements, complexities and cost associated with the storage, transportation and distribution of liquid helium or gas, and safety concerns are the key challenges for the growth of the global helium market.

Helium is a colorless, odorless, non-corrosive, non-toxic and non-combustible gas mainly produced or sourced from natural gas wells. Helium is one of the most vital industrial gases having several applications. Helium has the lowest boiling point of all the gases (-269oC), therefore, liquid helium is the coldest matter. Liquid helium has applications as coolants in nuclear magnetic resonance (NMR) and MRI equipment. Moreover, helium has several applications in different industries. It creates inert shield for protection of weld zone. It is used to pressurize rocket fuel and purge chemical vapors. It is mixed with oxygen to create breathing mixture for divers; used for leakage detection; and used for controlled atmosphere.

Geographically, North America held the largest share in the global helium market, owing to the high demand for cryogenic application, and increasing domestic chemical and allied product shipments in the U.S. Helium is required to purge the chemicals vapors; therefore, the increasing domestic chemical and allied products shipment is creating demand for helium in the U.S. Moreover, the increasing production of aerospace production would aid the requirement for helium to pressurize and purge liquid hydrogen fuel system. In addition, the growth of the European helium market is attributed to the increasing demand for helium in automobile, construction, healthcare, transport and mining industry. Asia-Pacific is predicted to be the fastest growing market for helium during 2016 – 2022. The major reasons behind the fastest growth of the region are the increasing usage of helium in semiconductor and electronics industry and high demand for helium in welding application. Helium is used to protect weld zone from the atmosphere, creating an inert shield around it. Gas tungsten arc welding and gas metal arc welding are the major welding processes utilizing helium gas.

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The key players operating in the global helium market include Airgas Inc., Air Liquide, Linde AG, Messer Group, Praxair Inc., Polish Oil and Gas Company, Iwatani Corporation, Exxon Mobil Corporation, Matheson Tri-Gas, ONEOK Inc., RasGas Company Limited, and Qatargas Operating Company Limited.

GLOBAL HELIUM MARKET SEGMENTATION:

By Application

  • Cryogenics
  • Pressurizing and Purging
  • Controlled Atmosphere
  • Welding
  • Leak Detection
  • Breathing Mixture
  • Other

By End-Use

  • Healthcare
  • Transportation
  • General Industries
  • Electronics and Semiconductors
  • Aerostatics

By Mode of Distribution

  • Packaged
  • Merchant
  • On-site

GEOGRAPHICAL SEGMENTATION

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

 

About P&S Market Research

P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.

As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.

 

Contact:

Abhishek

Executive – Client Partner

347, 5th Ave. #1402

New York City, NY – 10016

Toll-free: +1-888-778-7886 (USA/Canada)

Email: enquiry@psmarketresearch.com

Web: https://www.psmarketresearch.com