Market Analysis report grabbed attention at globally hiked requirement of natural gas has already increased by 2.7 percent per annum from the year of 2000; on the contrary demand for LNG worldwide has risen by an approximately 7.6 percent every year during the same period, almost three times faster. It has been speculated that demand for natural gas will continue to increase in the international market in the future. In the latest, Liquefied Natural Gas (LNG) is being recognized as an environmentally safe and one of the best resources classified as the clean fuel it will make tremendous impact on automotive industry across major global economies.
As far as Vehicle Grade LNG Market is concerned, owners are gradually inclining towards LNG fueled vehicles. Most common causes behind this international shift from conventional fuel to LNG is this fuel proves to be cost-effective thus regarded as easy on wallet and creates low emissions therefore it is also acknowledged as environment friendly or eco-friendly.As a result of which many countries are promoting and encouraging buyers to go for LNG rather than being dependent on crude oil.We shall also take into account few practical aspects such as availability of poor infrastructure to complement this trend across the globe. But both the aspects are interrelated.
Buyers are reluctant to shift to LNG just because of this major drawback however LNG stations and companies claim that because of inadequate response till date we are unable to provide service in expected number. Today, North America and Asia-Pacific have initiated use of LNG fueled vehicles, especially the United States and China.