Global Vehicle Grade LNG Market is expected to grow at a robust CAGR.
Global Vehicle Grade LNG
Market is expected to grow owing to public awareness of environmental issues
and concern for air quality growing throughout the forecast period.
According to TechSci
Research report, “Vehicle
Grade LNG Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast 2018-2028”, the Global Vehicle Grade LNG Market is
expected to register robust growth during the forecast period. Many governments offer incentives,
subsidies, and grants to encourage the adoption of cleaner fuels like LNG.
These financial incentives can significantly reduce the operating costs of
LNG-powered vehicles. Additionally, carbon credits can be earned by using LNG,
providing a financial incentive for organizations to reduce their carbon
footprint. Opportunities exist for further advancements in LNG engine
technology. These innovations can enhance engine efficiency, power output, and
emissions reduction, making LNG an even more attractive and eco-friendly fuel
option. Telematics and Fleet Management Systems: The integration of telematics
and fleet management systems offers opportunities for data-driven optimization
of LNG-powered fleets. Real-time monitoring, predictive maintenance, and fuel
efficiency improvements can contribute to cost savings.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on the "Global
Vehicle Grade LNG Market."
Based on vehicle type, the Buses segment is expected to
dominate the market during the forecast period. The design and operation of LNG
buses are subject to rigorous safety standards. These standards include
measures to prevent LNG leaks and ensure safe refueling and maintenance
practices. Compliance with these safety standards is essential to build public
trust and ensure the safe operation of LNG buses. Drivers and maintenance
personnel of LNG buses undergo specialized training to handle LNG safely. This
training includes emergency response procedures and adherence to safety
protocols. Certification programs help ensure that staff are well-prepared to
manage LNG-related safety issues. LNG bus manufacturers are continually
improving engine technology to enhance efficiency and reduce emissions.
High-pressure direct injection systems and other engine advancements result in
cleaner and more fuel-efficient operation. The integration of telematics and
fleet management systems is increasingly common in LNG-powered buses. These
systems provide real-time data on fuel consumption, vehicle performance, and
maintenance needs, enabling operators to optimize their fleets and reduce
operational costs. In summary, the buses segment in the global vehicle-grade
LNG market is characterized by a shift towards cleaner and more sustainable
public transportation options. LNG-powered buses are gaining prominence in
urban and intercity transit, driven by their economic advantages, emissions
reduction potential, and alignment with environmental regulations. Based on end-user
industry, the Oil & Gas segment is projected to dominate the market
throughout the forecast period. Liquefied natural gas (LNG) finds extensive
application in export and import terminals, serving various operational needs.
LNG-powered vehicles like forklifts, haulage trucks, and transportation
equipment are commonly employed for the movement and handling of LNG cargoes.
This utilization of LNG within terminal infrastructure establishes a
closed-loop system, resulting in reduced emissions and energy costs. Moreover,
LNG serves as a reliable backup power source at LNG terminals, ensuring
uninterrupted operations during grid power failures. This is crucial for the
continuous handling and processing of LNG cargoes. The oil and gas industry is
actively investing in research and development (R&D) to enhance the
efficiency and environmental-friendliness of LNG technologies. Ongoing efforts
include advanced cryogenic storage solutions, high-pressure direct injection
systems, and telematics for fleet management. Such innovative solutions
significantly contribute to the sustainability, safety, and performance of LNG applications
in the sector. Furthermore, the oil and gas industry is increasingly aligning
with global energy transition initiatives, diversifying energy sources and
reducing carbon emissions. The adoption of LNG in the sector represents a
notable stride in this transition, effectively mitigating the environmental
impact of operations.
Key market players in the
Global Vehicle Grade LNG Market are:-
- Shell
- ExxonMobil
- TotalEnergies
- BP
- Chevron
- Qatargas
- Cheniere Energy
- Volvo Group
- Cummins Westport
- IVECO
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“The Global Vehicle Grade
LNG Market in North America is poised to be the dominant force in the industry.
The region has been proactive in developing LNG refueling infrastructure,
particularly along major transportation corridors and in urban centers. The
growth of refueling stations supports the adoption of LNG as a vehicle fuel for
long-haul trucking and public transportation.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Vehicle Grade LNG Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Vehicle Type (Heavy-Duty Trucks
and Buses), By End-User Industry (Transportation & Logistics, Oil & Gas
and Others), By LNG Storage and Infrastructure (On-Site Storage, Off-Site
Storage and LNG Refueling Infrastructure), By Region, and By Competition,” has evaluated the future growth
potential of Global Vehicle Grade LNG Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Vehicle Grade LNG Market.
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