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CNG or compressed natural gas is composed of methane obtained by decomposition of biomass. It has a high calorific value and can be used as a substitute of conventional fuels such as petrol, diesel or gasoline. A fuel dispenser is a mechanical device found in fuel stations that allows a customer to pump fuel into the fuel tank. Furthermore, with increased usage of CNG, the demand for CNG dispensers is growing rapidly across the world.
Presently, the CNG dispenser market is experiencing rapid growth, owing to the shift toward using CNG from conventional fuel. In addition to the high calorific value, there is nearly zero emission of harmful gasses into the environment while combusting CNG compared to petrol or diesel. The growing concerns about the environment have led governments of several nations to reduce carbon emission, which is a major factor that fueled the growth of the CNG dispenser market. As CNG is obtained from biomass, the cost of CNG is much less compared to other fuels and more affordable to a large portion of consumers. Several companies are engaged in R&D to offer more efficient ways to extract CNG. In the automobile industry, it is used as fuel to substitute conventional fuels such as petrol, diesel or gasoline. However, the high installation cost of CNG dispensers acts as a restraining factor for the market.
In terms of market size, North America leads the global CNG dispenser market, owing to the rapid growth of the automobile industry and rapid incorporation of CNG in the automobile sector mainly in the U.S. and Canada. The market in the Asia-Pacific region is also expected to grow at a significant rate due to several government initiatives taken to adopt CNG instead of using petrol or diesel mainly to lower the carbon footprint in countries such as India. The market in Europe is also witnessing steady growth due to high investments by governments to promote the usage of renewable sources of energy, such as CNG, among consumers.
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