What is virtual pipeline and plug-and-play cng system? How does it work? And why should I care?
The global virtual pipeline and plug-n-play (PnP) cng systems market size was valued at USD 2.4 Billion in 2017 and is expected to reach USD 4.1 Billion by 2025, growing at a CAGR of 7.5% during the forecast period 2018–2025.
With the increasing demand for energy efficient vehicles, the PnP cng systems market has witnessed significant growth over the years. These systems offer several advantages such as cost savings, reduced maintenance costs, and improved fuel efficiency. The rising awareness about environmental issues coupled with stringent emission regulations is also driving the adoption of these systems. Moreover, the increasing need for alternative fuels such as hydrogen, biofuels, etc., is further boosting the market growth. However, high initial investment required for installation of these systems may restrict its use in developing countries.
This report analyzes the global market based on component type, vehicle application, fuel source, and region. On the basis of component type, the market is segmented into gas generator, compressor, and others. Gas generators are used to convert natural gas into compressed air or oxygen that can be stored in tanks. Compressors are used to compress the air or oxygen from gas generators. Others include valves, regulators, filters, and other components. Based on vehicle applications, the market is classified into passenger cars, commercial vehicles, and light trucks & buses. Passenger cars account for the largest share of the overall market owing to their wide usage across various industries. Light trucks & buses are projected to grow at the highest rate due to their increased usage in construction activities. The market is further analyzed based on fuel sources, which includes liquefied petroleum gas (LPG), natural gas, and propane. Natural gas is expected to witness the fastest growth during the forecast period.
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America accounted for the largest share of this market in 2016. This can be attributed to the presence of major manufacturers in this region. Furthermore, the U.S. government’s initiatives regarding the development of green technologies have led to an increase in the demand for PnP cng system. In addition, the growing demand for hybrid electric vehicles in emerging economies such as China and India is also contributing to the growth of the market.
Key players operating in the global virtual pipeline and plug& play cng systems market include ABB Ltd., Air Liquide SA, BOC Gases Inc., General Electric Co., Honeywell International Inc., Linde AG, Mitsubishi Heavy Industries Ltd., Praxair Inc., Siemens AG, Sika A.G., Solvay SA, and Wärtsilä Corporation. Other prominent vendors in the market include Air Products & Chemicals LLC, Alstom SA, Arkema Group, BASF SE, Emerson Electric Company, Johnson Controls, Linde AG, LG Chem Ltd., Moxa Corp., Parker Hannifin Corporation, Philips NV, Schneider Electric SE, Toshiba Corporation, United Technologies Corporation, and VARTA Systems.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry.