NEW YORK, NY -- (Marketwire) -- 07/24/12 -- Natural gas prices have been in a long slump as production has grown dramatically in recent years as advances in technology have unlocked vast new reserves. The country's current glut and record low prices of the commodity have led to an increased focus on natural gas vehicles (NGVs). A recent report from Pike research shows that the global market for NGVs will grow at a steady pace over the next 7 years, and reach a total of 3.2 million vehicles sold in 2019. Five Star Equities examines the outlook for companies in the Alternative Fuels Industry and provides equity research on Westport Innovations Inc. (NASDAQ: WPRT) (TSX: WPT) and Clean Energy Fuels Corp. (NASDAQ: CLNE).
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"While the sparse variety of available vehicle models and the slow spread of NGV refueling infrastructure remain key concerns in many countries, it's clear that the low cost of natural gas, combined with geopolitical forces, will expand the market for these vehicles," says Pike senior research analyst Dave Hurst. "Many governments have promoted the growth of NGVs, either by offering reduced taxes on the vehicles or by increasing investment in refueling infrastructure."
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General Electric recently announced that they are developing an at-home refueling station for natural gas vehicles. This could prove to be a major breakthrough for the NGV market as one of biggest problems for natural gas adoption has been the lack of refueling infrastructure for public.
"The goal of our project is to design an at-home refueling station that is much simpler in design, more cost effective and reduces re-fueling times to under an hour. By reducing the time and cost of re-fueling, we can break down the barriers that are preventing more widespread adoption of NG vehicles. If we can meet our cost targets, the price of a home refueling station would be less than typical appliances in the home such as a dishwasher or stove," said Anna Lis Laursen, a chemical engineer and project leader at GE Global Research.
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