Fast urbanization and rising income levels are fuelling the LPG demand to grow at a CAGR of around 6.5% CAGR during 2012-2014, says RNCOS.
(prHWY.com) March 26, 2012 - Noida, India -- India is the fourth largest LPG consumer in the world after the US, China, and Japan. The country is also recognized as an emerging player in the CNG industry with plans to link 200 cities to natural gas within the next 5 years. Although the domestic LPG consumption in India is growing annually, it is auto LPG, which is zooming off with better growth figures. The presence of LPG for cooking purposes is currently limited to Tier-1, Tier-2, and Tier-3 cities, thus leaving a vast untapped market in the form of small towns and villages.
A report by RNCOS entitled "Indian Natural Gas Sector Analysis", further reveals that propelled by fast urbanization and rising income levels; the LPG demand in the country is all set to grow at a CAGR of around 6.5% CAGR during 2012-2014. With the rising plunge on pollution-free environment, this sector would receive the required thrust in near future. It is anticipated that the CNG consumption in the country will grow at a double-digit CAGR growth during 2012-2014. However, CNG infrastructure is at the nascent stage of development and still requires huge investments to catch-up with the international standards.
Maharashtra has the highest number of LPG customers in the country followed by Andhra Pradesh and Tamil Nadu. It is expected that the rising awareness about fuel qualities and gas companies, expansion strategies along with the supportive government initiatives will further boost the growth of LPG consumers in the country, especially in the rural areas. Rapid surge in LPG demand and continuously increasing number of LPG running vehicles have encouraged the government to import LPG from international markets, particularly from the Middle-Eastern countries.
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