On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

On August 18, 2025, the Brent crude oil price stood at 66.54 U.S. dollars per barrel, compared to 63.42 U.S. dollars for WTI oil and 68.21 U.S. dollars for the OPEC basket. Oil prices remained largely unchanged that week as economic expectations stayed low.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Crude Oil rose to 63.73 USD/Bbl on August 22, 2025, up 0.34% from the previous day. Over the past month, Crude Oil's price has fallen 2.32%, and is down 14.83% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on August of 2025.

The average spot price for West Texas Intermediate crude oil came to 76.63 U.S. dollars per barrel in 2024, a decrease of nearly one U.S. dollars compared to the previous year. The 2024 average spot price for Brent crude oil was 80.52 U.S. dollars. Both Brent and WTI are light crude oils, with the first used as a benchmark for gasoline prices around the world. Spot prices vs. future prices Spot prices refer to current market prices under which a commodity such as one barrel of crude oil may be bought for immediate delivery. In contrast, future prices refer to settlement and delivery at a later date. As a major refinery and storage hub, Cushing in Oklahoma is the delivery location for WTI traded via the New York Mercantile Exchange. When storage capacities threatened to reach their maximum capacity in April 2020, the WTI oil price crashed as a result, trading at record low prices. The WTI oil price fell into negative numbers for the first time in its history, closing out at negative 37.63 U.S. dollars per barrel on April 20th. The lowest value for Brent prices was 19.33 U.S. dollars per barrel. Influences on oil prices Oil prices are volatile commodities as their trading and delivery is heavily influenced by overall market development and geopolitical events. For example, the Russia-Ukraine war and resulting Russian sanctions brought about fears of supply bottlenecks, which pushed oil prices to decade-highs also reflected in the 2022 annual average.

The international crude oil price has experienced significant fluctuations over the past 10 years, influenced by factors such as global demand and supply dynamics, geopolitical events, economic conditions, and policy decisions by major oil-producing countries. This article provides an overview of the price movements, starting from an average of $111 per barrel in 2011, declining to lows of negative prices in 2020, and recovering to around $66 per barrel in 2021. The complexities of the global oil market are

Urals Oil rose to 63.09 USD/Bbl on August 20, 2025, up 0.96% from the previous day. Over the past month, Urals Oil's price has fallen 3.16%, and is down 13.16% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Urals Crude.

In June 2025, the price of Merey crude oil – Venezuela’s reference export blend – averaged ***** U.S. dollars per barrel, down from ***** U.S. dollars per barrel the previous month. Merey crude oil has been part of the OPEC basket since January 2009. A blend of extra-heavy crude oil from the Orinoco belt and lighter grades, Venezuela’s export oil is the heaviest component in the basket, and, in turn, has historically reported the lowest average price in the OPEC basket. Benchmark oil prices Crude oil prices worldwide have been highly volatile over the last five years. In 2020, the global pandemic caused a significant drop in prices. Two years later, the war in Ukraine drove prices to levels not seen since 2008. Since January 2024, oil price levels have seen less volatility and averaged around ** U.S. dollars per barrel. Venezuela’s struggling oil sector The global decline in prices brought upon by the pandemic was only the most recent blow to the South American country's oil industry. Despite holding the largest proved oil reserves in the world, Venezuela’s oil production has declined notably. In 2024, it averaged around ******* barrels per day, a third of the level registered a decade earlier. A political and economic crisis as well as resulting U.S. sanctions have led to a rise in oil stocks in the country, affecting both prices and production.

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The floating liquefied natural gas market share is expected to increase by USD 4.68 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.12%.

This floating liquefied natural gas market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers floating liquefied natural gas market segmentations by processing capacity (large-scale capacity and small-scale capacity) and geography (North America, Europe, APAC, South America, and MEA). The floating liquefied natural gas market report also offers information on several market vendors, including Black & Veatch Holding Co., Eni Spa , Excelerate Energy LP, EXMAR NV, Golar LNG Ltd., Lloyds Energy DMCC, Petroliam Nasional Berhad , Royal Dutch Shell Plc, Samsung Heavy Industries Co. Ltd., and TechnipFMC Plc among others.

What will the Floating Liquefied Natural Gas Market Size be During the Forecast Period?

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Floating Liquefied Natural Gas Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rising global oil and gas consumption is notably driving the floating liquefied natural gas market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floating liquefied natural gas industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Floating Liquefied Natural Gas Market Driver

Rising global oil and gas consumption is one of the key factors driving the growth of the global floating liquefied natural gas market. Liquid fuel consumption across the globe, especially in emerging economies such as India, China, and Brazil, is expected to grow, owing to the increasing demand for vehicles and a rise in the consumption of petrochemicals. For instance, according to the US Energy Information Administration (EIA), in 2019, the production of petroleum and other liquid fuels in Brazil averaged 3.7 million barrels per day (b/d). Similarly, natural gas consumption has also seen a rise in the last ten years. According to the US Energy Information Administration (EIA), global natural gas consumption increased significantly in 2019. Natural gas has witnessed a higher rise in consumption than oil due to the increasing adoption of natural gas as a fuel. Also, with the increased consumption of fuel from developing economies such as India and China, the demand for LNG is likely to propel during the forecast period, thereby increasing the demand for FLNG projects during the forecast period.

Key Floating Liquefied Natural Gas Market Trend

The rise in the number of deepwater and ultra-deepwater drilling projects will fuel the global floating liquefied natural gas market growth. As per the US Energy Information Administration, the oil shock resulted in the decline of crude oil prices in early 2020 due to the COVID-19 pandemic, which was one of the lowest since 2003. Also, the prices of the rigs were reduced due to the fewer number of ongoing projects in the oil and gas industry. Sensing profit through low rig rates, some companies are resuming their offshore projects. FLNG vessels provide the advantages of reduced investments and earlier cash flow compared with fixed platforms. The advantages of FLNG vessels make them ideal for offshore activities. Deepwater and ultra-deepwater projects are also far from the mainland; hence, laying an extensive oil and gas pipeline network to transfer the produced hydrocarbons to onshore facilities is too costly. Therefore, FLNG vessels are economical for deepwater and ultra-deepwater projects, as these vessels can treat, liquefy, and store the natural gas extracted from offshore fields. Operators sell the LNG directly from the vessel and generate revenues. Advances in technology allowed exploring gas reserves that were initially uneconomical. This is likely to drive the global FLNG market during the forecast period.

Key Floating Liquefied Natural Gas Market Challenge

Fluctuations in oil and gas prices are major challenges for the global floating liquefied natural gas market growth. The continued trend of low crude oil prices has put additional pressure on the oil and gas service providers. Low-profit margins for a continued period result in reduced revenues, which directly influence the financial aspect of a company. The market potential for oil and gas service businesses has declined due to the low investments in oil and gas

Petroleum and natural gas are used in a variety of industries for a wide range of purposes. In Germany, these fossil fuels have been extracted since the beginning of the 20th century and make a small contribution to guaranteeing Germany's energy supply. According to the BVEG, there are around 23.7 million tonnes of crude oil reserves and 36 billion cubic metres of natural gas reserves in Germany as of 2022. The industry's turnover and profit development is closely linked to the development of world market prices for crude oil and natural gas. OPEC+ plays an important role in setting oil prices. By setting production quotas, OPEC+ can adjust supply to demand and thus stabilise or increase prices. Following the price slump in 2020 due to the COVID-19 pandemic, the price of oil and gas began to rise again in 2021. The recovery of the global economy and rising demand for energy drove prices up. Limited production capacities and supply bottlenecks further exacerbated this trend. The Russian invasion of Ukraine in February 2022 led to a further price increase. Economic sanctions and import embargoes against Russia, an important exporter of natural gas, caused prices to rise further. Energy prices have fallen again since 2023, but remain at a high level. Oil and gas prices will also remain volatile in 2025, influenced by geopolitical tensions, economic uncertainties and OPEC+ decisions.Since 2020, turnover in the sector has risen by an average of 8.2% per year. This is primarily due to price increases in 2021 and 2022. However, the recent lower international prices for crude oil and natural gas as well as steadily declining production volumes have led to a negative development in the industry since 2023. Fears of a global recession and the actual slowdown in economic growth in some regions have dampened demand for oil and natural gas while global production volumes remain high. For 2025, IBISWorld expects sales to fall by 0.7% compared to the previous year to 2.9 billion euros.In the long term, the industry will not be able to recover, even though natural gas in particular is likely to continue to play an important role in energy and heat generation in Germany. The declining reserves of raw materials in Germany are further reducing the companies' production output. The domestic production volume of natural gas was 169,428 terajoules in 2022, compared to 378,425 terajoules in 2012. As a result, companies in the sector are increasingly starting to reorient themselves internationally and outside the renewable energy sector. Turnover is expected to fall by 1.2% per year and reach 2.7 billion euros in 2030.

Stocks of crude oil in the United States decreased by 6.01million barrels in the week ending August 15 of 2025. This dataset provides the latest reported value for - United States Crude Oil Stocks Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The coronavirus (COVID-19) pandemic aggravated with a drastic drop in crude oil prices will cost a negative growth domestic product (GDP) growth in 2020 in Russia, according to every forecast scenario. If the effects of the crisis persist throughout the whole 2021 year (a negative scenario), the GDP is expected to grow at a 1-1.5 percent rate in 2021.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

Fuel, chemical and metal agents contend with highly volatile global commodity prices and industrial production and construction output fluctuations. The COVID-19 outbreak severely pressured global economic growth causing production levels to tumble and stymieing oil demand. Oil prices collapsed and fell into negative territory for the first time, with producers paying clients to take the surplus off their hands. Record-low oil prices had a substantial contractionary effect on revenue as most agents work off a commission basis. China's steel production was curbed by strict social distancing measures, lagging behind global steel demand, forcing the prices of some steel products to quadruple between September 2021 and September 2020. Steel prices dropped in 2022 as spiralling inflation and strict lockdowns in China ignited demand uncertainty, hitting steel-related commissions. Over the five years through 2024-25, agents' revenue is forecast to contract at a compound annual rate of 9% to £74.1 billion. As crude oil is the primary input in petroleum, chemicals and fertilisers, the Russia-Ukraine conflict sparked surges in the prices of related products. In 2022, the price of Brent crude oil reached its highest level since 2014, helping drive revenue growth and profit in 2022-23. As supply concerns continue in 2024-25 for steel and crude oil, revenue is expected to grow by 21.8%. Looking forward, the transition to a net zero carbon emission economy will shift the focus of many downstream buyers away from fossil fuels and petroleum-based products and towards renewable energy sources. The Agricultural Bill passed in 2020 and detailed the phasing out of direct farmer subsidies by 2024. Subsidies will fall from £2.4 billion to £900 million over this period, with delinked payments replacing them, disincentivising crop production and fertiliser use. Green policies like banning new petrol and diesel car sales by 2030 will cut fossil-fuel-related sales and boost the sale of battery metals like lithium used in electric vehicles. Industry-wide revenue is forecast to grow at a compound annual rate of 18% to reach £169.6 billion over the five years through 2029-30.

Saudi Arabia Fuel Prices: Retail: Gasoline 91 data was reported at 2.180 SAR/l in Apr 2025. This stayed constant from the previous number of 2.180 SAR/l for Mar 2025. Saudi Arabia Fuel Prices: Retail: Gasoline 91 data is updated monthly, averaging 2.180 SAR/l from Jul 2020 (Median) to Apr 2025, with 58 observations. The data reached an all-time high of 2.180 SAR/l in Apr 2025 and a record low of 1.290 SAR/l in Jul 2020. Saudi Arabia Fuel Prices: Retail: Gasoline 91 data remains active status in CEIC and is reported by Saudi Arabian Oil Company. The data is categorized under Global Database’s Saudi Arabia – Table SA.P016: Fuel Prices. [COVID-19-IMPACT]

The global cardamom essential oil market was valued at USD XX in 2019 and is expected to reach an estimated USD XX by 2027, expanding at a CAGR of nearly 6.2% during the forecast period, 2020–2027. The revised market size has considered the possible adverse impact of the ongoing COVID-19 pandemic on the mentioned market during 2019-2020. The growth of the market is attributed to the rising adoption of the essential oil to various applications across pharmaceutical, food & beverage, and cosmetic sectors. Meanwhile, the market growth is expected to decline at a rate of XX% between 2019 and 2020 owing to the negative impact of COVID 19 pandemic on the global cardamom essential oil market.





Cardamom essential oil is an organic substance primarily extracted from the seeds of Cardamom, also known as Elettaria Cardamomum. Owing to its excellent nutritious values, the oil is widely used in various application across pharmaceutical, food & beverage, and cosmetic sectors. Some of the health benefits of the oil consumption include relieving of spasm, prevention of microbial infections, improvisation of digestion and boosting ones metabolism.

Owing to its health beneficial, the essential oil is widely used in cosmetic products as it offers skin benefits and in treatment of skin-related diseases. Moreover, the oil is widely used as a key ingredient for food and beverage items to improve taste and flavor of the foods.

Market Drivers, Restraints, Trends, and Opportunities

• Rising health consciousness and public awareness regarding the health benefits of the cardamom essential oil products remain the key driving factors that help boost the market growth.


• Increase in demand for the essential oil from pharmaceutical industry due to medicinal properties such as antispasmodic, antibacterial, and others associated with the cardamom essential oil. This factor is complementing the market growth.


• Growing adoption of the oil in cosmetic & personal care products are boosting the market expansion owing to its properties in the treatment of skin conditions and others.


• However, price fluctuation of the raw materials and the harmful effects of the oil to pregnant women as well as breastfeeding mothers are the key restraining factors that can impede the market expansion over the mentioned years.


• Increase in the consumption of the essential oil products in both developing and developed countries are important trends for the market growth owing to the increase in number of health-conscious consumers across the globe.


• Large investment from manufacturers in R&D activities to produce innovative products of the essential oil and technological advancement are offering lucrative opportunities for the market expansion over the targeted period.

Scope of the Report

The report on the global cardamom essential oil market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Base Year	2019
Historic Data	2017–2018
Forecast Period	2020–2027
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and

United States exploration and production (E&P) companies are vulnerable to the often volatile oil and gas market. Between 2015 and June 30, 2020, *** Texas based E&P companies filed for bankruptcy.

The coronavirus pandemic has had a catastrophic impact on the world's oil and gas industry, with the United States oil industry being hit very hard as well. Declining consumer demand and high levels of production output resulted in dwindling storage capacities, ultimately causing the price of crude oil to fall to negative prices for the first time in history. This relatively recent development has resulted in an increase in E&P company bankruptcy filings.

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The aerospace plastics market share is expected to increase by USD 125.67 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 3.57%.

This aerospace plastics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (commercial and freighter aircraft, general aviation, and others), application (exterior and interior), and Geography (Europe, North America, APAC, MEA, and South America). The report also offers information on several market vendors, including BASF SE, Compagnie de Saint-Gobain SA, DuPont de Nemours Inc., Ensinger GmbH, Hexcel Corp., Mitsubishi Chemical Holdings Corp., PPG Industries Inc., Saudi Basic Industries Corp., Solvay SA, and Victrex Plc among others.

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Aerospace Plastics Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing use of lightweight materials is notably driving the aerospace plastics market growth, although factors such as fluctuation in raw material prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the aerospace plastics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Aerospace Plastics Market Driver

The increasing use of lightweight materials is one of the key factors driving the growth of the global aerospace plastics market. The use of lightweight materials is increasing in the aerospace industry. Various lightweight materials used in the automotive industry are high-strength steel, aluminum, composites, magnesium, and plastics. The major driver for the growth of lightweight materials in the aerospace industry is the production of fuel-efficient and low-emission aircraft. With the increasing awareness of climate change and environmental issues, coupled with the rising fuel cost, the aerospace industry is trying to save on the operation cost by demanding lightweight aircraft. Aluminum has a density of 2.7 g/cm³, whereas high-performance polymers have a density of around 1.3 g/cm³. This difference helps in gaining significant weight savings. Airbus uses lightweight materials in the horizontal tail of the Airbus A340. In this way, the company is able to reduce its weight by 50% and cost by 30%. Thus, to increase fuel efficiency and comply with environmental regulations, aerospace component manufacturers are mainly focusing on lightweight materials.

Key Aerospace Plastics Market Trend

The growing introduction of additive manufacturing will fuel the global aerospace plastics market growth. The aerospace industry is one of the major adopters of additive manufacturing for aircraft component manufacturing. Additive manufacturing is contributing to the aerospace industry by effectively manufacturing highly complex geometrical components, faster production of replacement parts, and faster improvement of the current design for better improvements. In the additive manufacturing process, components are built up layer by layer based on 3D printing. This reduces weight, increases fuel efficiency, and reduces material use. Siemens is using additive manufacturing in many applications to print components for Etihad passenger planes. They have a collaboration with Strata Manufacturing, an aircraft parts manufacturer. Siemens is supporting Strata Manufacturing with the technical knowledge and consulting for the manufacturing of monitor shrouds using 3D printing technology. They are using materials such as plastics and metals. Such factors will increase the market growth during the forecast period.

Key Aerospace Plastics Market Challenge

The fluctuation in raw material prices is a major challenge for the global aerospace plastics market growth. The price fluctuation of raw materials, including crude oil, has a negative impact on the market vendors as they rely heavily on crude oil during the manufacturing process. High prices of oil increase the production cost of petroleum-based products, including plastics. For instance, the price of polypropylene hiked over 4.5% in December 2016, following a hike in the prices of crude oil in India. In 2019, the average crude oil price was $56.99/barrel, which decreased to $39.68/barrel in 2020 due to the COVID-19 outbreak and increased to $58.30/barrel by March 2021. Thus, the changing prices will have a negative impact, leading to an increase in the lead time and

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The subsea production systems market share is expected to increase by USD 967.58 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 2.96%.

This subsea production systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers subsea production systems market segmentations by equipment type (SURF, pressure control system, subsea trees, and manifold) and geography (Europe, APAC, North America, MEA, and South America). The subsea production systems market report also offers information on several market vendors, including Aker Solutions ASA, Dril-Quip Inc., General Electric Co., Halliburton Co., Nexans SA, NOV Inc., Prysmian Spa, Schlumberger Ltd., Siemens AG, and TechnipFMC Plc among others.

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Subsea Production Systems Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rising deep and ultra- deepwater drilling projects is notably driving the subsea production systems market growth, although factors such as fluctuations in oil and gas prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the subsea production systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Subsea Production Systems Market Driver

One of the key factors driving the subsea production systems market growth is the rising deep and ultra- deepwater drilling projects. Oil and gas upstream companies have been extracting oil and natural gas from onshore wells for many years. In offshore drilling, oil and gas companies are shifting their focus from shallow waters to deepwater and ultra-deepwater resources due to large untapped reserves. Drilling in offshore locations is more challenging than drilling in onshore locations owing to the harsh environment. The depletion of easy-to-extract oil has resulted in an increase in the cost of hydrocarbon acquisition, along with the displacement of drilling operations geographically. Thus, with the depletion of resources in easily accessible locations, such as onshore wells, companies are looking for less explored areas. As a result, the number of offshore drilling projects is increasing. The rise in oil and gas drilling activities in offshore deepwater and ultra-deepwater oil and gas wells will increase the demand for subsea production and processing activities, which, in turn, will support the market in focus during the forecast period.

Key Subsea Production Systems Market Trend

ERD technology is the major trend influencing subsea production systems market growth. Extended reach drilling (ERD) well is defined as the well with a step-out to TVD (True vertical depth) ratio of 2:1 or higher. There are several other factors taken into consideration, such as key drilling challenges, water depth, and rig capabilities. Though the use of ERD technology in the current oil and gas market is not feasible, it is expected to be used in time, as using this technology is about the economics and demand in the market. Over the past two years of low crude oil prices, the operators have adopted this technology, which made the overall project commercially viable. Some ERD deve

In the second quarter of 2022, the average retail price for a gallon of regular gasoline stood at around 4.49 U.S. dollars, up from the previous quarter. A glut in oil supply between 2014 and 2016 forced down prices and led to a low average U.S. gasoline price of roughly 1.9 U.S. dollars per gallon in the first quarter. Gasoline prices fluctuated considerably between 2019 and 2020 as a result of tensions between the United States and other oil exporters, such as Iran, and stifling oil demand during the Covid-19 pandemic. The price of West Texas Intermediate briefly dipped in the negative in April 2020. Seasonal price variations
There are periodic fluctuations in gasoline prices in the United States, where the second and third quarters are typically more expensive than the rest of the year. One of the factors contributing to changing gasoline prices is a decrease in production from refineries due to maintenance work in tandem with an increase in demand, as holiday goers make road-trips. Gasoline will revert to cheaper winter-grade in September. Annual motor vehicle consumption in the United States was around 128 billion gallons as of 2020.

The turnover of pipeline operators grew by an average of 0.1% per year between 2018 and 2023. In 2023, it is expected to amount to 5.4 billion euros. The coronavirus pandemic had a negative impact on revenue development in 2020, with revenue falling by 17.2% due to lower demand for crude oil and its products and for natural gas due to a decline in industrial production. In 2021, industry and demand for crude oil and natural gas recovered slightly, which had a positive impact on sales. However, the significant rise in product prices had a negative impact on demand, as higher prices tend to result in less demand for raw materials. If there is less demand for crude oil, oil products and natural gas, there is also less need for transport via pipelines. Another reason for the weak sales growth over the past five years was the mostly warm winters, in which consumers as well as companies and government agencies used less heating, which led to relatively low utilisation of the pipelines for transporting natural gas and heating oil. Although natural gas is considered environmentally friendly compared to other fossil fuels, the war in Ukraine and the turmoil on the energy markets have led to a rethink. Society's growing environmental awareness is likely to lead to an increased expansion of renewable energies and lower-emission fuels, which should have a negative impact on sales of natural gas. In the current year, industry sales are expected to fall by 8.3% to €5.4 billion due to the deterioration in the business climate and the continued high market prices for crude oil and natural gas compared to pre-crisis levels.Over the next five years, IBISWorld expects average annual industry growth of 0.8% and total sales of €5.6 billion in 2028. The industry is likely to benefit from its high strategic relevance for Germany as a business location, which is prompting the German government to actively endeavour to develop the sector. In addition, natural gas should act as a link between fossil fuels and green energies, at least during a transitional period. The number of industry players and employees is expected to grow by 2028.

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The natural gas refueling stations market share is expected to increase by 8532.00 units from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.41%.

This natural gas refueling stations market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by technology (CNG and LNG), type (fast-fill stations and time-fill stations), and geography (APAC, North America, Europe, MEA, and South America). The natural gas refueling stations market report also offers information on several market vendors, including Atlas Copco AB, Clean Energy Fuels Corp., Dover Corp., Exxon Mobil Corp., GAIL (India) Ltd., Gilbarco Inc., GreenLine, Ingersoll Rand Inc., Linde Plc, and Torrent Gas Pvt. Ltd., among others.

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Natural Gas Refueling Stations Market: Key Drivers and Challenges

Based on our research output, there has been a negative impact on the market growth during and post the COVID-19 era. The demand for cleaner fuels is notably driving the natural gas refueling stations market's growth, although factors such as the fall in oil prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the natural gas refueling stations market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Natural Gas Refueling Stations Market Driver

Natural gas is a clean and affordable alternative to fossil fuels such as diesel, gasoline, and fuel oil. It is used in vehicles in compressed or liquefied form. Carbon dioxide emissions have been growing in accordance with an increase in economic activities. Efforts by countries across the world in decarbonizing the power system by shifting to renewable energy have helped in controlling carbon dioxide emissions. The burning of natural gas results in less pollution, which explains its increasing use in the transportation sector; thus, driving the global natural gas refueling stations market growth.

Key Natural Gas Refueling Stations Market Challenge

Natural gas can be easily substituted by gasoline and diesel. Global oil prices have witnessed a steep decline in recent times. This significant decline in oil prices is attributed to the supply-demand imbalance of crude oil in the global market. Cost-benefits of natural gas over conventional fuels were one of the major driving factors pushing the use of natural gas as a fuel in the transportation industry. However, the multi-year decline in oil prices has made switching to alternative fuel vehicles a less attractive proposition. Thus, the fall in oil prices is expected to impede natural gas refueling stations market growth during the forecast period.

This natural gas refueling stations market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Natural Gas Refueling Stations Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Atlas Copco AB
• Clean Energy Fuels Corp.
• Dover Corp.
• Exxon Mobil Corp.</l