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Compressed Natural Gas Market Growth & Key Business Strategies by Leading Industry Players National Iranian Gas Company, Indraprastha Gas Limited, Trillium CNG, Gazprom, NEOgas Inc., Trillium CNG, China Natural Gas Inc., Pakistan State Oil, J-W Power Comp

02-13-2019 05:48 PM CET | Energy & Environment

Press release from: Allied Market Research

Compressed Natural Gas Market

Compressed Natural Gas Market

Natural gas vehicles (NGVs) offer several benefits, typically including fuel-cost savings, reduced CO2 emissions, local air-quality improvement, noise reduction, and even energy security to some extent. However, the uptake of NGVs is expected to remain limited due to lack of refueling infrastructure.

According to a new report published by Allied Market Research, titled, Compressed Natural Gas Market by Source and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global compressed natural gas market was valued at $14,842 million in 2016, and is projected to reach $36,035 million by 2023, growing at a CAGR of 14.1% from 2017 to 2023. Based on source, non-associated gas dominated the global compressed natural gas (CNG) market.

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Around the globe, the concept of using natural gas as alternative to conventional fossil fuel, such as gasoline and diesel has been growing rapidly. Compressed natural gas (CNG), is one of the most commonly used natural gas in heavy-duty commercial vehicles such as buses, locomotives, trucks, ships, and others. CNG is mainly composed of methane, which is compressed to less than one percent of the volume to obtain compressed natural gas. Due to its eco-friendly nature, better performance advantages, and reduced maintained cost of the engine, CNG has gained popularity in the market. Asia-Pacific is the largest consumer of compressed natural gas as transit buses and delivery & refuse truck fleets prefer CNG over fossil fuel.

At present, the market is driven by low-cost of CNG with growth in energy requirement across the world. In addition, continuous exploration for non-conventional sources of energy and growth of the lager shale gas market also fuel the market. Furthermore, stringent government regulations on account of environmental concern and increase in subsidy among various regions such as Asia-Pacific and LAMEA has advanced the demand for CNG in the automotive fuel market. However, the initial investment cost is too high and limited number of fuel stations restrain the growth of the market.

By source, the CNG market is classified into associated gas, non-associated gas, and unconventional sources. On the basis of end user, it is divided into light duty vehicles, medium duty/heavy duty buses, and medium duty/heavy duty trucks. The light duty vehicles in end user has the highest growth rate in terms of value due to the development of better and affordable storage tanks for CNG in light duty vehicles.

The Asia-Pacific and Europe region collectively accounted for approximately three-fourths of the global market share by revenue in 2016. Emerging economies such as China, India, Pakistan, and Argentina are estimated to dominate the market for the coming years.

The major companies profiled in this report are National Iranian Gas Company, Indraprastha Gas Limited, Trillium CNG, Gazprom, NEOgas Inc., Trillium CNG, China Natural Gas Inc., Pakistan State Oil, J-W Power Company, and GNVert.

Key Findings of the Compressed Natural Gas Market:

• The unconventional sources market is expected to grow at the highest CAGR of 6.3% in terms of volume during the forecast period.
• The medium duty/heavy duty trucks end user segment is anticipated to grow at a significant CAGR of 14.0% from 2017 to 2023.
• North America is expected to show highest growth rate in terms of revenue with a CAGR of 14.5%.
• China is one of the major countries in the market and is expected to grow at the highest CAGR of 14.4% by value in Asia-Pacific region.
• The non-associated gas segment accounted for more than half of the market share in 2016, and is anticipated to grow at the significant CAGR of 6.1% by volume.

Analyst Review:

Recovering oil prices during last year, and the warning by the IEA that there might be a relative shortage of liquid fuels by 2018 prompts governments and the transport industries to look for alternative fuels/technologies. These start reducing the dependence of the transport sector on liquid fossil fuels, thus decreasing the economic risks associated with the price volatility of conventional oil-derived fuels.

Transport sector natural gas use increased at an average annual rate of 21% from 2005 to 2014, which outpaced the growth rates of diesel (7%), gasoline (12%), and overall primary energy (8%). There is a structural change beginning to take place in vehicle fuel demand. Diesel’s share of total transport energy use declined from a high of 35% in 2010 to 31% in 2014.

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Transformation in refineries and fuel oil markets are expected owing to the impact of environmental awareness on government policies. As a result, there is shift in usage of transport fuels from traditional fuel oil, especially where strict environmental regulations are implemented. The changes to the fuel oil pool require significant investment regarding refueling infrastructure. The price of CNG is expected to rise, as the processes used are capital intensive to achieve decent return on investment.

Asia-Pacific is expected to gain a significant market share in the global market by 2023, owing to the coverage of CNG infrastructure and supply. Increase in inclination toward eco-friendly fuels is expected to expand European and North American market share, owing to expanding CNG supply and refueling infrastructure.

List of Figures

FIGURE 1. GLOBAL COMPRESSED NATURAL GAS MARKET, 2016-2023
FIGURE 2. GLOBAL COMPRESSED NATURAL GAS MARKET BY REGION, 2016-2023
FIGURE 3. GLOBAL COMPRESSED NATURAL GAS MARKET: SEGMENTATION
FIGURE 4. TOP INVESTMENT POCKETS IN COMPRESSED NATURAL GAS MARKET, 2016-2023
FIGURE 5. TOP WINNING STRATEGIES
FIGURE 6. BARGAINING POWER OF SUPPLIERS
FIGURE 7. BARGAINING POWER OF BUYERS
FIGURE 8. THREAT OF NEW ENTRANTS
FIGURE 9. THREAT OF SUBSTITUTES
FIGURE 10. COMPETITIVE RIVALRY
FIGURE 11. DRIVERS AND RESTRAINTS: GLOBAL COMPRESSED NATURAL GAS MARKET
FIGURE 12. GLOBAL COMPRESSED NATURAL GAS MARKET SHARE, BY SOURCE
FIGURE 13. GLOBAL COMPRESSED NATURAL GAS MARKET SHARE, BY END USER
FIGURE 14. U.S. COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 15. CANADA COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 16. MEXICO COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 17. GERMANY COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 18. FRANCE COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 19. UK COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 20. SPAIN COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 21. ITALY COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 22. REST OF EUROPE COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 23. INDIA COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 24. CHINA COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 25. JAPAN COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 26. KOREA COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 27. AUSTRALIA COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 28. REST OF ASIA-PACIFIC COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 29. BRAZIL COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 30. KSA COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)
FIGURE 31. REST OF LAMEA COMPRESSED NATURAL GAS MARKET VALUE, 2015-2023 ($MILLION)

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
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