Compressed Natural Gas (CNG) Market Increasing Demand and Dynamic Growth with Forecast 2023

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 14.1% CAGR, global compressed natural gas market is projected to reach $36,035 million by 2023, and in 2016 market was valued at $14,842 million. Based on source, non-associated gas dominated the global compressed natural gas (CNG) market.

Download Sample PDF @ https://www.alliedmarketresearch.com/request-sample/2204

The emergence of CNG as low-cost fuel coupled with growing energy demands is expected to have a positive influence on global CNG market growth. It costs lower than traditional fuels such as gasoline and diesel and produce energy equivalent on combustion.

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.

Connect to Analyst @ https://www.alliedmarketresearch.com/connect-to-analyst/2204

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.

Key Findings of the Compressed Natural Gas Market:
o The unconventional sources market is expected to grow at the highest CAGR of 6.3% in terms of volume during the forecast period.
o The medium duty/heavy duty trucks end user segment is anticipated to grow at a significant CAGR of 14.0% from 2017 to 2023.
o North America is expected to show highest growth rate in terms of revenue with a CAGR of 14.5%.
o 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.
o 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.

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.

Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Follow us on: https://www.linkedin.com/company/allied-market-research

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.

This release was published on openPR.