Compressed Natural Gas (CNG) Market: Global Opportunity Analysis and Industry Forecast -2023 | Top Players National Iranian Gas Company, Trillium CNG, Gazprom

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.

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.

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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.

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.

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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.

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Key offerings of the report:

1. Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
2. Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
3. Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
4. Regional Analysis: Thorough analysis of each region helps market players devise expansion strategies and take a leap.
5. Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.

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