At 14.1% CAGR, Compressed natural gas (CNG) Market to Generate $36,035 million by 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.

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Prices of compressed natural gas remained steady across the globe, thus directly impacting the market of compressed natural gas as well. The Compressed Natural Gas (CNG) prices did not quite go up with a higher rate in the recent past. In the U.S., Henry Hub prices, in early 2019, reached its 2-year low. The CNG spot prices in the U.S. Permian basin reached during the same period into negative levels, due to huge presence of associated gas obtained through oil production as well as lack of dedicated pipeline takeaway capacity.

At present, the compressed natural gas 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.

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.

Market of light Passenger vehicles segment occupied major market share in 2019 and is expected to maintain its dominance by the end of forecast period. Strong initiatives aimed at CNG promotion in light passenger vehicles particularly in Asia Pacific regions, low cost of CNG leading to cost competitiveness are some of the factors benefitting the segment growth.

The Asia-Pacific and Europe region collectively accounted for approximately three-fourths of the global compressed natural gas 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.

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The major companies profiled in this compressed natural gas market 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
GNVert.

The following are the regions covered in this report.

North America [U.S., Canada, Mexico]
Europe [Germany, UK, France, Italy, Rest of Europe]
Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
South America [Brazil, Argentina, Rest of Latin America]
Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]

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.

Reasons for Buying this Report:

Complete analysis on market dynamics, market status and competitive compressed natural gas view is offered.

Forecast Global compressed natural gas Industry trends will present the market drivers, constraints and growth opportunities.

The five-year forecast view shows how the market is expected to grow in coming years.

All vital Global compressed natural gas Industry verticals are presented in this study like Product Type, end user and Geographical Regions.

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