Compressed Natural Gas Market Driving Innovation Insights Unveiled on Market Size, Trends, Share, and Growth Projections 2031

Compressed natural gas (CNG) is a form of natural gas that is compressed to less than one percent of its volume and stored in cylinders at a pressure of 2025 MPa. It is primarily used as a fuel for internal combustion engines in automobiles that have been modified for gasoline/diesel use, which drives the growth of the CNG market. 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.

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The market growth is driven by the demand for CNG as a low-cost fuel and the increasing energy requirements. CNG is a cost-effective alternative to traditional fuels such as gasoline and diesel, while providing equivalent energy upon combustion. Additionally, the exploration of shale gas and other non-conventional energy sources, particularly in North America, has significantly lowered CNG prices. Furthermore, stringent government regulations aimed at environmental concerns are expected to have a significant impact on the global CNG market during the forecast period.

Monetary assistance and subsidies, coupled with rising awareness to reduce pollution, are promoting the use of CNG in automobiles in the Asia-Pacific and LAMEA regions. Government initiatives to convert gasoline-based public transport to CNG also contribute to market growth. However, the installation and cost of CNG storage tanks in vehicles, as well as the limited number of CNG filling stations, hinder the market's growth.

The global compressed natural gas market is segmented based on source, end user, and geography. Source segments include associated gas, non-associated gas, and unconventional sources. End users are categorized as light-duty vehicles, medium-duty/heavy-duty buses, and medium-duty/heavy-duty trucks. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Key Market 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 Company
GNVert

Key Benefits for Stakeholders:

This report provides a quantitative analysis of current trends, estimations, and dynamics from 2017 to 2023, aiding in the identification of prevailing market opportunities.
Major countries in each region are mapped based on key trends, opportunities, and the presence of major players.
Comprehensive analysis of market conditions is provided for each region and country.
Key players in the compressed natural gas market are listed.
The value chain is evaluated to understand the competitive environment across geographies.
An in-depth analysis of segmentation is provided to elucidate the dominant opportunities.

Compressed Natural Gas Market Key Segments:

By Source:

Associated Gas
Non-Associated Gas
Unconventional Sources (CNG)

By End User:

Light Duty Vehicles
Medium Duty/Heavy Duty Buses
Medium Duty/Heavy Duty Trucks

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By Geography:

North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Iran
Brazil
Argentina
Rest of LAMEA

Market report provides answers to the following key questions:

- What are the strengths and weaknesses of the key vendors?
- Who are the main key players and what are their future business plans?
- What will be the market size and growth rate in the upcoming year?
- What are the major factors driving the global market?
- What are the key market trends influencing global market growth?
- What are the factors trending and impacting market shares in different regions? What is the impact of Covid-19 on the industry?
- Who are the key market players and what are their strategies in the global market?
- What are the market opportunities and threats faced by vendors globally? What industry trends, drivers, and challenges are affecting their growth?
- What are the key findings from the five forces analysis of the global market?

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