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Compressed Natural Gas Market Set for Significant Growth with Key Metrics, Demand Drivers, and Future Growth Prospects
Compressed Natural Gas Market
As per the report, the compressed natural gas market size has grown rapidly in recent years. It will grow from $166.9 billion in 2023 to $189.33 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The compressed natural gas market size is expected to see rapid growth in the next few years. It will grow to $304.04 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.
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Surging Number Of Cng-Powered Vehicles Drives Growth In The Compressed Natural Gas Market
The rise in the number of CNG-powered vehicles is expected to propel the growth of the compressed natural gas market going forward. CNG-powered vehicles are vehicles that are fueled solely by the combustion of compressed natural gas (CNG) as an alternative to other fossil fuels. CNG-powered vehicles are gaining popularity in recent years due to their number of advantages such a cheaper option as compared to other combustion fuels, increasing engine lifespan due to less gasoline contamination of the motor oil, extended intervals between car servicing activities such as tune-ups and oil changes and produces less harmful gases as compared to conventional fuels. For instance, according to the report published by the International Association for Natural Gas Vehicles, a New Zealand-based association for natural gas vehicles, more than 30 million natural gas vehicles (NGVs) were expected to be in use worldwide by the end of 2021. Therefore, the rise in the number of CNG-powered vehicles is driving the growth of the compressed natural gas market.
Evolution Of Biocng Transforming The Compressed Natural Gas Market
Major companies operating in the compressed natural gas market are developing new solutions such as BioCNG plants to gain a competitive edge in the market. BioCNG, short for biocompressed natural gas, refers to a renewable energy source derived from the anaerobic digestion or fermentation of organic materials such as agricultural residues, organic waste, or dedicated energy crops. For instance, in October 2022, Verbio India Private Limited, a subsidiary of Verbio Vereinigte BioEnergie AG, a Germany-based biofuel company, launched a BioCNG plant in Lehragaga, Punjab, designed to address environmental challenges associated with stubble burning. The facility utilizes agricultural residues, specifically paddy stubble, which is traditionally burned by farmers. The plant, built over three years, has a production capacity of 33 tons per day (TPD) of BioCNG and 650 TPD of bio-manure. It aims to significantly reduce air pollution within a 10-kilometer radius, provide cost-free stubble collection for farmers, create jobs, improve soil health through bio-manure, and offer a climate-friendly fuel for automotive and industrial applications. The project aligns with the Indian government's SATAT program and marks a crucial step in VERBIO's efforts to expand and build more BioCNG plants across India.
The compressed natural gas market covered in this report is segmented -
1) By Type: Non-Associated Gas, Associated Gas, Unconventional Sources
2) By Product Type: Dedicated Fuel, Bi-Fuel, Dual Fuel
3) By Application: Light Passenger Vehicles, Medium or Heavy Duty Vehicles, Other Applications
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Major companies operating in the compressed natural gas market report are Royal Dutch Shell plc, TotalEnergies SE, Chevron Corporation, Phillips 66 Company, PJSC Gazprom, ConocoPhillips Company, Occidental Petroleum Corporation, EOG Resources Inc., Forensic Technologies International Group Ltd., Parker Hannifin Corporation, Trillium Energy Partners LLC, Chart Industries Inc., Cavagna Group SpA, NeoGas Inc., Luxfer Holdings plc, Clean Energy Fuels Corp., J-W Power Company, Hexagon Composites ASA, Oasis Engineering Ltd., Agility Fuel Solutions LLC, Galileo Technologies S.A., Xebec Adsorption Inc., ANGI Energy Systems LLC, NG Advantage LLC, TGT Fuel Technologies Private Limited, National Iranian Gas Company , Pakistan State Oil Company Limited, Quantum Fuel Systems LLC, Compressed Natural Gas Services Ltd., British Retail Consortium Gas Equipment Srl, Tomasetto Achille S.p.A.
Contents of the report:
1. Executive Summary
2. Compressed Natural Gas Market Report Structure
3. Compressed Natural Gas Market Trends And Strategies
4. Compressed Natural Gas Market - Macro Economic Scenario
5. Compressed Natural Gas Market Size And Growth
…..
27. Compressed Natural Gas Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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