Press release
Compressed Natural Gas Market: Rapid Growth & Future Outlook Driven by Clean Energy Adoption and Technological Trends
Compressed Natural Gas Market
Surge in Use of Compressed Natural Gas Fuel drives Market Growth with Forecasted CAGR of 12.4%
What Is The Projected Market Size Of The Global Compressed Natural Gas Market And Its Growth Rate?
The compressed natural gas market has seen significant growth and is projected to continue expanding, driven by environmental regulations and a push for clean energy.
• The market size in 2024 was $187.95 billion.
• Growth from $187.95 billion in 2024 to $213.29 billion in 2025, representing a compound annual growth rate (CAGR) of 13.5%.
• Accelerated growth projected to $340.2 billion in 2029, at a CAGR of 12.4%.
What Is Driving The Growth In The Compressed Natural Gas Market?
The compressed gas market's growth is largely driven by the rising popularity of CNG-powered vehicles due to their numerous advantages such as cost-efficiency, increased engine lifespan, extended intervals between servicing, and reduced emission of harmful gases. Sales of CNG-powered vehicles have shown a noteworthy rise. For instance, in March 2024, India reported an increase in the total sales of CNG-powered vehicles from 6,79,822 in FY2023 to 9,39,615 in FY2024, an increase of 38%.
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Who Are the Key Players Driving Compressed Natural Gas Market Growth?
The global compressed natural gas market is dominated by a consortium of major companies including:
• Royal Dutch Shell plc
• TotalEnergies SE
• Chevron Corporation
• Phillips 66 Company
• PJSC Gazprom
• ConocoPhillips Company
• Parker Hannifin Corporation
• Trillium Energy Partners LLC
• Chart Industries Inc.
• Cavagna Group SpA
What Are The Key Trends In The Compressed Natural Gas Market?
Key trends driving the compressed natural gas market include:
• Advances in CNG storage technology
• Technological advancements in CNG vehicles
• Infrastructure development
• Growth in natural gas vehicles (NGV)
What Are The Segments Of The Global Compressed Natural Gas Market?
Key market segments include:
• By Type: Non-Associated Gas, Associated Gas, Unconventional Sources
• By Product Type: Dedicated Fuel, Bi-Fuel, Dual Fuel
• By Application: Light Passenger Vehicles, Medium or Heavy Duty Vehicles, Other Applications
Which Region Leads The Compressed Natural Gas Market?
Asia-Pacific led the global compressed natural gas market in 2024, driven by continued advancements in CNG technology and infrastructure. The report also covers other regions including Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Compressed Natural Gas Market Global Market Report?
- Market Size Analysis: Analyze the Compressed Natural Gas Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Compressed Natural Gas Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Compressed Natural Gas Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Compressed Natural Gas Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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