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Key Influencer in the Compressed Natural Gas Market 2025: Surging Number Of CNG-Powered Vehicles Drives Growth In The Compressed Natural Gas Market Driver
Compressed Natural Gas
The growth in the compressed natural gas market is anticipated to be driven by the surge in the count of vehicles using Compressed Natural Gas (CNG). Vehicles that operate solely on the combustion of CNG as a replacement for other traditional fuels are referred to as CNG-powered vehicles. Their rising popularity in recent times can be attributed to various benefits they offer such as being a cost-effective alternative to other combustion fuels, enhancing the lifespan of the engine due to reduced gasoline contamination, expanding the gaps between car maintenance tasks like tune-ups and oil replacements, and releasing fewer harmful gases compared to conventional fuels. For example, as per Autocar Professional, a B2B automotive industry publication based in India, total sales of CNG-powered vehicles in FY2023 were 6,79,822, which saw an increase of 38%, reaching 9,39,615 in FY2024. Hence, growth in CNG-powered vehicles is contributing to the expansion of the compressed natural gas market.
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What is the projected compound annual growth rate (CAGR) of the compressed natural gas market from 2025 to 2034, and what factors influence it?
The size of the market for compressed natural gas has seen fast-paced growth recently. It is projected to escalate from $187.95 billion in 2024 to a whopping $213.29 billion in 2025, projecting a compound annual growth rate (CAGR) of 13.5%. This upward trend during the historic period is credited to factors such as environmental regulations and emissions compliance, cost savings on fuel, adoption by the transportation sector, government incentives and subsidies, as well as energy security and diversification.
In the upcoming years, the compressed natural gas market is predicted to experience a high-speed expansion. It is projected to reach a value of $340.2 billion by 2029, progressing at a compound annual growth rate (CAGR) of 12.4%. This growth during the forecast period can be accredited to various factors such as rising demand for clean energy globally, increase in renewable natural gas (RNG), governmental drives for sustainable mobility, development of CNG infrastructure, and initiatives focused on improving urban air quality. The forecast period will also see significant trends like technological progress in CNG storage, innovative advancements in CNG vehicles, infrastructure growth, expansion in natural gas vehicles (NGV), and cutting-edge developments in CNG storage technology.
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How are the latest trends influencing the growth of the compressed natural gas market?
Leading firms in the compressed natural gas sector, such as Verbio India Private Limited, a branch of the German biofuel establishment, Verbio Vereinigte BioEnergie AG, are striving for market dominance by innovating new solutions like BioCNG facilities. BioCNG or biocompressed natural gas, a renewable energy source, is the result of organic matter such as agricultural waste, energy crops, or organic residues undergoing anaerobic digestion or fermentation. In October 2022, Verbio launched an environmentally conscious BioCNG establishment in Lehragaga, Punjab to combat the environmental problems from stubble burning. The plant utilizes paddy straws - typically ignited by farmers - and took three years to construct. It has the capacity to produce 33 tons of BioCNG and 650 tons of bio-manure daily. Goals for the plant include reducing air contamination within a 10 km radius, offering free stubble collection service for farmers, creating employment, enhancing the quality of soil through bio-manure, and providing eco-friendly fuel for industrial and automotive usage. The endeavor is in line with India's SATAT initiative and represents a significant move in Verbio's strategy to construct more BioCNG plants across India.
What are the major segments of the compressed natural gas market and their role in driving growth?
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
Subsegments:
1) By Non-Associated Gas: Dry Gas, Wet Gas
2) By Associated Gas: Gas Produced With Oil (Associated Gas), Gas From Oil Fields
3) By Unconventional Sources: Shale Gas, Coalbed Methane (CBM), Tight Gas
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Which regions are key players in the growth of the compressed natural gas market?
Asia-Pacific was the largest region in the compressed natural gas market in 2024. The regions covered in the compressed natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the compressed natural gas market?
Major companies operating in the compressed natural gas market include 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, 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., Tomasetto Achille S.p.A.
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What Is Covered In The Compressed Natural Gas Global Market Report?
•Market Size Forecast: Examine the compressed natural gas market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the compressed natural gas market for a structured understanding.
•Key Players Overview: Analyze major players in the compressed natural gas market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the compressed natural gas market.
•Segment Contributions: Evaluate how different segments drive overall growth in the compressed natural gas market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the compressed natural gas market.
•Industry Challenges: Identify potential risks and obstacles affecting the compressed natural gas market.
•Competitive Landscape: Review strategic developments in the compressed natural gas market, including expansions, agreements, and new product launches.
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