Press release
Compressed Natural Gas Industry Set to Achieve $333.94 Billion Milestone by 2029 | Steady 12.2% CAGR
Compressed Natural Gas
What Is the Long-Term Growth Forecast for the Compressed Natural Gas Market Size 2025?
The market size for compressed natural gas has seen a rapid expansion over the last few years. It is projected to increase from $187.95 billion in 2024 to $211.06 billion in 2025, with a compound annual growth rate (CAGR) of 12.3%. The considerable growth experienced in the past is due to reasons such as compliance with environmental and emission regulations, cost savings on fuel, adoption by the transport sector, government incentives and subsidies, and also initiatives for energy security and diversification.
What CAGR is Forecasted for the Compressed Natural Gas Market Through 2029?
The market size of compressed natural gas is predicted to experience swift expansion in the approaching years, reaching $333.94 billion in 2029 at a compound annual growth rate (CAGR) of 12.2%. The anticipated growth can be ascribed to a worldwide movement towards clean energy, the emergence of renewable natural gas (RNG), government efforts to promote sustainable mobility, wider availability of CNG infrastructure, and urban air quality measures. Notable trends for the projection period include progress in CNG storage technology, technological evolution in CNG vehicles, infrastructure growth, increased use of natural gas vehicles (NGV), and development in CNG storage technology.
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What Are the Critical Factors Driving Compressed Natural Gas Market Development?
The growth of the compressed natural gas market is expected to be bolstered by an increase in the number of vehicles powered by CNG. These vehicles operate solely on compressed natural gas, providing a viable alternative to traditional fossil fuels. These CNG-powered vehicles are becoming increasingly popular due to various benefits they offer, including lower costs compared to other fuels, longer engine life due to reduced gasoline contamination of motor oil, prolonged periods between services such as tune-ups and oil changes, and reduced emissions compared to standard fuels. As per Autocar Professional, an automotive industry publication based in India, there was a 38% increase in the sales of CNG-powered vehicles in FY2024, from 6,79,822 in FY2023 to 9,39,615. Hence, the popularity of CNG-powered vehicles is indeed fostering the growth of the compressed natural gas market.
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How Does the Compressed Natural Gas Market Break Down Across Major Segments?
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
What Are the Major Trends Transforming the Compressed Natural Gas Industry?
Leading firms in the compressed natural gas industry, such as the Verbio India Private Limited subsidiary of Verbio Vereinigte BioEnergie AG, are innovating and creating new solutions like BioCNG plants to stay competitive. BioCNG or biocompressed natural gas is a green source of energy obtained from the anaerobic decay or fermentation of organic substances like agricultural waste or organic waste. For instance, Verbio launched a BioCNG unit in Lehragaga, Punjab in October 2022, with the goal of tackling the environmental issues caused by the burning of stubble. This plant uses agricultural leftovers, particularly paddy stubble, traditionally set on fire by the local farmers. Over three years, the plant was constructed with a daily output capacity of 33 tons of BioCNG and 650 tons of bio-manure. The facility's objectives include significantly cutting down on air pollution in a 10-km radius, providing farmers with free stubble collection, creating job opportunities, enhancing soil health through bio-manure production, and supplying a sustainable fuel source for automotive and industrial sectors. This initiative is in alignment with the SATAT program of the Indian government and is a crucial milestone in VERBIO's expansion plans for more BioCNG plants throughout India.
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Which Players Are Driving Innovation 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.
Which Regions Are Driving Global Compressed Natural Gas Market Expansion?
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.
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