Global Compressed Natural Gas (CNG) Market, By Source (Associated Gas, Non-Associated Gas, Unconventional Sources), End User (Light Duty Vehicles, Medium Duty/Heavy Duty Buses, Medium Duty/Heavy Duty Trucks), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Compressed Natural Gas (CNG) Market
Compressed natural gas (CNG) market will reach an estimated valuation of USD 1,335.80 million by 2028, while registering this growth at a rate of 30.30% for the forecast period of 2021 to 2028. Compressed natural gas (CNG) market report analyses the growth, which is currently being growing due to the increasing need for energy security in regards to transport fuels.
Compressed natural gas (CNG) is a fuel which can be used in place of gasoline, diesel fuel and propane/LPG. Due to its affordability and eco-friendliness, CNG is commonly used in heavy duty transport vehicles. CNG is used in internal combustion engines initially developed for petrol and diesel, which are expected to drive the growth of the CNG industry.
The growing adoption of stringent government regulations concerning CO2 emissions, rising number of subsidy provided by government in emerging countries for CNG, recovering oil prices, increasing need for decarbonizing the transportation sector, rising demand of eco-friendly technology, thereby providing better air quality and sustainability, prevalence of favourable government policies are some of the major as well as vital factors which will likely to augment the growth of the compressed natural gas (CNG) market in the projected timeframe of 2021-2028. On the other hand, shift in trend towards developing unconventional sources, rising demand of the energy along with advancements in storage tanks and cylinders which will further contribute by generating massive opportunities that will lead to the growth of the compressed natural gas (CNG) market in the above mentioned projected timeframe.
Increasing need of high capital investment along with limited coverage of refuelling centers which will likely to act as market restraints factor for the growth of the compressed natural gas (CNG) in the above mentioned projected timeframe. Stringent environment regulations will become the biggest and foremost challenge for the growth of the market.
This compressed natural gas (CNG) market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on compressed natural gas (CNG) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Compressed Natural Gas (CNG) Market Scope and Market Size
Compressed natural gas (CNG) market is segmented on the basis of source and end user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of source, the compressed natural gas (CNG) market is segmented into associated gas, non-associated gas, and unconventional sources. Non-associated gas segment will hold the largest share in the growth of the market due to the rising number of exploration of gas.
- Based on end user, the compressed natural gas (CNG) market is segmented into light duty vehicles, medium duty/heavy duty buses, and medium duty/heavy duty trucks. Light duty vehicles segment will hold the largest market share in the growth of the market due to the increase in production of natural gas vehicles (NGVs) coupled with demand for clean fuels in automobiles.
Compressed Natural Gas (CNG) Market Country Level Analysis
Compressed natural gas (CNG) market is analysed and market size, volume information is provided by country, source and end user as referenced above.
The countries covered in the compressed natural gas (CNG) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the compressed natural gas (CNG) market due to the increasing middle class disposable income along with rising consumption of the product and majority of the public transportation fleet is being converted to CNG fuel systems supported by government regulations in the region. North America region is expected to hold the largest growth rate due to the prevalence of large reservoirs of natural gas in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Compressed Natural Gas (CNG) Market Share Analysis
Compressed natural gas (CNG) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to compressed natural gas (CNG) market.
The major players covered in the compressed natural gas (CNG) market report are National Iranian Gas Company; Indraprastha Gas Limited; Shell group of companies; Gazprom; NEOgás; Trillium Transportation Fuels, LLC; Pakistan State Oil; J-W Power Company; ENGIE Group; Exxon Mobil Corporation.; BP; Total; Chevron Corporation.; Eni S.p.A.; ConocoPhillips Company; Cabot Oil & Gas Corporation; Southwestern Energy Company.; LMOGA; MNGL.; ANGI Energy Systems, Inc.; Greka Engineering; Gilbarco Inc.; TGT Fuel Technologies India Pvt. Ltd; TATSUNO EUROPE a.s.; Scheidt & Bachmann Tubs doo; Hexagon Composites ASA; FTI Group Ltd; among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.