Overview and Scope
Compressed natural gas refers to a mixture of hydrocarbon gases and vapors that is predominantly made up of compressed methane in gaseous form for use as a fuel to power automobiles. Compressed natural gas is employed in a variety of light-, medium-, and heavy-duty uses to achieve almost the same fuel efficiency as normal gasoline.
Sizing and Forecast
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 growth in the historic period can be attributed to environmental regulations and emissions compliance, fuel cost savings, transportation sector adoption, government incentives and subsidies, energy security and diversification.
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%. The growth in the forecast period can be attributed to global push for clean energy, rise of renewable natural gas (RNG), government initiatives for sustainable mobility, expansion of CNG infrastructure, urban air quality initiatives. Major trends in the forecast period include advancements in CNG storage technology, technological advancements in CNG vehicles, infrastructure development, growth in natural gas vehicles (NGV), advancements in CNG storage technology.
Order your report now for swift delivery, visit the link:
https://www.thebusinessresearchcompany.com/report/compressed-natural-gas-global-market-report
Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the compressed natural gas market in 2023. The regions covered in the compressed natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on a free sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=9935&type=smp
Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The compressed natural gas market report table of contents includes:
1. Executive Summary
2. Compressed Natural Gas Market Characteristics
3. Compressed Natural Gas Market Trends And Strategies
4. Compressed Natural Gas Market - Macro Economic Scenario
5. Global Compressed Natural Gas Market Size and Growth
.
.
.
32. Global Compressed Natural Gas Market Competitive Benchmarking
33. Global Compressed Natural Gas Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Compressed Natural Gas Market
35. Compressed Natural Gas Market Future Outlook and Potential Analysis
36. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
The global compressed natural gas (CNG) market size is expected to reach USD 269.7 billion By 2027 according to a new study by Polaris Market Research.
There are several properties of Compressed Natural Gas (CNG) that makes it a better alternative for IC engines.
It diffuses quickly in air, its higher ignition temperature leads to reduced delay in auto ignition, has comparatively high-octane number, maintenance cost is comparatively lower and the most important is the lower emission of carbon dioxide compared to other fossil fuels.
These advantages have been crucial in driving the overall compressed natural gas market over the past five to six years.
The increasing focus on production of Compressed Natural Gas (CNG) compared to crude oil and recent discoveries of shale reserves are some of the aspects that have resulted in greater availability scenarios for compressed natural gas as transportation fuel along with other fuels.
Supply of CNG is becoming more and more diverse across the globe along with becoming increasingly flexible.
