Compressed Natural Gas (CNG) Market: Surpassing USD 21,068.66 Million By 2030

New York, June 06, 2023 (GLOBE NEWSWIRE) -- Consegic Business Intelligence's research report titled "Global Compressed Natural Gas (CNG) Market" reveals that the market achieved a valuation of USD 11,262.27 Million in 2022. The report predicts significant growth, with the market projected to surpass USD 21,068.66 Million by 2030, exhibiting a robust CAGR of 8.4%. Compressed Natural Gas (CNG) is a substitute being used in counterpart to conventional fuels such as gasoline and diesel. CNG gas comprises of methane gas (CH₄) is stored under high pressures primarily as a means for transportation, or as storage solution for later use as vehicle fuel. CNG fuel is safer than gasoline and diesel because it is non-toxic composition and does not release harmful greenhouse gas emissions in the environment. Request Sample Now

The low-operational costs and environment-friendly nature of Compressed Natural Gas (CNG) is driving the demand for alternate fuel sources to power light and medium duty vehicles. Moreover, government and regulatory bodies worldwide are taking several initiatives by providing subsidies and tax benefits to promote the adoption of CNG as clean transportation fuel is driving the growth of Compressed Natural Gas (CNG) Market. Therefore, the growing awareness regarding environment-safety and low fuel cost among consumers is accelerating the growth of the market. For instance, in June 2022, Xiamen King Long International Trading Co. Ltd. launched CNG buses outside Xiamen Island to form the first clean energy city in Fujian province.

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The application of Bio-CNG in the transportation sector is expected to present potential opportunities for the growth of Compressed Natural Gas Market. Bio-CNG is a cleaner fuel that is expected to provide numerous advantages such as high calorific value and cost savings over conventional fuels. However, limited refueling infrastructure for CNG is hindering the growth of the market.

Global Compressed Natural Gas (CNG) Market Segmentation Details:

Based on Source, the non-associated gas segment contributed the largest shares to the market growth in 2022. The utilization of non-associated gas in the production of CNG for application including automobiles is driving the growth of this segment. Non-associated gas is the gaseous phase of petroleum that lacks crude oil.

Based on End-User, the light-duty vehicles segment accounted for the maximum revenue share in the year 2022. The increasing demand for environmentally friendly fuels in automobiles is driving the growth of the market. Moreover, the traditional vehicles working on petrol and diesel are being converted to CNG-based fuel systems due to the low maintenance and environment-friendly nature of CNG.

Based on region, Asia-Pacific region accounted for the largest revenue share in the year 2022. The presence of abundant natural gas resources in Asia-Pacific region is driving the growth of Compressed Natural Gas (CNG) Market. Moreover, the rising government initiatives to reduce carbon emissions from transportation sector is further propelling the growth of the market.

Compressed Natural Gas (CNG) Market Research Coverage:-

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Key Market Highlights

• Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Compressed Natural Gas (CNG) Market.
• Globally, Compressed Natural Gas (CNG) market is divided based on the source into associated gas, non-associated gas, and unconventional sources.
• In the context of end-user, the market is separated into Light Duty vehicles, Medium/Heavy Duty Trucks, Medium/Heavy Duty Buses, and Others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.

Compressed Natural Gas (CNG) Market Growth Drivers:

• The increasing adoption of CNG as transportation fuel in automobiles due to the rising prices of petrol and diesel is driving the growth of the market.
• Stringent government regulations and policies to promote the adoption of CNG to reduce CO₂ emission in the environment is accelerating the growth of the market.

Restraints

• Reduction in performance of CNG due to lower energy density is limiting the growth of the market.
• Limited refueling infrastructure for CNG vehicles is restraining the growth of the market.

Opportunities

• The application of Bio-CNG in the transportation sector is expected to present potential opportunities for the growth of Compressed Natural Gas (CNG) Market.

Recent Developments

• In January 2023, Chevron Corporation acquired full ownership of Beyond6, LLC (B6) and its network of 55 compressed natural gas (CNG) stations across the United States to expand its renewable natural gas solutions portfolio.
• In January 2022, Tata Motors launched advanced CNG technology in the Tiago and Tigor to provide safety and incredible performance.

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List of Major Global Compressed Natural Gas (CNG) Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Cabot Oil & Gas Corporation

• Indraprastha Gas Limited

• ConocoPhillips Company

• ENGIE Group

• Exxon Mobil Corporation

• Chevron Corporation

• J-W Power Company

• National Iranian Gas Company

• Shell group of companies

• Trillium Transportation Fuels

Global Compressed Natural Gas (CNG) Market Segmentation: 

• By Source

• Associated Gas
• Non-Associated Gas
• Unconventional Sources

• By End-User
  • Light Duty vehicles
  • Medium/Heavy Duty Trucks
  • Medium/Heavy Duty Buses
  • Others

Key Questions Covered in the Compressed Natural Gas (CNG) Market Report

• What is Compressed Natural Gas?

• Compressed Natural Gas (CNG) is a substitute fuel gas that is used due to the low maintenance costs and eco-friendly nature of compressed natural gas. CNG gas comprises of methane gas that is compressed to less than 1% of the volume at standard atmospheric pressure.

• What are some of the most important applications of Compressed Natural Gas (CNG) and how do they impact the industry's growth potential?

• CNG is used as a fuel in internal combustion engines, particularly in automotive vehicles including cars, buses, and trucks. Moreover, CNG gas is used in storage tanks and cylinders due to the increasing demand for energy across the world.

• Based on current market trends and future predictions, which geographical region will have the largest impact on the Compressed Natural Gas (CNG) growth in the coming years?
  • Asia Pacific accounted for the largest revenue share in the year 2022. The presence of abundant natural gas resources in countries such as India and Australia is driving the growth of the regional market.
• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
  • North America is anticipated to register fastest CAGR growth during the forecast period due to the shale gas revolution in North America for the product of natural gas.

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