Compressed Natural Gas Market Overview:
Global Compressed Natural Gas Market was valued at $14,842 million in 2016, and is projected to reach at $36,035 million by 2023, growing at a CAGR of 14.1% from 2017 to 2023. In recent years, the share of natural gas in the global energy mix has drastically increased. The compressed natural gas (CNG) is used widely in heavy duty transportation vehicles due to affordability and eco-friendliness. With the rise in the environmental issues such as climatic changes and depleting ozone layer many nations across the globe have started using CNG in power production.
Due to recovering oil prices, the low-cost of CNG is preferred in many countries. Also, the growth in energy requirement by various nations leads to the use of non-conventional fuel such as compressed natural gas, which drives the CNG market. Furthermore, stringent government regulations in pollution control and increase in the financial health of many countries around the world fuels the compressed natural gas market. Though, the initial investment cost is too high, installation and costs of CNG storage tanks in automobiles is expensive and limited number of fueling stations restrain the growth of the market.
The global compressed natural gas (CNG) market is segmented based on source, end user, and geography. On the basis of source, the market is divided into associated gas, non-associated gas, and unconventional sources. By end user, it is classified into light duty vehicles, medium duty/heavy duty buses, and medium duty/heavy duty trucks. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Investment Pocket, by End User
Light duty vehicle is the most lucrative segment of the global compressed natural gas market, exhibiting the highest potential for investment due to rise in the use of CNG in various metropolitan cities across the globe to overcome air pollution and lower the price of CNG as compared to fossil fuel. The North America CNG market registered the highest growth rate in the global market, followed by Asia-Pacific.
Global Compressed Natural Gas Market, by Geography
Asia-Pacific dominated the global compressed natural gas market occupying more than half of the market share in 2016, registering a significant CAGR of around 14.2% during the forecast period. North America accounted for the highest growth rate in the overall global CNG market owing to large reservoirs of natural gas present in North America. Spain witnessed the growth rate of 13.3% in terms of value, during the forecast period.
Spain Compressed Natural Gas Market, 2014-2023 ($Million)
Key market players in this sector include National Iranian Gas Company, Indraprastha Gas Limited, Royal Dutch Shell PLC, Gazprom, NEOgas Inc., Trillium CNG, China Natural Gas Inc., Pakistan State Oil, J-W Power Company, and GNVert.
The other players in the value chain include Exxon Mobil Corporation, BP P.L.C, Total S.A, Chevron Corporation, Eni S.p.A., Statoil ASA, ConocoPhillips Co., Cabot Oil & Gas Corporation, Southwestern Energy Company, and Chesapeake.
Key Benefits for Stakeholders:
- This report provides a quantitative analysis of the current trends, estimations, and dynamics through 2017‐2023, which assists to identify the prevailing market opportunities.
- Major countries in each region are mapped as per key trends and opportunities of the market and presence of major players.
- Region-wise and country-wise market conditions are comprehensively analyzed in the report.
- Key players of the compressed natural gas market are also listed.
- This study evaluates value chain to understand the competitive environment across geographies.
- An in-depth analysis of segmentation is provided to elucidate the dominant opportunities.
Compressed Natural Gas Market Key Segments:
- Associated Gas
- Non-Associated Gas
- Unconventional Sources (CNG)
By End User
- Light Duty Vehicles
- Medium Duty/Heavy Duty Buses
- Medium Duty/Heavy Duty Trucks
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of LAMEA