0

Compressed Natural Gas Market Expected to Reach $22.3 Billion by 2030—Allied Market Research

 
2022
Compressed Natural Gas Market

Report Code : A01874

quote “Compressed natural gas market" is anticipated to witness considerable growth during the forecast period. This is attributed to factors, including rise in demand for CNG as automotive fuel across the globe. In addition, rapid investment in renewable energy sector in the Europe and Asia-Pacific fuels the growth of the compressed natural gas market. However, high cost associated with initial investment of CNG tanks and rise in demand for electric vehicles hinder the growth of the market across the globe. Conversely, increase in investment on building CNG infrastructure and key strategies among players in the market are anticipated to provide potential growth opportunities in the future. quote

Yerukola Eswara Prasad - Manager
Energy and Power at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Compressed Natural Gas Market," The compressed natural gas market size was valued at $9.9 billion in 2020, and is estimated to reach $22.3 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.

Compressed natural gas (CNG), is one of the most commonly used natural gas in heavy-duty commercial vehicles, including buses, locomotives, trucks, and ships. CNG is mainly composed of methane, which is compressed to less than 1% of the volume to obtain CNG. The concept of using natural gas as alternative to conventional fossil fuel, including gasoline and diesel is increasing rapidly. CNG gained popularity in the market, owing to its eco-friendly nature, better performance advantages, and reduced maintained cost of the engine. Asia-Pacific is the largest consumer of CNG as transit buses and delivery & refuse truck fleets prefer CNG over fossil fuel.

Low-cost of CNG along with rise in energy requirement from transportation industry across the globe drive the growth of the market during the forecast period. In addition, rise in exploration and production activities of non-conventional sources of energy and growth of shale gas market fuel the growth of the compressed natural gas market in the future. Furthermore, rise in stringent government regulations, owing to environmental concern and increase in subsidy among various regions, including Asia-Pacific and LAMEA increase the demand for CNG. However, high initial investment cost and presence of limited number of fuel stations restrain the growth of the compressed natural gas market.

Depending on the source, the non-associated gas segment garnered the highest market share of about 62.4% in 2020, and is expected to maintain its dominance during the compressed natural gas market forecast period. This is attributed to rise in demand for CNG and emergence of non-associated gas reservoir for CNG production across the globe. In addition, rise in exploration and production activities in non-associated gas reservoirs are anticipated to fuel the growth of the global compressed natural gas market in future.

According to end user, the light duty vehicles segment garnered the largest share in 2020, in terms of revenue, and is expected to grow at a CAGR of 8.3%, owing to rise in demand for light duty vehicles with increase in consumer expenditure across the developing regions, including Asia-Pacific and LAMEA. In addition, rise in awareness toward air pollution and cost-effective CNG compared to other fossil fuels is expected to fuel the global compressed natural gas market growth in the future.

Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2020, and is anticipated to maintain this compressed natural gas market trend during the forecast period. This is attributed to presence of huge consumer base, rapid development of the transportation sector, and existence of key players. Moreover, presence of the countries such as China, Japan, India, South Korea, and Pakistan contribute toward the growth of the compressed natural gas market in Asia-Pacific.

The global compressed natural gas market analysis covers in-depth information of the major compressed natural gas industry participants. The key players operating and profiled in the report include Chevron Corporation, Eni, Royal Dutch Shell Plc., EOG Resources, Inc., Trillium CNG, Occidental Petroleum Corporation, Phillips 66 Company, JW Power Company, Total Energies, and Indraprastha Gas Limited.

The other players operating in the compressed natural gas market are Neogas, Inc., Gazprom Neft, BP Plc., GNVERT, ANGI Energy Systems Inc., Exxon Mobil Corporation, Lukoil, Rosneft, National Iranian Gas Company, Mahanagar Gas Limited, and China Natural Gas, Inc.

COVID-19 Impact on the Market

Lockdown imposed, due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for CNG from these consumers. In addition, halt in building & construction of new CNG infrastructures and natural gas fields, owing to unavailability of workers and increase in demand–supply gap hampered the compressed natural gas market growth during the pandemic period. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the compressed natural gas market recovered by the second quarter of 2021, as COVID-19 vaccination begun in various economies across the globe, which improved the global economy.

KEY FINDINGS OF THE STUDY

  • In 2020, the non-associated gas segment accounted for about 62.4% of the share in the global compressed natural gas market, and is expected to maintain its dominance till the end of the forecast period.
  • In 2020, the associated gas segment is accounted for 20.2% market share, and is anticipated to grow at a rate of 7.9% in terms of revenue.
  • In 2020, the light duty vehicle segment accounted for 86.6% market share, and is anticipated to grow at a rate of 8.3% in terms of revenue.
  • Medium/Heavy duty buses is the rapidly growing segment in the global compressed natural gas market, and is expected to grow at a CAGR of 8.5% during 2021–2030.
  • North America is expected to grow at the fastest rate, registering a CAGR of 8.7%, throughout the forecast period.
  • In 2020, Asia-Pacific dominated the global compressed natural gas market with more than 68.13% of the share, in terms of revenue.
 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Compressed Natural Gas Market by Source (Associated Gas, Non Associated Gas, Unconventional Sources), by End User (Light Duty Vehicles, Medium Or Heavy Duty Buses, Medium Or Heavy Duty Trucks): Global Opportunity Analysis and Industry Forecast, 2020-2030 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date May 2024

Luggage Market

Download Sample
rep-img

Published Date May 2024

TEST SFR Market

Download Sample

Buy Full Version
"Compressed Natural Gas Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers