Compressed Natural Gas (CNG) Market to Hit $36,035 million by 2023, at a CAGR of 14.1%

Compressed Natural Gas (CNG) Market

According to a new report published by Allied Market Research, titled, Compressed Natural Gas Market by Source and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global compressed natural gas market was valued at $14,842 million in 2016, and is projected to reach $36,035 million by 2023, growing at a CAGR of 14.1% from 2017 to 2023. Based on source, non-associated gas dominated the global compressed natural gas (CNG) market.

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

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At present, the compressed natural gas (CNG) market is driven by low-cost of CNG with growth in energy requirement across the world. In addition, continuous exploration for non-conventional sources of energy and growth of the lager shale gas market also fuel the market. Furthermore, stringent government regulations on account of environmental concern and increase in subsidy among various regions such as Asia-Pacific and LAMEA have advanced the demand for CNG in the automotive fuel market. However, the initial investment cost is too high and limited number of fuel stations restrains the growth of the market.

By source, the compressed natural gas (CNG) market is classified into associated gas, non-associated gas, and unconventional sources. On the basis of end user, it is divided into light duty vehicles, medium duty/heavy duty buses, and medium duty/heavy duty trucks. The light duty vehicles in end user has the highest growth rate in terms of value due to the development of better and affordable storage tanks for CNG in light duty vehicles.

The Asia-Pacific and Europe region collectively accounted for approximately three-fourths of the global compressed natural gas (CNG) market share by revenue. Emerging economies such as China, India, Pakistan, and Argentina are estimated to dominate the market for the coming years.

The major companies profiled in this compressed natural gas (CNG) market report are National Iranian Gas Company, Indraprastha Gas Limited, Trillium CNG, Gazprom, NEOgas Inc., Trillium CNG, China Natural Gas Inc., Pakistan State Oil, J-W Power Company, and GNVert.

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Key Findings of the Compressed Natural Gas (CNG) Market:

• The unconventional sources market is expected to grow at the highest CAGR of 6.3% in terms of volume during the forecast period.

• The medium duty/heavy duty trucks end user segment is anticipated to grow at a significant CAGR of 14.0% by 2023.

• North America is expected to show highest growth rate in terms of revenue with a CAGR of 14.5%.
• China is one of the major countries in the compressed natural gas (CNG) market and is expected to grow at the highest CAGR of 14.4% by value in Asia-Pacific region.

• The non-associated gas segment accounted for more than half of the market share in 2016, and is anticipated to grow at the significant CAGR of 6.1% by volume.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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