Compressed Natural Gas Market by Source - Global Analysis and Forecast to 2023
A brief overview of Compressed Natural Gas Market is provided in the report based on product scope and market status & outlook. The market is segmented on the basis of type, end-users/application, and geography
(EMAILWIRE.COM, August 22, 2018 ) Compressed natural gas (CNG) is produced by compressing natural gas to less than one percent of the volume and is stored in cylinders at a pressure of 2025 MPa. CNG is used in internal combustion engine of automobiles modified for gasoline/diesel, which further propel its market growth. Global consumption of CNG is dependent upon the number of CNG powered natural gas vehicles in operation. The 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.
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The demand for CNG as low-cost fuel coupled with growth in energy requirement is expected to drive the market growth. CNG cost is low as compared to other traditional fuels such as gasoline and diesel, however, produces equivalent energy on combustion. Moreover, exploration of shale gas (sedimentary rocks containing amounts of natural gas) in North America and other non-conventional sources of energy particularly in this region has deliberately lowered CNG prices. Furthermore, stringent government regulations on account of environmental concern is expected to have a significant effect on the global CNG market during the forecast period.
Increase in monetary assistance among Asia-Pacific and LAMEA in the form of subsidies and rise in awareness to curb pollution also help promote its use in automobiles. Furthermore, initiatives taken by the governments to convert gasoline-based public transport to CNG is another factor that boosts the market growth. However, installation and costs of CNG storage tanks in automobiles and limited number of CNG filling stations restrain the market growth.
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.
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Key market players profiled in this report include
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
GNVert
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:
By Source
Associated Gas
Non-Associated Gas
Unconventional Sources (CNG)
By End User
Light Duty Vehicles
Medium Duty/Heavy Duty Buses
Medium Duty/Heavy Duty Trucks
By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Iran
Brazil
Argentina
Rest of LAMEA
Check Full Report with TOC@ https://www.researchbeam.com/compressed-natural-gas-market
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The demand for CNG as low-cost fuel coupled with growth in energy requirement is expected to drive the market growth. CNG cost is low as compared to other traditional fuels such as gasoline and diesel, however, produces equivalent energy on combustion. Moreover, exploration of shale gas (sedimentary rocks containing amounts of natural gas) in North America and other non-conventional sources of energy particularly in this region has deliberately lowered CNG prices. Furthermore, stringent government regulations on account of environmental concern is expected to have a significant effect on the global CNG market during the forecast period.
Increase in monetary assistance among Asia-Pacific and LAMEA in the form of subsidies and rise in awareness to curb pollution also help promote its use in automobiles. Furthermore, initiatives taken by the governments to convert gasoline-based public transport to CNG is another factor that boosts the market growth. However, installation and costs of CNG storage tanks in automobiles and limited number of CNG filling stations restrain the market growth.
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.
For Discount on this Report@ https://www.researchbeam.com/compressed-natural-gas-market/purchase-enquiry
Key market players profiled in this report include
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
GNVert
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:
By Source
Associated Gas
Non-Associated Gas
Unconventional Sources (CNG)
By End User
Light Duty Vehicles
Medium Duty/Heavy Duty Buses
Medium Duty/Heavy Duty Trucks
By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Iran
Brazil
Argentina
Rest of LAMEA
Check Full Report with TOC@ https://www.researchbeam.com/compressed-natural-gas-market
About Us:
Research Beam’s uniqueness lies in its highly ethical reports at economical rates because we value your relationship and growth more than money. Your growth is our aim. With the arsenal of different search reports, we help you here to look and buy research reports that will be helpful to you and your organization. Our research reports have the capability and authenticity to support your organization for growth and consistency.
Contact Us:
Global Head Quarters
5933 NE Win Sivers Drive,
#205, Portland, OR 97220
United States
phone+1 (800) 910-6452
help@researchbeam.com
Contact Information:
Research Beam
Research Beam
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Email us
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Research Beam
Research Beam
Tel: +1 (800) 910-6452
Email us
----
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