Global Compressed Natural Gas (CNG) Market growing at a CAGR of 8.4 % from 2023 to 2030
Category : Materials And Chemicals | Published Date : May 2023 | Type : Press Release
Key Market Overview
The Global Compressed Natural Gas (CNG) Market was valued at USD 11,262.27 Million in 2022 and is expected to register a compound annual growth rate of 8.4% to reach USD 21,068.66 Million in 2030.
The report highlights the increasing adoption of eco-friendly fuel called CNG in automobiles to reduce carbon emissions in the environment. Consegic Business Intelligence provides an inclusive research report on the compressed natural gas market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Compressed Natural Gas (CNG) Market By Overview
The report analyses significant segments such as source, end-user, and region, to identify emerging trends and potential opportunities. The source segment is expected to grow due to the increasing adoption of non-associated gas for the production of Compressed Natural Gas (CNG) to power light and heavy duty vehicles. Moreover, the deployment of unconventional sources for cost-effective and eco-friendly production of CNG using hydraulic fracturing technique is expected to drive the market growth during the forecast period.
Get Free SampleMarket Dynamics
Driver:
- 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 emissions in the environment is accelerating the growth of the market.
Restraints:
- Limited refuelling infrastructure for CNG vehicles is hindering the growth of the market.
- The reduction in the performance of CNG vehicles due to lower energy density of CNG is restraining the growth of the market.
Market Segmentation:
| Report Attributes | Report Details |
| By Source | Associated Gas, Non-Associated Gas, and Unconventional Sources |
| By End-User | Light Duty vehicles, Medium/Heavy Duty Trucks, Medium/Heavy Duty Buses, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The Global Compressed Natural Gas (CNG) Market is highly competitive due to the presence of major players such as Cabot Oil & Gas Corporation, Indraprastha Gas Limited, ConocoPhillips Company, ENGIE Group, Exxon Mobil Corporation, Chevron Corporation, J-W Power Company operating in the global market. The market players are adopting new ways through product innovations, mergers and acquisitions, and business strategies to remain hold strong market position. Thus, evolving research and developments in Compressed Natural Gas (CNG) Market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various industries.
- 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
