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Rising Adoption of CNG-Powered Vehicles Drives Growth in the Compressed Natural Gas Market
Global Compressed Natural Gas Market
Dublin, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The "Compressed Natural Gas Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global compressed natural gas (CNG) market is expected to experience significant growth, with predictions indicating an increase from $147.16 billion in 2022 to $166.90 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 13.4%. The market is anticipated to reach $269.99 billion by 2027, with a CAGR of 12.8%.
Key Players in the Compressed Natural Gas Market:
Prominent players in the compressed natural gas market include:
Chevron Corporation
Shell Plc.
J-W Power Company
The Phillips 66 Company
Trillium Energy
NeoGas Inc.
TotalEnergies SE
EOG Resources Inc.
Occidental Petroleum Corporation
National Iranian Gas Company
ConocoPhillips
PJSC Gazprom
Pakistan State Oil Co. Ltd.
Hexagon Composites
TGT Fuel Technologies Pvt. Ltd.
FTI Group Ltd.
Reasons to Consider This Market:
Global Perspective: Gain a comprehensive understanding of the global compressed natural gas market, covering over 50 geographies.
COVID-19 Impact: Assess how the market has been affected by the COVID-19 pandemic and how it is recovering from its impact.
Geopolitical Impact: Evaluate the implications of the Russia-Ukraine war on agriculture, energy, mineral commodity supply, and its direct and indirect impact on the market.
Inflation Effects: Measure the impact of high global inflation on market growth.
Regional and Country Strategies: Create regional and country-specific strategies based on local data and analysis.
Growth Segments: Identify growth segments for potential investments.
Competitive Insights: Outperform competitors with forecast data and insights into the drivers and trends shaping the market.
Customer Understanding: Understand customer preferences based on the latest market shares.
Performance Benchmarking: Benchmark your performance against key competitors.
Presentation Support: Utilize reliable high-quality data and analysis to support your internal and external presentations.
About Compressed Natural Gas:
Compressed natural gas (CNG) is a mixture of hydrocarbon gases, primarily consisting of compressed methane. It is used as a fuel source for various applications, particularly in the transportation sector. CNG-powered vehicles have gained popularity due to their cost-effectiveness, environmental benefits, and the availability of infrastructure for refueling.
Market Segmentation:
The compressed natural gas market can be segmented into various categories:
Types: Non-associated gas, associated gas, unconventional sources.
Product Types: Dedicated fuel, bi-fuel, dual fuel.
Applications: Light passenger vehicles, medium or heavy-duty vehicles, and others.
End Users: Including but not limited to hospitals, skin care clinics, cosmetic surgical centers.
Global Reach:
The compressed natural gas market is a global industry, with significant presence and operations in regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. Key countries covered in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Growth Driver: Rising CNG-Powered Vehicles:
The increasing adoption of CNG-powered vehicles is expected to drive market growth. These vehicles are powered by compressed natural gas as an alternative to traditional fossil fuels, offering advantages such as cost savings, extended engine lifespan, reduced emissions, and increased fuel efficiency. As more consumers and businesses opt for CNG-powered vehicles, the demand for compressed natural gas is expected to rise.
For instance, the International Association for Natural Gas Vehicles reported that the number of natural gas vehicles (NGVs) in use worldwide was expected to exceed 30 million by the end of 2021, reflecting a growing trend toward CNG-powered transportation.
About the Market Report:
This compressed natural gas market research report provides comprehensive insights, market statistics, and in-depth analysis of the current and future industry landscape. It offers data on market size, regional shares, competitive players, market segments, trends, opportunities, and essential information necessary to navigate and thrive in the compressed natural gas industry.
Key Attributes of the Market Report:
No. of Pages: 275
Forecast Period: 2023 - 2027
Estimated Market Value (USD) in 2023: $166.90 billion
Forecasted Market Value (USD) by 2027: $269.99 billion
Compound Annual Growth Rate (CAGR): 12.8%
Regions Covered: Global
Key Attributes:
Report Attribute | Details |
No. of Pages | 275 |
Forecast Period | 2023 - 2027 |
Estimated Market Value (USD) in 2023 | $166.9 billion |
Forecasted Market Value (USD) by 2027 | $269.99 billion |
Compound Annual Growth Rate | 12.8% |
Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Compressed Natural Gas Market Characteristics
3. Compressed Natural Gas Market Trends And Strategies
4. Compressed Natural Gas Market - Macro Economic Scenario
4.1. COVID-19 Impact On Compressed Natural Gas Market
4.2. Ukraine-Russia War Impact On Compressed Natural Gas Market
4.3. Impact Of High Inflation On Compressed Natural Gas Market
5. Compressed Natural Gas Market Size And Growth
5.1. Global Compressed Natural Gas Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Compressed Natural Gas Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Compressed Natural Gas Market Segmentation
6.1. Global Compressed Natural Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Non-Associated Gas
Associated Gas
Unconventional Sources
6.2. Global Compressed Natural Gas Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Dedicated Fuel
Bi-Fuel
Dual Fuel
6.3. Global Compressed Natural Gas Market, Segmentation By Appplication, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Light Passenger Vehicles
Medium Or Heavy Duty Vehicles
Other Applications
7. Compressed Natural Gas Market Regional And Country Analysis
7.1. Global Compressed Natural Gas Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Compressed Natural Gas Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/yxw9u2
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