Our latest research report entitled Compressed Natural Gas Market (by source (non-associated gas, associated gas, and unconventional methods), application (light-duty, medium-duty, heavy-duty vehicles)) provides complete and deep insights into the market dynamics and growth of compressed natural gas. The latest information on market risks, industry chain structure compressed natural gas cost structure and opportunities are offered in this report.
The past, present and forecast market information will lead to investment feasibility by studying the essential compressed natural gas growth factors. According to the report the global compressed natural gas market is projected to grow at a CAGR of 10.5% over the forecast period of 2018-2024.
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Compressed natural gas is a fuel that can be used in place of gasoline (petrol), diesel fuel and propane/LPG. It is safer than other fuels in the event of a spill because natural gas is lighter than air and disperses quickly when released. Compressed natural gas (CNG) is the cleanest burning transportation fuel on the market today. CNG burns cleaner than petroleum-based products because of its lower carbon content. CNG produces the fewest emissions of all other fuels and contains significantly fewer pollutants than gasoline. Compressed natural gas (CNG) fuel storage tanks are stronger and safer than gasoline or diesel tanks reducing the possibility of accidental release.
Increasing the use of natural gas in the automotive industry is the major factor driving the growth of the compressed natural gas market. CNG can be used in the traditional internal combustion engines that have been originally designed for gasoline and diesel that is anticipated to fuel the growth of the compressed natural gas market. In addition, increasing demand for hybrid vehicles and stringent regulation on the use of commercial passenger vehicles fitted with CNG as this cause low carbon emission is boosting the growth of the compressed natural gas market.
However, lack of infrastructure and high installation costs for storage are the factors likely to hamper the growth of the compressed natural gas market during the forecast period. Furthermore, increasing research and development investment on dual-fuel technology by the leading automobile manufacturers are anticipated to open several doors of opportunity for the key players in the compressed natural gas market over the years to come.
Among the geographies, Asia Pacific is the largest consumer of compressed natural gas as transit buses and delivery & garbage truck fleets prefer CNG to fossil fuel. Europe emerged as the second-largest compressed natural gas market. Further, favorable government initiatives such as subsidies especially in key consuming economies such as China, and India are promoting the use of CNG due to its low greenhouse gas emission properties, which in turn is projected to fuel the demand for the CNG over the forecast period. On the other hand, Increasing exploration and production of conventional natural gas reserves especially in the Middle East & Africa are anticipated to fuel the demand for the compressed natural gas markets.
The report on the global compressed natural gas market covers segments such as source and application. On the basis of source, the global compressed natural gas market is categorized into non-associated gas, associated gas, and unconventional methods. On the basis of application, the global compressed natural gas market is categorized into light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles.
Major Key Players Mentioned in this Premium Report
The report provides profiles of the companies in the global compressed natural gas market such as J-W Power Company, Indraprastha Gas Limited, National Iranian Gas Company, Trillium CNG, ANGI Energy Systems Inc., Hexagon Composites ASA, Quantum Fuel Systems Technologies Worldwide Inc., GNVert, Luxfer Group, and Quantum Fuel Systems Technologies Worldwide Inc.
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The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global compressed natural gas market. Moreover, the IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of the compressed natural gas market.
Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the compressed natural gas market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the compressed natural gas market to understand the present and future trends in this market and formulate their strategies accordingly.