The latest report on Compressed Natural Gas Market by Infinium Global Research gives complete coverage of the Compressed Natural Gas Market by source (non-associated gas, associated gas and unconventional methods), application (light-duty, and heavy-duty vehicles) in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Compressed Natural Gas such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report Shall be Revised to 2020-2026. The Section on the Impact of COVID-19 on this Market is Included in the Report for Free.
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The Increasing Use of Natural Gas in the Automotive Industry is the Major Factor Driving the Growth of the Compressed Natural Gas Industry
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.
The increasing 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 vehicle 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.
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High Installation Cost for Storage are the Factors Likely to Hamper the Growth of the Compressed Natural Gas Industry
However, lack of infrastructure and high installation cost 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 gases 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 compressed natural gas market.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Compressed Natural Gas.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.