This report, titled "Compressed Natural Gas (CNG) Market: Growth, Future Prospects, and Competitive Analysis, 2016–2024," offers strategic insights into the trends in the CNG market along with the market size and forecast for the duration of 2013–2024. The said research study incorporates an in-depth analysis of multiple market segments based on source, application, and geographical distribution.
The global compressed natural gas (CNG) market is becoming increasingly competitive, with a growing number of mergers and collaborations between market players to reach full capabilities and gain an international footprint. In addition, several players are also focused on developing their niche in the market. This market's rapid growth has also resulted in the creation of additional skilled job opportunities in major hubs across North America, Europe, Latin America, and Asia Pacific.
Based on the source, the global CNG market is categorized into three categories: associated gas, non-associated gas, and unconventional gas. On the basis of application, the global CNG market is segmented into light passenger vehicles, medium- and heavy-duty buses, medium- and heavy-duty trucks, and others (autos). In addition, natural gas-producing companies, refining companies, and academic organizations form the major client types for the CNG market. The market size (US$ Bn) and forecast for all the considered segmentations are presented in this report for the period 2013–2024, along with their respective CAGRs (%) for the forecast period 2016–2024.
In terms of geographical distribution, global CNG is studied in five major regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Market size and forecasts for each regional and country-level market are included in the report for the considered periods.
To further elucidate, the geographical distribution of the global CNG market is described as follows:
North America
U.S.
Canada
Europe
U.K.
Russia
Germany
Rest of Europe
Asia-Pacific
Australia
Japan
China
Asia-Pacific region
Middle East and Africa (MEA)
GCC
the remainder of MEA
Latin America
Argentina
Brazil
Mexico
rest of Latin America
Along with the quantitative information sets, this report also provides qualitative information, such as market dynamics and an executive summary of the global CNG market. The report also includes tools to help readers with competitive mappings, such as competition assessment and appealing investment propositions. This study concludes with a company profile section. This section includes major information about the key companies engaged in the development and provision of CNG.
Based on the application, the global compressed natural gas (CNG) market is segmented as follows:
Light Passenger Vehicles
Medium-duty/heavy-duty (MD/HD) Buses
Medium-duty/heavy-duty (MD/HD) Trucks
Others (Autos)
The global compressed natural gas (CNG) market is classified according to application. Among applications, the light passenger vehicle segment was observed to be the largest segment in 2015 in the compressed natural gas (CNG) market, owing to the growing popularity of CNG as an auto fuel due to the higher efficiency of CNG-powered vehicles. Further, growth in the number of passenger cars due to increasing per capita disposable income of the middle class, especially in China and India, is expected to increase the demand for automobile fuel, which in turn is projected to fuel the demand for CNG during the forecast period.
The segment is anticipated to grow at a significant rate and is projected to maintain its dominance over the forecast period. The segment is anticipated to witness high growth over the forecast period (2016–2024). Medium- and heavy-duty buses and trucks are expected to collectively account for over 35% of the revenue share of the global compressed natural gas market.
Both segments are anticipated to grow at a significant rate owing to various government initiatives across key regions of the globe to promote CNG-operated buses and trucks with a focus on minimizing greenhouse gas emissions. The segment is expected to gain significant market share by 2023.
Based on the source, the global compressed natural gas (CNG) market is segmented as follows:
Associated Gas
Non-Associated Gas
Unconventional Gas
The global compressed natural gas (CNG) market is classified according to its source. Among sources, the non-associated segment was the most dominant segment in 2015 and is anticipated to continue its dominance over the forecast period. Increasing exploration and production of conventional natural gas reserves, especially in the Middle East and Africa, is anticipated to drive the growth of the segment during the forecast period.
The unconventional gas segment is expected to be the fastest-growing segment during the forecast period. Growing shale gas production in the U.S., Canada, and China is anticipated to fuel the supply of natural gas through unconventional reserves over the forecast period (2016–2024).
For the purpose of this study, the global compressed natural gas (CNG) market is categorized into three segments:
North America
Europe
Asia Pacific
Latin America (LATAM)
Middle East and Africa (MEA)
Asia Pacific is projected to be the key consuming market in the global compressed natural gas (CNG) market during the forecast period (2016–2024). An increasing number of natural gas-powered automobiles coupled with increased investment in infrastructure for CNG storage and distribution facilities in the region is projected to augment the demand for CNG in the region.
Further favorable regulatory support is needed to promote CNG as an alternative auto fuel due to its low greenhouse gas emission characteristics. The region is also projected to witness the highest growth over the forecast period (2016–2024). Following it, North America is expected to be the second-largest market in the global CNG market. Natural gas vehicle fuel consumption has witnessed a growth of 10% since 2015, coupled with favorable regulatory policies and a growing desire to earn carbon credits. The region is projected to grow at a steady rate during the forecast period (2016–2024).
Frequently Asked Questions:
The market for Compressed Natural Gas (CNG) Market is expected to reach US$ 154.1 Bn By 2024.
The Compressed Natural Gas (CNG) Market is expected to see significant CAGR growth over the coming years, at 10.5%.
The report is forecasted from 2016-2024.
The base year of this report is 2015.
Exxon Mobil Corporation, Royal Dutch Shell plc., China National Petroleum Corporation, Eni SpA are some of the major players in the global market.
