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From its 2023 starting point at $9.29B, the worldwide compressed natural gas market is expected to expand at a CAGR of 9.2% to $22.23B by 2030.
Compressed natural gas (CNG) is produced during the geological change of peat to anthracite coal and consists primarily of methane with small amounts of other light hydrocarbons, nitrogen, and carbon dioxide. With oil and coal sources dwindling and gas fuel's limited emission qualities, this is crucial for the industrial sector's long-term health. CNG that is purpose-built for a particular end-use sometimes has enhanced performance or stability.
As the price of oil rises, several countries are switching to CNG because of its lower price. The increase in demand for energy in several countries is another factor propelling the CNG industry forward. In addition, the rising stringency of government rules for pollution control and the improving economic health of many countries throughout the world are driving forces behind the projected expansion of the compressed natural gas market. However, future compressed natural gas market growth is hampered by high initial investment cost, installation expenses, and the high cost of CNG storage tanks in automobiles, as well as a lack of CNG fuelling stations.
By applying pressure on natural gas, we can reduce its volume to less than one percent of what it would be at sea level. Greenhouse gas emissions and ozone depletion both increased as a result of the continued usage of traditional fossil fuels. This called for an interchangeable replacement, and compressed natural gas is being considered. Compressed natural gas vehicles have seen an uptick in popularity.
Compressed natural gas has been gaining popularity in many nations due to its many benefits, including its low cost and increased efficiency. Due to its lighter-than-air density and rapid dispersal upon discharge, compressed natural gas also mitigates the risk of a leak. Only the United States has begun tapping into the world's shale gas reserves.
The growing demand for compressed natural gas is being fueled in large part by the increasing popularity of natural gas automobiles driven by CNG. Natural gas is compressed to less than one percent of its typical volume at normal environmental circumstances to produce compressed natural gas, or CNG. Natural gas (CNG) is widely used in both light- and heavy-duty vehicles as a clean transportation fuel. Lower emissions than gasoline and diesel are driving CNG's expanding use. During the projected period, market participants operating in the global compresses natural gas market are more likely to benefit from the increasing use of CNG as an automobile fuel. The amount of CNG-powered natural gas vehicles on the road has a direct impact on the world's CNG usage.
Since many businesses had to temporarily halt import/export and production/processing due to the COVID-19 pandemic lockdown, the demand for CNG from these customers dropped. The growth of the compressed natural gas market was stunted during the pandemic because of the halt in building and construction of new CNG infrastructures and natural gas fields due to the lack of available labor and the widening demand-supply mismatch. As a result, the market grew more slowly in 2020's third, fourth, and fifth quarters. By the second quarter of 2021, however, the CNG market had rebounded as widespread immunization campaigns against COVID-19 helped economies around the world.
On the basis of its source, the global compressed natural gas market may be classified into associated gas, non-associated gas, and unconventional sources. Compressed natural gas production from unconventional and non-associated gas sources has increased over time. The US has dominated the production of compressed natural gas from non-associated gases owing to the rapid development in shale gas activity.
Light-duty vehicles, medium/heavy-duty buses, and medium/heavy-duty trucks make up the three main application submarkets of the global compressed natural gas market. Sales of light-duty vehicles, which have been on the rise thanks to rising incomes and the aspiration of vehicle ownership, have driven the market. The rising desire for carbon emission reduction in all nations is the primary market driver for the worldwide compressed natural gas industry. As a result, compressed natural gas is now widely used as a substitute fuel in automobiles. The market for compressed natural gas is expanding because of its relatively low price and increased efficiency.
Report Coverage
Global Compressed Natural Gas research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Compressed Natural Gas report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Compressed Natural Gas competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Compressed Natural Gas market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Compressed Natural Gas market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Compressed Natural Gas market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
EOG Resources, Inc., Occidental Petroleum Corporation, Chevron Corporation, Indraprastha Gas Limited, Trillium Energy, Total Energies, Eni, Phillips 66 Company, Royal Dutch Shell Plc, JW Power Company
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Compressed Natural Gas market based on the below-mentioned segments:
Global Compressed Natural Gas Market, By Source
Associated Gas
Non Associated Gas
Unconventional Sources
Global Compressed Natural Gas Market, By End User
Light Duty Vehicles
Medium Or Heavy Duty Buses
Medium Or Heavy Duty Trucks
Global Compressed Natural Gas market, Regional Analysis
Compressed natural gas (CNG) is produced during the geological change of peat to anthracite coal and consists primarily of methane with small amounts of other light hydrocarbons, nitrogen, and carbon dioxide. With oil and coal sources dwindling and gas fuel's limited emission qualities, this is crucial for the industrial sector's long-term health. CNG that is purpose-built for a particular end-use sometimes has enhanced performance or stability.
As the price of oil rises, several countries are switching to CNG because of its lower price. The increase in demand for energy in several countries is another factor propelling the CNG industry forward. In addition, the rising stringency of government rules for pollution control and the improving economic health of many countries throughout the world are driving forces behind the projected expansion of the compressed natural gas market. However, future compressed natural gas market growth is hampered by high initial investment cost, installation expenses, and the high cost of CNG storage tanks in automobiles, as well as a lack of CNG fuelling stations.
By applying pressure on natural gas, we can reduce its volume to less than one percent of what it would be at sea level. Greenhouse gas emissions and ozone depletion both increased as a result of the continued usage of traditional fossil fuels. This called for an interchangeable replacement, and compressed natural gas is being considered. Compressed natural gas vehicles have seen an uptick in popularity.
Compressed natural gas has been gaining popularity in many nations due to its many benefits, including its low cost and increased efficiency. Due to its lighter-than-air density and rapid dispersal upon discharge, compressed natural gas also mitigates the risk of a leak. Only the United States has begun tapping into the world's shale gas reserves.
The growing demand for compressed natural gas is being fueled in large part by the increasing popularity of natural gas automobiles driven by CNG. Natural gas is compressed to less than one percent of its typical volume at normal environmental circumstances to produce compressed natural gas, or CNG. Natural gas (CNG) is widely used in both light- and heavy-duty vehicles as a clean transportation fuel. Lower emissions than gasoline and diesel are driving CNG's expanding use. During the projected period, market participants operating in the global compresses natural gas market are more likely to benefit from the increasing use of CNG as an automobile fuel. The amount of CNG-powered natural gas vehicles on the road has a direct impact on the world's CNG usage.
Since many businesses had to temporarily halt import/export and production/processing due to the COVID-19 pandemic lockdown, the demand for CNG from these customers dropped. The growth of the compressed natural gas market was stunted during the pandemic because of the halt in building and construction of new CNG infrastructures and natural gas fields due to the lack of available labor and the widening demand-supply mismatch. As a result, the market grew more slowly in 2020's third, fourth, and fifth quarters. By the second quarter of 2021, however, the CNG market had rebounded as widespread immunization campaigns against COVID-19 helped economies around the world.
On the basis of its source, the global compressed natural gas market may be classified into associated gas, non-associated gas, and unconventional sources. Compressed natural gas production from unconventional and non-associated gas sources has increased over time. The US has dominated the production of compressed natural gas from non-associated gases owing to the rapid development in shale gas activity.
Light-duty vehicles, medium/heavy-duty buses, and medium/heavy-duty trucks make up the three main application submarkets of the global compressed natural gas market. Sales of light-duty vehicles, which have been on the rise thanks to rising incomes and the aspiration of vehicle ownership, have driven the market. The rising desire for carbon emission reduction in all nations is the primary market driver for the worldwide compressed natural gas industry. As a result, compressed natural gas is now widely used as a substitute fuel in automobiles. The market for compressed natural gas is expanding because of its relatively low price and increased efficiency.
Report Coverage
Global Compressed Natural Gas research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Compressed Natural Gas report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Compressed Natural Gas competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Compressed Natural Gas market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | EOG Resources, Inc., Occidental Petroleum Corporation, Chevron Corporation, Indraprastha Gas Limited, Trillium Energy, Total Energies, Eni, Phillips 66 Company, Royal Dutch Shell Plc, JW Power Company |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Compressed Natural Gas Market from 2021 to 2030.
- Market Forecast for Compressed Natural Gas Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Compressed Natural Gas competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Compressed Natural Gas
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Compressed Natural Gas market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Compressed Natural Gas market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
EOG Resources, Inc., Occidental Petroleum Corporation, Chevron Corporation, Indraprastha Gas Limited, Trillium Energy, Total Energies, Eni, Phillips 66 Company, Royal Dutch Shell Plc, JW Power Company
Primary Target Market
- Market Players of Compressed Natural Gas
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Compressed Natural Gas market based on the below-mentioned segments:
Global Compressed Natural Gas Market, By Source
Associated Gas
Non Associated Gas
Unconventional Sources
Global Compressed Natural Gas Market, By End User
Light Duty Vehicles
Medium Or Heavy Duty Buses
Medium Or Heavy Duty Trucks
Global Compressed Natural Gas market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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