This report titled “Compressed Natural Gas (CNG) Market - Growth, Future Prospects, and Competitive Analysis, 2016 – 2024” offers strategic insights into the trends in CNG market along with the market size and forecast for the duration 2013 to 2024. The said research study incorporates 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 growing number of mergers and collaborations between market players to reach full capabilities and gain international footprint. In addition, several players are also focused on developing their niche in the market. Rapid growth of this market has also resulted in creating further skilled job opportunities in major hubs spread across North America, Europe, Latin America and Asia Pacific.
Based on source, the global CNG market is categorized into associated gas, non-associated gas and unconventional gas. On the basis of application, the global CNG market is segmented into light passenger vehicles, medium duty/heavy duty buses, medium duty/heavy duty truck and others (autos). In addition, natural gas producing companies, refining companies and academic organizations form the major client types for CNG market. Market size (US$ Bn) (Mn cubic mtrs.) and forecast for all the considered segmentation is presented in this report for the period 2013-2024 along with their respective CAGRs (%) for the forecast period 2016-2024.
Based on the application, the global compressed natural gas (CNG) market is segmented as follows:
Global compressed natural gas (CNG) market is categories on the basis of application. Among application, light passenger vehicles segment was observed to be the largest segment in 2015 in compressed natural gas (CNG) market owing to growing popularity of the CNG as an auto fuel due to higher efficiency of the CNG powered vehicles. Further, growth in number of passenger car due increasing per capita disposable income of 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 the CNG during the forecast period. The segment is anticipated to grow at significant rate and projected to maintain its dominance over the forecast period. The segment is anticipated to witness high growth over the forecast period (2016-2024). Medium/ heavy duty buses and truck are expected to collectively account for over 35% of revenue share of global compressed natural gas market. Both the segment is anticipated to grow at significant rate owing to various government initiative across key regions of the globe to promote CNG operated buses/trucks with the focus to minimize greenhouse gases emission. The segment are expected to gain significant market share by 2023.
Based on the source, the global compressed natural gas (CNG) market is segmented as follows:
Global compressed natural gas (CNG) market is categories on the basis of source. Among Source, non- associated segment was the most dominant segment in 2015 and anticipated to continue its dominance of over the forecast period. Increasing exploration and production of conventional natural gas reserves especially in Middle East & Africa is anticipated to drive the growth of the segment during the forecast period. Unconventional gas segment is expected to be the fastest growing segment during the forecast period. Growing shale gas production in U.S., Canada and China is anticipated to fuel the supply of natural gas through unconventional reserves over the forecast period (2016-2024).
Asia Pacific is projected to be the key consuming market in global compressed natural gas (CNG) market during the forecast period (2016-2024). Increasing number of natural gas based automobile coupled increasing 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 to promote CNG as the alternative auto fuel due to its low greenhouse emission characteristics. The region is also projected to witness highest growth over the forecast period (2016-2024). Followed by it, North America is expected to be the second largest market in global CNG market. Natural gas vehicle fuel consumption has witness the growth of 10% since 2015 coupled with favorable regulatory policies owing to growing craving to earn carbon credits. The region is projected to grow at steady rate during the forecast period (2016-2024).
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Compressed Natural Gas (CNG) market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Source
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
