What is Compressed Natural Gas Market?
Natural gas consists of methane, ethane, propane and butane. Among them the major component is methane. As it contains lower energy density as compared to other fuels, it is compressed by cooling it to -162 oC and stored in insulated tanks. Compressed Natural Gas is used in place of gasoline, diesel fuel and LPG for transportation, industrial, agricultural and raw material. It is lighter than air and gets dispersed quickly after releasing it. Due to the rising environmental issues various countries are using it for transportation. In 2018, Minister of petroleum and natural gas in India stated that 10,000 CNG gas stations will be rolled out in 10 years
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | ANGI Energy Systems Inc. (United States), British Gas (United Kingdom), Royal Dutch Shell PLC (Netherlands), Trillium CNG (United States), China Natural Gas Inc (China), GNVert (France), Gujarat Gas (India), Hexagon Composites ASA (Norway), Indraprastha Gas Limited (IGL) (India) and J-W Power Company (United States) |
CAGR | % |
The market study is being classified and major geographies with country level break-up.
ANGI Energy Systems Inc. (United States), British Gas (United Kingdom), Royal Dutch Shell PLC (Netherlands), Trillium CNG (United States), China Natural Gas Inc (China), GNVert (France), Gujarat Gas (India), Hexagon Composites ASA (Norway), Indraprastha Gas Limited (IGL) (India) and J-W Power Company (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Luxfer Group (United Kingdom), National Iranian Gas Company (Iran), NeoGas Inc (Brazil), NIOPDC (Iran), OAO GasProm (Russia), Pakistan State Oil (Pakistan) and Quantum Fuel Systems Technologies Worldwide Inc (United States).
Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Compressed Natural Gas market throughout the forecasted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Compressed Natural Gas market by Type, Application and Region.
On the basis of geography, the market of Compressed Natural Gas has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Government Regulations Available for Pollution Control
- Lower Cost of CNG than Other Fuels
Market Trend
- High Investment in Research and Development
Restraints
- High Initial Costs Associated with the Installations
- Limited Fuelling Stations in Developing Countries
Opportunities
- Rising Adoption of CNG is Fueling the Growth of the Market
- Lesser Maintenance Requirement of Vehicles and Greater Engine Life
Challenges
- Larger Space Requirement to Store the Fuel
- High Competition Due to the Presence of Major Players
Market Leaders and some development strategies
In 2019, Shell has acquired Sonnen which produces smart energy storage systems. and In 2018, Hexagon composites has acquired Digital Wave Corporation to fully integrate the capabilities for testing high pressure cylinder.
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisation, Government Agencies and Organisation