Compressed Natural Gas Market to Reach the Valuation of US$ 465.52 Bn by of 2031, States TMR Study

Governments of several nations are promoting the use of CNG by launching incentive-based polices
Rising efforts to promote the use of CNG is propelling the Asia Pacific compressed natural gas market

ALBANY, N.Y., April 21, 2022 -- The global compressed natural gas market is estimated to register growth at a CAGR of 12.3% during the forecast period of 2021 to 2031, note analysts of a research report by Transparency Market Research (TMR).

Compressed natural gas (CNG) is being widely utilized as a transportation fuel and is gaining traction globally, as it helps in lowering carbon emissions as compared to gasoline or diesel. Hence, rising awareness about environmental concerns is bolstering the compressed natural gas market. At present, CNG is being used as a fuel in different types of vehicles. This factor is boosting the global compressed natural gas market.

Owing to increased urbanization, improving spending power of population, and expansion & technological advancements in the automobile industry, there has been a surge in the use of light duty vehicles globally. This, in turn, is propelling the compressed natural gas market.

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Major companies operating in the global compressed natural gas market are increasing investments in product development activities. Moreover, they are focusing on expansion of their services in order to maintain their leading position in the market for compressed natural gas.

The compressed natural gas market in Asia Pacific is prognosticated to expand at considerable pace during the forecast period, owing to many factors such as increasing urbanization & population and expansion of the automobile industry. Furthermore, the Asia Pacific market is being driven by surge in understanding among regional populace about carbon emissions.

However, the compressed natural gas market may observe sluggish growth in some of the cost-sensitive nations around the world, owing to rise in prices of CNG storage tanks, limited number of fuelling stations, and need of high initial investment.

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Compressed Natural Gas Market: Key Findings

Non-associated gas, associated gas, and unconventional gas are three important sources of compressed natural gas. Of these, the demand for the non-associated gas is projected to increase in the upcoming years, as the source for CG and natural gas is considered to be the same. Moreover, the demand for these gases is increasing around the world due to decreasing production of crude oil and exhausting oil wells globally, according to the TMR report on the global compressed natural gas market.
With rising concerns pertaining to environmental issues such as carbon immersions, government authorities of many countries across the globe are taking initiatives for the rapid promotion of CNG. For instance, different incentive-based polices are being introduced in many nations globally. This factor is favouring the growth of the compressed natural gas market.

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Compressed Natural Gas Market: Growth Boosters

Rising prices of transportation fuels, including diesel and gasoline has resulted in a surge in the need for low cost, low emissive compressed natural gas, which, in turn, is fueling the sales opportunities in the market
Prices of CNG are lower as compared to gasoline and diesel. Hence, the adoption of CNG is increasing globally, which, in turn, is boosting the business growth of compressed natural gas market players
Government authorities of developing nations are encouraging people for using CNG by offering incentives. Such initiatives, in turn, are likely to generate sizable demand opportunities in the compressed natural gas market during the forecast period.

Compressed Natural Gas Market: Key Players

Some of the key players profiled in the report are:

Indraprastha Gas Ltd
OAO Gazprom
National Iranian Gas Company

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Compressed Natural Gas Market Segmentation

Source

Associated Gas
Non-associated Gas
Unconventional Methods

End-user

LD Vehicles
MD/HD Buses
MD/HD Trucks
Others

Region

North America
Europe
Asia Pacific
Middle East & Africa
South & Central America

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SOURCE Transparency Market Research