Compressed Natural Gas Market Outlook 2031
- The global compressed natural gas market was valued at US$ 112.64 Bn in 2020
- It is estimated to expand at a CAGR of 12.3% from 2021 to 2031
- The global compressed natural gas market is expected to reach the value of US$ 465.52 Bn by the end of 2031
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Analysts’ Viewpoint on Compressed Natural Gas Market Scenario
The increasing prices of transportation fuels such as gasoline and diesel is responsible for the rising demand for low cost, low emissive compressed natural gas. This factor is expected to propel the global compressed natural gas market. In order to minimize carbon emissions across the globe, governments of developing countries are taking initiatives to promote the compressed natural gas or CNG. In addition, incentive-based polices are also being introduced for the rapid adoption of CNG. Rising population, urbanization, growth of the automobile industry, and increasing awareness about carbon emission are some of the factors driving the Asia Pacific compressed natural gas market. However, high initial investment, increase in prices of CNG storage tanks, and limited number of fueling stations are some of the major factors hampering the growth of the global market.
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Adoption of Compressed Natural Gas as Transportation Fuel
The rise in the number of CNG powered natural gas vehicles is a major growth driver for the global compressed natural gas market. Compressed natural gas or CNG is obtained through compression of natural gas to less than one percent of the volume it usually occupies at normal environmental conditions. CNG is popularly used as a clean transportation fuel in light duty and heavy-duty vehicles across the globe. The growing applications of CNG is due to lower emissions as compared to gasoline and diesel.
The adoption of CNG as automobile fuel is more likely to create value-grab opportunities for the market players operating on the global compresses natural gas market during the forecast period. The global consumption of CNG directly depends on the number of CNG-powered natural gas vehicles in operation.
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Rise in Popularity of Non-associated Gas Sources to Drive Global Market
Of the three primary sources of compressed natural gas: non-associated gas, associated gas, and unconventional gas, the non-associated gas is expected to account for the largest share of the global market during the forecast period. The source for natural gas and CG is assumed to be the same. Some of the factors responsible for the rising adoption of non-associated gas are depleting oil wells and reducing production of crude oil across the globe. Non-associated gas and unconventional gas are expected to be the prominent segments for the CNG production in the upcoming years. The Middle East and Russia are major countries witnessing huge production of compressed natural gas from non-associated gas.
Increase in Number of Light Duty Vehicles Globally
Rapid urbanization, rise in disposable income, and growth and advancement of the automobile industry are contributing to the rising sales of light duty vehicles across the globe. This is a major factor driving the demand for compressed natural gas as a transportation fuel for light duty vehicles. Light duty vehicle is the most lucrative segment of the global compressed natural gas market, exhibiting the highest potential for investment due to rise in the use of compressed natural gas in developing regions across the globe. This is mainly to overcome the air pollution caused by the fossil fuels.
Companies in the global compressed natural gas market are accelerating their product development and unlocking revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms to gain competitive edge.
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North America to Create Potential Opportunities for Compressed Natural Gas Market Players
North America is expected to account for major share of the global compressed natural gas market in the next few years. This is due to the availability of cheap domestic natural gas in the U.S., which offers high incentives to truck and fleet owners for converting it into CNG. The North America compressed natural gas market is driven by the presence of a large number of natural gas reservoirs. The rising production of shale gas in Latin America is also contributing to the market growth.
The Asia Pacific compressed natural gas market is also expected to exhibit significant growth during the forecast period. The compressed natural gas market in the region is significantly driven by rapid urbanization, increase in the number of low duty vehicles, which use compresses natural gas, and lucrative presence of market players in the region.
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