Compressed Natural Gas (CNG) Industry Surpasses USD 346.9 Billion By 2028, With 17.2% CAGR: Polaris Market Research
The global compressed natural gas (CNG) market size is expected to reach USD 346.9 billion By 2028 according to a new study by Polaris Market Research.
There are several properties of Compressed Natural Gas (CNG) that makes it a better alternative for IC engines. It diffuses quickly in air, its higher ignition temperature leads to reduced delay in auto ignition, has comparatively high-octane number, maintenance cost is comparatively lower and the most important is the lower emission of carbon dioxide compared to other fossil fuels. These advantages have been crucial in driving the overall compressed natural gas market over the past five to six years. Implementation of compressed natural gas fueled engines especially in public transport vehicles in many countries have greatly benefitted the overall industry growth.
The increasing focus on production of Compressed Natural Gas (CNG) compared to crude oil and recent discoveries of shale reserves are some of the aspects that have resulted in greater availability scenarios for compressed natural gas as transportation fuel along with other fuels. Supporting government regulations along with slowly developing infrastructure for CNG availability as transportation fuel will create greater demand globally for the compressed natural gas market in the coming years.
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Global CNG market growth has been greatly prompted by security of supply prompted due to discovery of abundant reserves. Supply of CNG is becoming more and more diverse across the globe along with becoming increasingly flexible. In addition, for those countries that are adding import capabilities of the product, the move is providing greater flexibility for complementing the overall imports and domestic production. Such developments have resulted in increased import activities particularly in regions such as Asia and in some parts of Europe, thus complementing the overall CNG market growth.
These imports are effectively offsetting the declining compressed gas production in Europe and catering to rising demand in Asia, where consumption is growing faster than production. Moreover, governments in the region are taking concentrated efforts to improve the overall flexibility of commercial contracting mechanisms, as well as removal of bottlenecks arising due to relatively slow investments in pipelines. All such trends are benefitting the market growth.
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Top Market Players
Some of the leading industry participants in the industry include China Natural Gas Inc., NeoGas Inc, ANGI Energy Systems Inc, GNVert, Trillium CNG, OAO GasProm, J-W Power Company, Mahanagar Gas Limited (MNGL), National Iranian Gas Company, Indraprastha Gas Limited (IGL), ExxonMobil, Chevron, ConocoPhillips, EOG Resources, Occidental Petroleum, Phillips 66, Valero Energy, Halliburton, Anadarko Petroleum, and Marathon Petroleum.
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Polaris Market research has segmented the Compressed Natural Gas (CNG) market report on the basis of type, application, and region
Compressed Natural Gas (CNG) Type Outlook (Volume – Billion Cubic Meter, Revenue – USD Billion, 2016 – 2028)
- Unconventional methods
Compressed Natural Gas (CNG) Application Outlook (Volume – Billion Cubic Meter, Revenue – USD Billion, 2016 – 2028)
- Light passenger vehicle
- Medium/heavy duty vehicles
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