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The Compressed Natural Gas Market size was estimated at USD 32.22 billion in 2023, USD 35.42 billion in 2024, and is expected to grow at a CAGR of 10.32% to reach USD 64.09 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
Compressed natural gas (CNG) is a fuel prepared from natural gas, primarily composed of methane. It is stored and transported at high pressure, typically in cylindrical tanks. Compared to other fuels, including gasoline or diesel, CNG is environmentally cleaner, emitting fewer pollutants and greenhouse gases when burned. It is an alternative to traditional automotive fuels and domestic and industrial energy applications. Adopting CNG in transportation is increasingly favored due to its cost-effectiveness and environmental benefits. These advantages make CNG a compelling alternative amidst rising pollution and fossil fuel dependency concerns.
Additionally, supportive government measures, including stringent pollution control regulations and financial incentives such as subsidies, are pivotal in driving CNG's market growth. Such initiatives facilitate the broader adoption of cleaner energy and underscore governmental commitment to sustainable transportation solutions, further driving market growth. However, compressed CNG requires specialized infrastructure for fueling stations and vehicle storage tanks, which are considerably more expensive than those needed for conventional fuels. These high costs can deter new entries into the market and limit the expansion of CNG as a widely used fuel alternative, particularly in regions with less economic flexibility to invest in new technologies. Developing improved CNG storage systems that offer higher fuel capacity in a compact design provides a significant opportunity for market expansion. Technological improvements in dispensing equipment facilitate rapid and safer refueling, encouraging the adoption of CNG vehicles.
Regional Insights
In the Americas, the CNG market is driven by environmental concerns and the need for cleaner transportation solutions. The United States and Canada showcase a growing number of vehicles being converted to CNG and an increasing installation of CNG stations. In South America, countries such as Brazil and Argentina increasingly adopt CNG, primarily due to the high price of petroleum fuels and government incentives encouraging CNG use. The market's growth in the Americas is supported by stringent emission regulations and government policies favoring eco-friendly fuels. The Asia-Pacific region is showcasing growth driven by high air pollution in many cities.China and India are expanding their networks of CNG refueling infrastructure to meet increasing demand, especially in public transport and among private vehicle owners. The significant cost advantage of CNG compared to gasoline and diesel is a critical factor propelling its adoption in the Asia-Pacific region. In the EMEA region, particularly in Europe, the adoption of CNG is driven by stringent environmental norms and policies promoting cleaner fuels to reduce carbon footprints. Despite the abundance of crude oil in the Middle East, there is a growing interest in diversifying energy sources, including expanding into CNG, particularly for use in public transportation and government fleets. The CNG market in Africa is growing, with countries aiming to capitalize on CNG for domestic use.
Market Trends by Segment
- Source: Increasing use of non-associated gas as a source due to its abundance and easier extractability
- Application: Widening adoption in heavy-duty vehicles owing to its environmental and economic advantages
Industry Insights
- Market Dynamics
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
- FPNV Positioning Matrix
- Market Share Analysis
- Strategy Analysis and Recommendations
Recent Developments
Indraprastha Gas Ltd Advances Sustainable Energy with New Biogas Facilities
Indraprastha Gas Ltd (IGL) has announced plans to establish 19 compressed biogas (CBG) plants across Delhi, Haryana, Rajasthan, and Uttar Pradesh to integrate these facilities into its existing city gas network. The initiative, resulting from recent agreements with two technology firms, is set to generate 0.45 million metric standard cubic meters of biogas daily from organic waste. This volume represents about 5% of IGL’s daily gas consumption. The project is anticipated to significantly alleviate municipal and agricultural waste issues while reducing the fuel costs for city gas distribution by blending CBG with natural gas.Strengthening India’s LNG Ecosystem: A Strategic Partnership between Adani Total Gas Ltd and INOX India Ltd
Adani Total Gas Ltd (ATGL) and INOX India Ltd entered into a mutual support pact to enhance the nation's Liquified Natural Gas (LNG) infrastructure. This collaboration is to supply LNG and Compressed Natural Gas (LCNG) equipment and solutions to facilitate a sustainable transition in transportation fuel, particularly for long-haul vehicles and buses currently powered by diesel, to LNG.Strategic Enhancement of Regional CNG Delivery Through Advanced Requalification Services
Hexagon Digital Wave has partnered with Compass Natural Gas to enhance the requalification of Type 4 composite cylinders in mobile pipeline trailers across the northeastern United States. This move is part of a broader strategy to increase the accessibility and efficiency of compressed natural gas (CNG) delivery via mobile pipeline systems. By adopting Hexagon's Modal Acoustic Emission (MAE) technology, this partnership aims to improve the safety, quality, and reliability of CNG transportation, capitalizing on Compass's new operational site in Montoursville, Pennsylvania.Key Company Profiles
The report delves into recent significant developments in the Compressed Natural Gas Market, highlighting leading vendors and their innovative profiles. These include Adani Group, ANGI Energy Systems Inc., Bharat Petroleum Corporation Limited, Chevron Corporation, China National Petroleum Corp., Clean Energy Fuels Corp., CNG Fuels Ltd., Compass Natural Gas, Equinor ASA, Exxon Mobil Corporation, Hexagon Composites ASA, Indraprastha Gas Limited, J-W Power Company, Luxfer Group, Mahanagar Gas Limited, NeoGas Inc., QatarEnergy, Quantum Fuel Systems LLC, Shell plc, TotalEnergies SE, and Trillium Transportation Fuels, LLC.This research report offers invaluable insights into various crucial aspects of the Compressed Natural Gas Market:
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
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Table of Contents
1. Preface
2. Research Methodology
5. Market Insights
6. Compressed Natural Gas Market, by Source
7. Compressed Natural Gas Market, by Application
8. Americas Compressed Natural Gas Market
9. Asia-Pacific Compressed Natural Gas Market
10. Europe, Middle East & Africa Compressed Natural Gas Market
11. Competitive Landscape
12. Competitive Portfolio
List of Figures
List of Tables
Companies Mentioned
- Adani Group
- ANGI Energy Systems Inc.
- Bharat Petroleum Corporation Limited
- Chevron Corporation
- China National Petroleum Corp.
- Clean Energy Fuels Corp.
- CNG Fuels Ltd.
- Compass Natural Gas
- Equinor ASA
- Exxon Mobil Corporation
- Hexagon Composites ASA
- Indraprastha Gas Limited
- J-W Power Company
- Luxfer Group
- Mahanagar Gas Limited
- NeoGas Inc.
- QatarEnergy
- Quantum Fuel Systems LLC
- Shell plc
- TotalEnergies SE
- Trillium Transportation Fuels, LLC
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 184 |
| Published | May 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 35.42 Billion |
| Forecasted Market Value ( USD | $ 64.09 Billion |
| Compound Annual Growth Rate | 10.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 21 |
