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Compressed Natural Gas Market By Source, By End User: Global Opportunity Analysis and Industry Forecast, 2020-2030

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    Report

  • 260 Pages
  • April 2022
  • Region: Global
  • Allied Market Research
  • ID: 5640466
The global compressed natural gas market was valued at $9.9 billion in 2020, and is projected to reach $22.3 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.

The compressed natural gas (CNG) is used widely in heavy duty transportation vehicles, owing to its properties, including low-cost and eco-friendly nature. Many nations across the globe started using CNG in power production, owing to rise in environmental concerns, including climatic changes and depleting ozone layer. CNG provides effective way for transportation of shorter distance. It is widely used as an alternative for gasoline, diesel, and propane.

Rise in demand for CNG as vehicle fuel across the globe is a key factor driving the growth of the global CNG market during the forecast period. In addition, rise in awareness toward environmental pollution and increase in stringent government regulations toward pollution drive the growth of the global CNG market from 2021 to 2030. However, high cost associated with initial investment, storage infrastructure & tanks, and installation hamper the growth of the market. Conversely, technological advancements in CNG storage technologies and rapid investment toward building CNG infrastructure are expected to create potential growth opportunity for key players operating in this market.

The global CNG market is segmented on the basis of source, end user, and region. Depending on source, it is categorized into associated gas, non-associated gas, and unconventional sources. According to end user, it is classified into light duty vehicles, medium/heavy duty buses, medium/heavy duty trucks, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Benefits For Stakeholders

  • The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
  • A comprehensive analysis of the factors that drive and restrict the growth of the global CNG market is provided.
  • Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
  • Estimations and forecast are based on factors impacting the global CNG market growth, in terms of value.
  • Key market players are profiled to gain an understanding of the strategies adopted by them.
  • This report provides a detailed analysis of the current trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.

Key Market Segments


By Source

  • Associated Gas
  • Non Associated Gas
  • Unconventional Sources

By End User

  • Light Duty Vehicles
  • Medium Or Heavy Duty Buses
  • Medium Or Heavy Duty Trucks

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Pakistan
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Iran
  • Africa
  • Argentina
  • Rest of LAMEA

Key Market Players

  • Chevron Corporation
  • Royal Dutch Shell Plc
  • JW Power Company
  • Indraprastha Gas Limited
  • Eni
  • Trillium Energy
  • Total Energies
  • Occidental Petroleum Corporation
  • Phillips 66 Company
  • EOG Resources, Inc.

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Value Chain Analysis
3.8. Key Regulation Analysis
3.9. Patent Landscape
CHAPTER 4: COMPRESSED NATURAL GAS MARKET, BY SOURCE
4.1 Overview
4.1.1 Market size and forecast
4.2 Associated Gas
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Non Associated Gas
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
4.4 Unconventional Sources
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market analysis by country
CHAPTER 5: COMPRESSED NATURAL GAS MARKET, BY END USER
5.1 Overview
5.1.1 Market size and forecast
5.2 Light Duty Vehicles
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Medium Or Heavy Duty Buses
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Medium Or Heavy Duty Trucks
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
CHAPTER 6: COMPRESSED NATURAL GAS MARKET, BY REGION
6.1 Overview
6.1.1 Market size and forecast
6.2 North America
6.2.1 Key trends and opportunities
6.2.2 North America Market size and forecast, by Source
6.2.3 North America Market size and forecast, by End User
6.2.4 North America Market size and forecast, by country
6.2.4.1 U.S.
6.2.4.1.1 Market size and forecast, by Source
6.2.4.1.2 Market size and forecast, by End User
6.2.4.2 Canada
6.2.4.2.1 Market size and forecast, by Source
6.2.4.2.2 Market size and forecast, by End User
6.2.4.3 Mexico
6.2.4.3.1 Market size and forecast, by Source
6.2.4.3.2 Market size and forecast, by End User
6.3 Europe
6.3.1 Key trends and opportunities
6.3.2 Europe Market size and forecast, by Source
6.3.3 Europe Market size and forecast, by End User
6.3.4 Europe Market size and forecast, by country
6.3.4.1 Germany
6.3.4.1.1 Market size and forecast, by Source
6.3.4.1.2 Market size and forecast, by End User
6.3.4.2 France
6.3.4.2.1 Market size and forecast, by Source
6.3.4.2.2 Market size and forecast, by End User
6.3.4.3 U.K.
6.3.4.3.1 Market size and forecast, by Source
6.3.4.3.2 Market size and forecast, by End User
6.3.4.4 Italy
6.3.4.4.1 Market size and forecast, by Source
6.3.4.4.2 Market size and forecast, by End User
6.3.4.5 Spain
6.3.4.5.1 Market size and forecast, by Source
6.3.4.5.2 Market size and forecast, by End User
6.3.4.6 Rest of Europe
6.3.4.6.1 Market size and forecast, by Source
6.3.4.6.2 Market size and forecast, by End User
6.4 Asia-Pacific
6.4.1 Key trends and opportunities
6.4.2 Asia-Pacific Market size and forecast, by Source
6.4.3 Asia-Pacific Market size and forecast, by End User
6.4.4 Asia-Pacific Market size and forecast, by country
6.4.4.1 China
6.4.4.1.1 Market size and forecast, by Source
6.4.4.1.2 Market size and forecast, by End User
6.4.4.2 Japan
6.4.4.2.1 Market size and forecast, by Source
6.4.4.2.2 Market size and forecast, by End User
6.4.4.3 India
6.4.4.3.1 Market size and forecast, by Source
6.4.4.3.2 Market size and forecast, by End User
6.4.4.4 Pakistan
6.4.4.4.1 Market size and forecast, by Source
6.4.4.4.2 Market size and forecast, by End User
6.4.4.5 South Korea
6.4.4.5.1 Market size and forecast, by Source
6.4.4.5.2 Market size and forecast, by End User
6.4.4.6 Rest of Asia-Pacific
6.4.4.6.1 Market size and forecast, by Source
6.4.4.6.2 Market size and forecast, by End User
6.5 LAMEA
6.5.1 Key trends and opportunities
6.5.2 LAMEA Market size and forecast, by Source
6.5.3 LAMEA Market size and forecast, by End User
6.5.4 LAMEA Market size and forecast, by country
6.5.4.1 Brazil
6.5.4.1.1 Market size and forecast, by Source
6.5.4.1.2 Market size and forecast, by End User
6.5.4.2 Iran
6.5.4.2.1 Market size and forecast, by Source
6.5.4.2.2 Market size and forecast, by End User
6.5.4.3 Africa
6.5.4.3.1 Market size and forecast, by Source
6.5.4.3.2 Market size and forecast, by End User
6.5.4.4 Argentina
6.5.4.4.1 Market size and forecast, by Source
6.5.4.4.2 Market size and forecast, by End User
6.5.4.5 Rest of LAMEA
6.5.4.5.1 Market size and forecast, by Source
6.5.4.5.2 Market size and forecast, by End User
CHAPTER 7: COMPANY LANDSCAPE
7.1. Introduction
7.2. Top winning strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Key developments
CHAPTER 8: COMPANY PROFILES
8.1 Chevron Corporation
8.1.1 Company overview
8.1.2 Company snapshot
8.1.3 Operating business segments
8.1.4 Product portfolio
8.1.5 Business performance
8.1.6 Key strategic moves and developments
8.2 Royal Dutch Shell Plc
8.2.1 Company overview
8.2.2 Company snapshot
8.2.3 Operating business segments
8.2.4 Product portfolio
8.2.5 Business performance
8.2.6 Key strategic moves and developments
8.3 JW Power Company
8.3.1 Company overview
8.3.2 Company snapshot
8.3.3 Operating business segments
8.3.4 Product portfolio
8.3.5 Business performance
8.3.6 Key strategic moves and developments
8.4 Indraprastha Gas Limited
8.4.1 Company overview
8.4.2 Company snapshot
8.4.3 Operating business segments
8.4.4 Product portfolio
8.4.5 Business performance
8.4.6 Key strategic moves and developments
8.5 Eni
8.5.1 Company overview
8.5.2 Company snapshot
8.5.3 Operating business segments
8.5.4 Product portfolio
8.5.5 Business performance
8.5.6 Key strategic moves and developments
8.6 Trillium Energy
8.6.1 Company overview
8.6.2 Company snapshot
8.6.3 Operating business segments
8.6.4 Product portfolio
8.6.5 Business performance
8.6.6 Key strategic moves and developments
8.7 Total Energies
8.7.1 Company overview
8.7.2 Company snapshot
8.7.3 Operating business segments
8.7.4 Product portfolio
8.7.5 Business performance
8.7.6 Key strategic moves and developments
8.8 Occidental Petroleum Corporation
8.8.1 Company overview
8.8.2 Company snapshot
8.8.3 Operating business segments
8.8.4 Product portfolio
8.8.5 Business performance
8.8.6 Key strategic moves and developments
8.9 Phillips 66 Company
8.9.1 Company overview
8.9.2 Company snapshot
8.9.3 Operating business segments
8.9.4 Product portfolio
8.9.5 Business performance
8.9.6 Key strategic moves and developments
8.10 EOG Resources, Inc.
8.10.1 Company overview
8.10.2 Company snapshot
8.10.3 Operating business segments
8.10.4 Product portfolio
8.10.5 Business performance
8.10.6 Key strategic moves and developments
LIST OF TABLES
Table 1. Global Compressed Natural Gas Market, by Source, 2020-2030, ($Million)
Table 2. Compressed Natural Gas Market Revenue, for Associated Gas, by Region, 2020-2030, ($Million)
Table 3. Compressed Natural Gas Market Associated Gas by Country, 2020-2030, ($Million)
Table 4. Compressed Natural Gas Market Revenue, for Non Associated Gas, by Region, 2020-2030, ($Million)
Table 5. Compressed Natural Gas Market Non Associated Gas by Country, 2020-2030, ($Million)
Table 6. Compressed Natural Gas Market Revenue, for Unconventional Sources, by Region, 2020-2030, ($Million)
Table 7. Compressed Natural Gas Market Unconventional Sources by Country, 2020-2030, ($Million)
Table 8. Global Compressed Natural Gas Market, by End-user, 2020-2030, ($Million)
Table 9. Compressed Natural Gas Market Revenue, for Light Duty Vehicles, by Region, 2020-2030, ($Million)
Table 10. Compressed Natural Gas Market Light Duty Vehicles by Country, 2020-2030, ($Million)
Table 11. Compressed Natural Gas Market Revenue, for Medium or Heavy Duty Buses, by Region, 2020-2030, ($Million)
Table 12. Compressed Natural Gas Market Medium or Heavy Duty Buses by Country, 2020-2030, ($Million)
Table 13. Compressed Natural Gas Market Revenue, for Medium or Heavy Duty Trucks, by Region, 2020-2030, ($Million)
Table 14. Compressed Natural Gas Market Medium or Heavy Duty Trucks by Country, 2020-2030, ($Million)
Table 15. Compressed Natural Gas Market, by Region, 2020-2030, ($Million)
Table 16. North America Compressed Natural Gas Market, by Source, 2020-2030, ($Million)
Table 17. North America Compressed Natural Gas Market, by End-user, 2020-2030, ($Million)
Table 18. North America Compressed Natural Gas Market, by Country, 2020-2030, ($Million)
Table 19. U.S. Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 20. U.S. Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 21. Canada Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 22. Canada Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 23. Mexico Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 24. Mexico Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 25. Europe Compressed Natural Gas Market, by Source, 2020-2030, ($Million)
Table 26. Europe Compressed Natural Gas Market, by End-user, 2020-2030, ($Million)
Table 27. Europe Compressed Natural Gas Market, by Country, 2020-2030, ($Million)
Table 28. Germany Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 29. Germany Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 30. France Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 31. France Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 32. U.K. Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 33. U.K. Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 34. Italy Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 35. Italy Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 36. Spain Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 37. Spain Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 38. Rest of Europe Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 39. Rest of Europe Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 40. Asia-Pacific Compressed Natural Gas Market, by Source, 2020-2030, ($Million)
Table 41. Asia-Pacific Compressed Natural Gas Market, by End-user, 2020-2030, ($Million)
Table 42. Asia-Pacific Compressed Natural Gas Market, by Country, 2020-2030, ($Million)
Table 43. China Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 44. China Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 45. Japan Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 46. Japan Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 47. India Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 48. India Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 49. Pakistan Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 50. Pakistan Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 51. South Korea Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 52. South Korea Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 53. Rest of Asia-Pacific Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 54. Rest of Asia-Pacific Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 55. LAMEA Compressed Natural Gas Market, by Source, 2020-2030, ($Million)
Table 56. LAMEA Compressed Natural Gas Market, by End-user, 2020-2030, ($Million)
Table 57. LAMEA Compressed Natural Gas Market, by Country, 2020-2030, ($Million)
Table 58. Brazil Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 59. Brazil Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 60. Iran Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 61. Iran Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 62. Africa Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 63. Africa Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 64. Argentina Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 65. Argentina Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 66. Rest of LAMEA Compressed Natural Gas Market by Source 2020-2030, ($Million)
Table 67. Rest of LAMEA Compressed Natural Gas Market by End-user 2020-2030, ($Million)
Table 68. Chevron Corporation: Company Snapshot
Table 69. Chevron Corporation: Operating Segments
Table 70. Chevron Corporation: Product Portfolio
Table 71. Chevron Corporation: Net Sales
Table 72. Chevron Corporation: Key Stratergies
Table 73. Royal Dutch Shell plc: Company Snapshot
Table 74. Royal Dutch Shell plc: Operating Segments
Table 75. Royal Dutch Shell plc: Product Portfolio
Table 76. Royal Dutch Shell plc: Net Sales
Table 77. Royal Dutch Shell plc: Key Stratergies
Table 78. Jw Power Company: Company Snapshot
Table 79. Jw Power Company: Operating Segments
Table 80. Jw Power Company: Product Portfolio
Table 81. Jw Power Company: Net Sales
Table 82. Jw Power Company: Key Stratergies
Table 83. Indraprastha Gas Limited: Company Snapshot
Table 84. Indraprastha Gas Limited: Operating Segments
Table 85. Indraprastha Gas Limited: Product Portfolio
Table 86. Indraprastha Gas Limited: Net Sales
Table 87. Indraprastha Gas Limited: Key Stratergies
Table 88. Eni: Company Snapshot
Table 89. Eni: Operating Segments
Table 90. Eni: Product Portfolio
Table 91. Eni: Net Sales
Table 92. Eni: Key Stratergies
Table 93. Trillium Energy: Company Snapshot
Table 94. Trillium Energy: Operating Segments
Table 95. Trillium Energy: Product Portfolio
Table 96. Trillium Energy: Net Sales
Table 97. Trillium Energy: Key Stratergies
Table 98. Total Energies: Company Snapshot
Table 99. Total Energies: Operating Segments
Table 100. Total Energies: Product Portfolio
Table 101. Total Energies: Net Sales
Table 102. Total Energies: Key Stratergies
Table 103. Occidental Petroleum Corporation: Company Snapshot
Table 104. Occidental Petroleum Corporation: Operating Segments
Table 105. Occidental Petroleum Corporation: Product Portfolio
Table 106. Occidental Petroleum Corporation: Net Sales
Table 107. Occidental Petroleum Corporation: Key Stratergies
Table 108. Phillips 66 Company: Company Snapshot
Table 109. Phillips 66 Company: Operating Segments
Table 110. Phillips 66 Company: Product Portfolio
Table 111. Phillips 66 Company: Net Sales
Table 112. Phillips 66 Company: Key Stratergies
Table 113. Eog Resources, Inc.: Company Snapshot
Table 114. Eog Resources, Inc.: Operating Segments
Table 115. Eog Resources, Inc.: Product Portfolio
Table 116. Eog Resources, Inc.: Net Sales
Table 117. Eog Resources, Inc.: Key Stratergies
LIST OF FIGURES
Figure 1. Compressed Natural Gas Market Segmentation
Figure 2. Compressed Natural Gas Market, 2020-2030
Figure 3. Compressed Natural Gas Market, 2020-2030
Figure 4. Top Investment Pockets, by Region
Figure 5. Porter Five-1
Figure 6. Porter Five-2
Figure 7. Porter Five-3
Figure 8. Porter Five-4
Figure 9. Porter Five-5
Figure 10. Top Player Positioning
Figure 11. Compressed Natural Gas Market:Drivers, Restraints and Opportunities
Figure 12. Value Chain Analysis
Figure 14. Patent Analysis by Company
Figure 15. Patent Analysis by Country
Figure 15. Compressed Natural Gas Market, by Source, 2020 (%)
Figure 16. Comparative Share Analysis of Associated Gas Compressed Natural Gas Market, 2020-2030 (%)
Figure 17. Comparative Share Analysis of Non Associated Gas Compressed Natural Gas Market, 2020-2030 (%)
Figure 18. Comparative Share Analysis of Unconventional Sources Compressed Natural Gas Market, 2020-2030 (%)
Figure 19. Compressed Natural Gas Market, by End-user, 2020 (%)
Figure 20. Comparative Share Analysis of Light Duty Vehicles Compressed Natural Gas Market, 2020-2030 (%)
Figure 21. Comparative Share Analysis of Medium or Heavy Duty Buses Compressed Natural Gas Market, 2020-2030 (%)
Figure 22. Comparative Share Analysis of Medium or Heavy Duty Trucks Compressed Natural Gas Market, 2020-2030 (%)
Figure 23. Compressed Natural Gas Market by Region, 2020
Figure 24. U.S. Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 25. Canada Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 26. Mexico Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 27. Germany Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 28. France Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 29. U.K. Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 30. Italy Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 31. Spain Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 32. Rest of Europe Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 33. China Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 34. Japan Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 35. India Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 36. Pakistan Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 37. South Korea Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 38. Rest of Asia-Pacific Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 39. Brazil Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 40. Iran Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 41. Africa Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 42. Argentina Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 43. Rest of LAMEA Compressed Natural Gas Market, 2020-2030 ($Million)
Figure 44. Top Winning Strategies, by Year
Figure 45. Top Winning Strategies, by Development
Figure 46. Top Winning Strategies, by Company
Figure 47. Product Mapping of Top 10 Players
Figure 48. Competitive Dashboard
Figure 49. Competitive Heatmap of Top 10 Key Players
Figure 50. Chevron Corporation.: Net Sales, ($Million)
Figure 51. Royal Dutch Shell PLC.: Net Sales, ($Million)
Figure 52. Jw Power Company.: Net Sales, ($Million)
Figure 53. Indraprastha Gas Limited.: Net Sales, ($Million)
Figure 54. Eni.: Net Sales, ($Million)
Figure 55. Trillium Energy.: Net Sales, ($Million)
Figure 56. Total Energies.: Net Sales, ($Million)
Figure 57. Occidental Petroleum Corporation.: Net Sales, ($Million)
Figure 58. Phillips 66 Company.: Net Sales, ($Million)
Figure 59. Eog Resources, Inc. Net Sales, ($Million)

Executive Summary

According to this report titled, 'Compressed Natural Gas Market,' the compressed natural gas market size was valued at $9.9 billion in 2020, and is estimated to reach $22.3 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.

Compressed natural gas (CNG), is one of the most commonly used natural gas in heavy-duty commercial vehicles, including buses, locomotives, trucks, and ships. CNG is mainly composed of methane, which is compressed to less than 1% of the volume to obtain CNG. The concept of using natural gas as alternative to conventional fossil fuel, including gasoline and diesel is increasing rapidly. CNG gained popularity in the market, owing to its eco-friendly nature, better performance advantages, and reduced maintained cost of the engine. Asia-Pacific is the largest consumer of CNG as transit buses and delivery & refuse truck fleets prefer CNG over fossil fuel.

Low-cost of CNG along with rise in energy requirement from transportation industry across the globe drive the growth of the market during the forecast period. In addition, rise in exploration and production activities of non-conventional sources of energy and growth of shale gas market fuel the growth of the compressed natural gas market in the future. Furthermore, rise in stringent government regulations, owing to environmental concern and increase in subsidy among various regions, including Asia-Pacific and LAMEA increase the demand for CNG. However, high initial investment cost and presence of limited number of fuel stations restrain the growth of the compressed natural gas market.

Depending on the source, the non-associated gas segment garnered the highest market share of about 62.4% in 2020, and is expected to maintain its dominance during the compressed natural gas market forecast period. This is attributed to rise in demand for CNG and emergence of non-associated gas reservoir for CNG production across the globe. In addition, rise in exploration and production activities in non-associated gas reservoirs are anticipated to fuel the growth of the global compressed natural gas market in future.

According to end user, the light duty vehicles segment garnered the largest share in 2020, in terms of revenue, and is expected to grow at a CAGR of 8.3%, owing to rise in demand for light duty vehicles with increase in consumer expenditure across the developing regions, including Asia-Pacific and LAMEA. In addition, rise in awareness toward air pollution and cost-effective CNG compared to other fossil fuels is expected to fuel the global compressed natural gas market growth in the future.

Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2020, and is anticipated to maintain this compressed natural gas market trend during the forecast period. This is attributed to presence of huge consumer base, rapid development of the transportation sector, and existence of key players. Moreover, presence of the countries such as China, Japan, India, South Korea, and Pakistan contribute toward the growth of the compressed natural gas market in Asia-Pacific.

The global compressed natural gas market analysis covers in-depth information of the major compressed natural gas industry participants. The key players operating and profiled in the report include Chevron Corporation, Eni, Royal Dutch Shell Plc., EOG Resources, Inc., Trillium CNG, Occidental Petroleum Corporation, Phillips 66 Company, JW Power Company, Total Energies, and Indraprastha Gas Limited.

The other players operating in the compressed natural gas market are Neogas, Inc., Gazprom Neft, BP Plc., GNVERT, ANGI Energy Systems Inc., Exxon Mobil Corporation, Lukoil, Rosneft, National Iranian Gas Company, Mahanagar Gas Limited, and China Natural Gas, Inc.

COVID-19 Impact on the Market

Lockdown imposed, due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for CNG from these consumers. In addition, halt in building & construction of new CNG infrastructures and natural gas fields, owing to unavailability of workers and increase in demand-supply gap hampered the compressed natural gas market growth during the pandemic period. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the compressed natural gas market recovered by the second quarter of 2021, as COVID-19 vaccination begun in various economies across the globe, which improved the global economy.

Key findings of the Study

  • In 2020, the non-associated gas segment accounted for about 62.4% of the share in the global compressed natural gas market, and is expected to maintain its dominance till the end of the forecast period.
  • In 2020, the associated gas segment is accounted for 20.2% market share, and is anticipated to grow at a rate of 7.9% in terms of revenue.
  • In 2020, the light duty vehicle segment accounted for 86.6% market share, and is anticipated to grow at a rate of 8.3% in terms of revenue.
  • Medium/Heavy duty buses is the rapidly growing segment in the global compressed natural gas market, and is expected to grow at a CAGR of 8.5% during 2021-2030.
  • North America is expected to grow at the fastest rate, registering a CAGR of 8.7%, throughout the forecast period.
  • In 2020, Asia-Pacific dominated the global compressed natural gas market with more than 68.13% of the share, in terms of revenue.

Companies Mentioned

  • Chevron Corporation
  • Royal Dutch Shell Plc
  • JW Power Company
  • Indraprastha Gas Limited
  • Eni
  • Trillium Energy
  • Total Energies
  • Occidental Petroleum Corporation
  • Phillips 66 Company
  • EOG Resources, Inc.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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Table Information