Insights on the Compressed Natural Gas Global Market to 2030 - Rising Demand for CNG as Vehicle Fuel is Driving Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 21, 2022--
The "Compressed Natural Gas Market By Source, By End User: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
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 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.
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
For more information about this report visit https://www.researchandmarkets.com/r/7hdyll
View source version on businesswire.com:https://www.businesswire.com/news/home/20220921005790/en/
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KEYWORD:
INDUSTRY KEYWORD: OIL/GAS ENERGY
SOURCE: Research and Markets
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