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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
Key Market Players
Key Market Segments
By Source
By End User
By Region
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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INDUSTRY KEYWORD: OIL/GAS ENERGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/21/2022 11:39 AM/DISC: 09/21/2022 11:39 AM
http://www.businesswire.com/news/home/20220921005790/en