The latest market report published by Credence Research, Inc. “Compressed Natural Gas (CNG) Market, By Source, By Application and By Geography- Growth, Future Prospects and Competitive Analysis, 2016 – 2024,” the global compressed natural gas (CNG) market was valued at US$ 69.1 Bn in 2016, and is expected to each US$ 154.1 Bn by 2024, expanding at a CAGR of 10.5% from 2016 to 2024.
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Global compressed natural gas (CNG) market is projected to witness high growth over the forecast period. Increasing adoption of CNG as alternative fuel to gasoline and diesel due to increasing fuel efficiency of the vehicles is projected to encourage the use of CNG as vehicle fuel. Further, favorable government initiatives such as subsidies especially in key consuming economies of Asia Pacific such as China, and India to promote the use of CNG due to its low greenhouse gases emission properties is projected to fuel the demand for the CNG over the forecast period. Increasing investment in infrastructure to increase the penetration of CNG as a vehicle fuel is also expected to augment the growth of the segment. This in turn is projected to drive the demand for CNG over the forecast period. However, lack of infrastructure and high installation cost for the storage and supply of CNG is expected to remain the key challenge for the global compressed natural gas (CNG) market during the forecast period (2016-2024).
Asia Pacific is projected to be the key consuming market in global compressed natural gas (CNG) market. Increasing number of natural gas based automobile coupled increasing investment in infrastructure for CNG storage and distribution facilities in the region is projected to augment the demand for CNG in the region. Further, favorable regulatory support to promote CNG as the alternative auto fuel due to its low greenhouse emission characteristics is anticipated to fuel the demand of CNG in the region. The region is also projected to witness highest growth over the forecast period (2016-2024).
By Source, non- associated segment was the most dominant segment in 2015 and anticipated to continue its dominance of over the forecast period. Increasing exploration and production of conventional natural gas reserves especially in Middle East & Africa and Europe is anticipated to drive the growth of the segment during the forecast period. Unconventional segment is expected to be the fastest growing segment during the forecast period. Growing shale gas production in U.S., Canada and China is anticipated to fuel the supply of natural gas through unconventional reserves over the forecast period (2016-2024).
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By application, light passenger vehicles segment was observed to be the largest segment in 2015 in compressed natural gas (CNG) market owing to growing popularity of the CNG as an auto fuel due to higher efficiency of the CNG powered vehicles. Further, growth in number of passenger car due to growth in per capita disposable income of middle class especially in China and India is projected to fuel the demand for the CNG during the forecast period. The segment is anticipated to grow at significant rate and projected to maintain its dominance over the forecast period (2016-2024).
Considering the competition, the global compressed natural gas (CNG) market is expected to witness a significant rise in investment in capacity expansion for the production and supply of CNG. Further, market has witnessed strategic mergers and collaborations among compressed natural gas (CNG) regional and global players. Such growth strategies are focused on increasing their market penetration in key consuming economies.