Global compressed
natural gas (CNG) market is anticipated to reach USD 129.77 billion by
2020, according to a new study by Grand View Research, Inc. Growth of
global natural gas vehicles (NGVs) industry coupled with increased automobile
fuel efficiency attributed by CNG is anticipated to remain a key driving factor
for the global market. Government subsidiaries in form of financial incentives
particularly in Asia Pacific and Latin America is also expected to have a
positive impact on the market growth. Positive outlook on exploration of
unconventional resources including shale gas particularly in U.S. and China is
expected to provide growth opportunities for market participants. High initial
investment for CNG automobile storage tanks is expected to remain a key
challenge for market participants over the forecast period. Increasing R&D
expenditure by automobile manufactures on developing dual fuel engines is
expected to remain a critical success factor over the next six years.
Non-associated gas emerged as leading source for CNG
and accounted for 89.9% of total market volume in 2013. Increasing drilling
activities particularly in Middle East is expected to ensure continuous supply
of non-associated gases for CNG over the forecast period. Unconventional
methods are expected to be the most lucrative source segment growing at an
estimated CAGR of 28% from 2014 to 2020.
Browse full research report on Global Compressed Natural
Gas (CNG) Market: http://www.grandviewresearch.com/industry-analysis/compressed-natural-gas-cng-market
Further
key findings from the study suggest:
- Global CNG demand was 61,668 MCM in 2013 and is expected to reach
108,957.9 MCM by 2020, growing at a CAGR of 8.5% from 2014 to 2020.
- Light duty vehicles (LDV) were the largest CNG consuming segment
and accounted for 48.3% of total market volume in 2013. Growth of
passenger cars particularly in emerging markets of BRICS is expected to
drive this segment. LDV is also expected to witness highest growth rate
over the forecast period. The segment is expected to grow at an estimated
CAGR of 9.1% from 2014 to 2020.
- Asia Pacific was the leading regional CNG market and is expected to
continue its dominance over the next six years in the global market. The
region accounted for 46.6% of total market volume in 2013. Positive
outlook on automotive industry coupled with government support to promote
the use of alternative transportation fuel particularly in China and India
is expected to drive the regional CNG market. Central & South America
is expected to be the fastest growing regional market for CNG at an
estimated CAGR of 17% from 2014 to 2020.
- Highly fragmented CNG industry participants compete on the basis of
price differentiation across various regions. Major industry participants
operating in the global CNG market include National Iranian Gas Comp,
Indraprastha Gas Ltd (IGL), China Natural Gas Inc and Mahanagar gas Ltd
(MNGL).
Browse more reports of this category
by Grand View Research: http://www.grandviewresearch.com/industry/conventional-energy
Grand
View Research has segmented the CNG market on the basis of source, application
and region:
Global
Compressed Natural Gas (CNG) Source Outlook (Volume, MCM; Revenue, USD Billion,
2012 - 2020)
- Non-Associated
Gas
- Associated
Gas
- Unconventional
Methods
Global
Compressed Natural Gas (CNG) Application Outlook (Volume, MCM; Revenue, USD
Billion, 2012 - 2020)
- Light Duty
Vehicles
- Medium/Heavy
Duty Buses
- Medium/Heavy
Duty Trucks
- Others
Global
Compressed Natural Gas (CNG) Regional Outlook (Volume, MCM; Revenue, USD
Billion, 2012 - 2020)
- North America
- Europe
- Asia Pacific
- Middle East
& Africa
- Central &
South America
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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