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 Compressed Natural Gas (CNG) Market: https://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
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/compressed-natural-gas-cng-market/request/rs1
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.
For
more info visit @ https://www.grandviewresearch.com
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