Compressed Natural Gas Market Size on Track for USD 465.52 Billion by 2031, Growing at 12.3% CAGR Amid Asia Pacific Expansion- Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research Inc. , Nov. 21, 2024 (GLOBE NEWSWIRE) -- The global compressed natural gas market (압축 천연 가스 시장) is estimated to flourish at a CAGR of 12.3% from 2021 to 2031. Transparency Market Research projects that the overall sales revenue for compressed natural gas is estimated to reach US$ 465.52 billion by the end of 2031.
Geostrategic developments influence the global energy landscape, influencing compressed natural gas market dynamics. Geopolitical stability, regional collaborations, and geopolitical shifts contribute to shaping the market by affecting production, distribution, and pricing strategies.
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Some prominent manufacturers are as follows:
- National Iranian Gas Company
- Indraprastha Gas Ltd (IGL)
- OAO Gazprom
Changing consumer preferences and a growing societal inclination towards eco-friendly alternatives contribute significantly. Public awareness and acceptance of CNG as a viable fuel option play a pivotal role in shaping market trends.
Efforts to harmonize regulations and standards related to CNG across regions foster market growth. Streamlined regulatory frameworks reduce barriers, encourage investments, and create a conducive environment for the expansion of CNG applications.
Key Findings of the Market Report
- Unconventional methods lead the compressed natural gas market, with innovative extraction techniques meeting the rising demand for sustainable energy.
- MD/HD buses stand out as the leading end-user segment in the compressed natural gas market, reflecting a growing preference for sustainable public transportation.
- Europe leads the compressed natural gas market, driven by stringent environmental regulations and sustained commitment to decarbonization initiatives.
Compressed Natural Gas Market Growth Drivers & Trends
- Increasing global focus on reducing carbon emissions propels the demand for compressed natural gas as a cleaner alternative to conventional fuels, fostering sustainable transportation solutions.
- Stringent environmental regulations and government incentives worldwide promote CNG adoption, encouraging investments in infrastructure development and technology advancements to meet clean energy targets.
- Rapid urbanization and growing infrastructure projects drive the need for sustainable energy sources, positioning CNG as a key player in meeting the rising demand for efficient and environmentally friendly fuel options.
- Ongoing innovations in CNG storage, distribution, and refueling technologies enhance efficiency, safety, and convenience, contributing to market growth by addressing challenges and expanding the application of CNG.
- Increasing collaboration between CNG providers and automotive manufacturers, as well as the development of CNG-compatible vehicles, accelerates market expansion, offering consumers eco-friendly alternatives in the transportation sector.
Global Compressed Natural Gas Market: Regional Profile
- In North America, a robust shift towards cleaner energy sources propels the compressed natural gas market. Key players like Clean Energy Fuels and Apache Corporation are at the forefront, capitalizing on a burgeoning infrastructure and governmental incentives promoting sustainable practices. With a focus on reducing carbon emissions, North America is witnessing an increasing adoption of CNG in transportation, particularly in the United States and Canada.
- In Europe, stringent environmental regulations and a commitment to decarbonization are steering the compressed natural gas market forward. Major players like Gazprom and Royal Dutch Shell lead the charge, investing in advanced CNG technologies and bolstering distribution networks. The European Union's emphasis on sustainable mobility fuels the growth of CNG as a viable alternative, especially in countries like Germany and Italy.
- The Asia Pacific region showcs a diverse landscape in the compressed natural gas market. India, with its rapidly expanding urban centers, witnesses a surge in demand for cleaner fuels, positioning Indraprastha Gas Limited and Mahanagar Gas Limited as key players. China, driven by environmental concerns and government initiatives, sees a growing CNG market led by China National Offshore Oil Corporation (CNOOC).
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Compressed Natural Gas Market: Competitive Landscape
The compressed natural gas market is witnessing intense competition as the global demand for cleaner fuel alternatives rises. Key players like Gazprom, Clean Energy Fuels, and Royal Dutch Shell dominate, leveraging extensive distribution networks and technological innovations.
Regional players such as Indraprastha Gas Limited and China National Offshore Oil Corporation contribute significantly, focusing on localized market penetration. Emerging entrants are bringing innovation, emphasizing sustainable practices, and fostering collaborations with automotive manufacturers.
Regulatory support for environmental initiatives further intensifies the competition, prompting companies to invest in research and development to enhance CNG infrastructure and ensure a competitive edge in this dynamic market.
Product Portfolio
- National Iranian Gas Company, a leading energy provider, ensures a seamless gas supply across Iran. Committed to excellence, NIGC plays a vital role in advancing the nation's energy infrastructure, delivering reliable and sustainable gas solutions.
- Indraprastha Gas Ltd (IGL), a pioneer in clean energy, spearheads India's natural gas distribution. With a focus on environmental sustainability, IGL provides efficient and eco-friendly gas solutions, contributing to the nation's energy transition and fostering a greener future.
Compressed Natural Gas Market: Key Segments
By Source
- Associated Gas
- Non-associated Gas
- Unconventional Methods
By End User
- LD Vehicles
- MD/HD Buses
- MD/HD Trucks
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South & Central America
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