Compressed Natural Gas (CNG) Market Size Worth $269.7 Billion By 2027 | CAGR: 12.8%: Polaris Market Research

NEW YORK, Feb. 8, 2021 /PRNewswire/ -- The global compressed natural gas (CNG) market size is expected to reach USD 269.7 billion By 2027 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 12.8% from 2020 to 2027. Increasing environmental concerns, rising diesel and gasoline prices, and growing demand for CNG as a substitute for other fuels are some of the promising factors that fueling demand for the global CNG market. Rising investment in infrastructure to expand the penetration of compressed natural gas as a vehicle fuel is also projected to propel the market growth. Additionally, stringent government regulations to support the pollution control initiatives coupled with a rise in the use of CNG in major metropolitan cities further support the substantial growth of the market.

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Key Takeaways for Compressed Natural Gas (CNG) Market

• Based on type, the non-associated gas reservoir is anticipated to emerge as the leading source segment. Increasing exploration of unconventional gas reservoirs to meet the increasing energy needs across the globe is predicted to drive the market for CNG during the forecast period.
• By application, the light passenger vehicle segment accounted for the largest share in the market and is estimated to make more addition to it over the forecast period. Introduction of in-built CNG fuel tanks to increase the efficiency of light passenger vehicles and reduce maintenance costs supporting the segmental growth.
• Basalt Infrastructure Partners LLC, a leading infrastructure investment firm has officially announced the acquisition of Xpress Natural Gas (XNG). XNG provides low-carbon energy solutions to industrial, utility, and commercial end-users.

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Regional Insights:

Asia Pacific is expected to emerge as the key consuming market for CNG Market. An increase in the number of CNG-based vehicles and favorable regulatory support is helping the regional growth. The regional market in North America is projected to grow substantially owing to rising demand for natural gas vehicles (NGVs) and increasing middle-class disposable incomes. Furthermore, increasing marketing efforts by companies to promote CNG as an ideal alternative fuel is further complementing the growth of the regional market.

Competitive Landscape:

Considering the tough competition, the global market for compressed natural gas (CNG) is expected to witness a remarkable rise in the investment from leading companies for capacity expansion in the production and distribution of CNG. China Natural Gas Inc., NeoGas Inc, ANGI Energy Systems Inc, GNVert, Trillium CNG, OAO GasProm, J-W Power Company, Mahanagar Gas Limited (MNGL), National Iranian Gas Company, Indraprastha Gas Limited (IGL), ExxonMobil, Chevron, ConocoPhillips, EOG Resources, Occidental Petroleum, Phillips 66, Valero Energy, Halliburton, Anadarko Petroleum, and Marathon Petroleum. are some of the key players holding prominent positions in the market. These companies adopted key strategies such as acquisitions, collaboration, and mergers that helped them to gain a competitive edge.

Target Audience

• Supply Side: Petroleum Companies
• Demand Side: Private Vehicle Owners, Commercial Vehicle Owners
• Regulatory Side: Natural Gas Regulatory Board (PNGRB)

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Polaris Market research has segmented the Compressed Natural Gas (CNG) market report on the basis of type, application, and region

Compressed Natural Gas (CNG) Type Outlook (Volume – Billion Cubic Meter, Revenue – USD Billion, 2016 – 2027)

• Non-associated
• Associated
• Unconventional methods

Compressed Natural Gas (CNG) Application Outlook (Volume – Billion Cubic Meter, Revenue – USD Billion, 2016 – 2027)

• Light passenger vehicle
• Medium/heavy duty vehicles
• Others

Compressed Natural Gas (CNG) Regional Outlook (Volume – Billion Cubic Meter, Revenue – USD Billion, 2016 – 2027)

• North America
• U.S.
• Canada
• Mexico
• Europe
• France
• Germany
• UK
• Italy
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa

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About Polaris Market Research

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SOURCE Polaris Market Research