Global compressed natural gas market is expected to grow with a CAGR of 10.5% over the forecast period of 2018-2024
LONDON, Sept. 20, 2018 /PRNewswire/ -- The report on global compressed natural gas market provides qualitative and quantitative analysis for the period of 2016 to 2024.
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The report predicts the global compressed natural gas market to grow with a CAGR of 10.5% over the forecast period of 2018-2024. The study on compressed natural gas market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific and RoW for the period of 2016 to 2024.
Increasing use of natural gas in the automotive industry is the major factor driving the growth of the compressed natural gas market. CNG can be used in the traditional internal combustion engines that have been originally designed for gasoline and diesel that is anticipated to fuel the growth of the compressed natural gas market. In addition, increase demand for hybrid vehicle and stringent regulation on the use of commercial passenger vehicles fitted with CNG as this cause low carbon emission is boosting the growth of the compressed natural gas market. However, lack of infrastructure and high installation cost for storage are the factors likely to hamper the growth of the compressed natural gas market during the forecast period. Furthermore, increasing research and development investment on dual fuel technology by the leading automobile manufacturers are anticipated to open several doors of opportunity foe the key players in the compressed natural gas market over the years to come.
Among the geographies, Asia Pacific is the largest consumer of compressed natural gas as transit buses and delivery & garbage truck fleets prefer CNG to fossil fuel. Europe followed by Asia pacific emerged as the second largest compressed natural gas market. Further, favorable government initiatives such as subsidies especially in key consuming economies such as China, and India are promoting the use of CNG due to its low greenhouse gases emission properties,which in turn is projected to fuel the demand for the CNG over the forecast period. On the other hand, Increasing exploration and production of conventional natural gas reserves especially in Middle East & Africa are anticipated to fuel the demand for compressed natural gas market.
The report on compressed natural gas market is a comprehensive study and presentation of drivers, restraints, opportunities, demand factors, market size, forecasts, and trends in the global compressed natural gas market over the period of 2016 to 2024. Moreover, the report is collective presentation of primary and secondary research findings.
Porter's five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global compressed natural gas market over the period of 2016 to 2024. Further, IGR- Growth Matrix given in the report brings an insight on the investment areas that existing or new market players can consider.
Research Methodology
A) Primary Research
Our primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached through
1. Key Opinion Leaders associated with Infinium Global Research
2. Internal and External subject matter experts
3. Professionals and participants from LinkedIn, Hoovers, Factiva and Bloggers
Our primary research respondents typically include
1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/ country managers
5. Vice President level executives.
B) Secondary Research
Secondary research involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.
The secondary sources of the data typically include
1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies
Segment Covered
The global compressed natural gas market is segmented on the basis of source and application.
Global Compressed Natural Gas Market by Source
- Non-Associated Gas
- Associated Gas
- Unconventional Methods
Global Compressed Natural Gas Market by Application
- Light Duty Vehicles
- Medium Duty Vehicles
- Heavy Duty Vehicles
Company Profiles
- J-W Power Company
- Indraprastha Gas Limited
- National Iranian Gas Company
- Trillium CNG
- ANGI Energy Systems Inc.
- Hexagon Composites ASA
- Quantum Fuel Systems Technologies Worldwide Inc.
- GNVert
- Luxfer Group
- Quantum Fuel Systems Technologies Worldwide Inc.
How this report delivers?
1. Comprehensive analysis of global as well as regional markets of compressed natural gas market .
2. Complete coverage of all the segments in compressed natural gas market to analyze the trends, developments in the global market and forecast of market size up to 2024.
3. Comprehensive analysis of the companies operating in global compressed natural gas market . The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. IGR- Growth Matrix presents analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
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