The global compressed
natural gas market is projected to reach USD 218.18 billion by 2026 and grow at a CAGR of 11.9% between 2018
and 2026. according to a new study
published by Polaris Market Research.
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CNG has been
gaining importance as clean fuel in traditional internal combustion gasoline
engines. CNG fueled vehicles are increasingly being used in Asia-Pacific
region, Europe, Latin America, and North America owing to the increasing
gasoline prices and as an important initiative to reduce carbon emissions.
Higher prices of petrol/diesel compared to CNG and increasing concerns for
environmental pollution, CNG has found a prominent space in the league of
transportation fuels for all types of vehicles. The initial conversion cost to
CNG is a barrier for the users as a transportation fuel.
However, the
public transportation vehicles have been the early adopters of the product, as
it is easy to amortize the money invested at a faster rate in the new fuel
type. Apart from these, the number of CNG vehicles worldwide has grown annually
at 30% for the past five years.
CNG itself has
been a significant phenomenon which is out in the global market for the past
decade. Its benefits of being the cleanest fossil fuel that emit the least
amount of impurities that gasoline or diesel produces. Moreover, CNG is much
more fuel efficient in comparison to gasoline. Owing to its
clean-characteristics, it increases vehicles longevity and increases the
maintenance intervals. Change of engine oil with filter is required to be done
after every 3,000 to 4,000 miles for a typical gasoline vehicle, but for the
CNG vehicles it extends over 9,000 to 10,000 miles.
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Technological
developments in CNG vehicles which are currently equipped with clean burning
fuel systems, CNG enables to save almost half of the gasoline price along with
much lower levels of emission thus contributing towards a greener environment.
Therefore, these factors of CNG being the cleanest transportation fuel for
vehicles with an offering of similar vehicle performance, relatively low
product cost and with significantly low carbon emissions compared to other
fossil fuels, the industry is expected to develop significantly over the
forecast period.
Asia Pacific
was the largest regional market in 2017. Pakistan was the largest market in
terms of presence of CNG vehicles in the region. India, China and Thailand are
yet other emerging nations for growing product demand. Latin America is
expected to be one of the fastest growing regional markets backed by momentous
demand from Argentina and Brazil. Europe on the other hand is a potential
contributor to its demand with Russia and Italy leading the way, however,
growing popularity of electric vehicles in many of the nations such as the
Netherlands is projected to hinder industry growth over the forecast period.
Some of the
leading industry participants include 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, and Indraprastha
Gas Limited (IGL).
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Key Segments:
CNG Market Size
and Forecast by Product Type
·
Key Findings
·
Associated gas
·
Non Associated Gas
·
Unconventional Gas
CNG Market Size
and Forecast by Vehicle Type
·
Key Findings
·
Light Passenger Vehicles
·
Medium/Heavy Duty Vehicles
·
Three Wheeler Vehicles
CNG Market Size
and Forecast by Regions
·
North America [U.S., Canada]
·
Europe [Germany, UK, France, Italy, Spain,
Belgium, Netherlands, Rest of Europe]
·
Asia-Pacific [China, India, Japan, South
Korea, Singapore, Malaysia, Rest of Asia-Pacific]
·
Latin America [ Brazil, Mexico, Argentina,
Rest of Latin America]
·
Middle East and Africa [Israel, South
Africa, Saudi Arabia, UAE, Rest of MEA]
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Insights and Segment-Specific Information, Contact a Market Analyst at @ https://www.polarismarketresearch.com/industry-analysis/compressed-natural-gas-cng-market/speak-to-analyst
