Insights Into The Compressed Natural Gas Market’s Growth Opportunities Through 2023-2032 – Includes Compressed Natural Gas Market Overview
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The increased use of CNG-powered cars is likely to stimulate innovation in compressed natural gas manufacturing, propelling the market during the forecast period.
The global compressed natural gas market is expected to grow from $147.16 billion in 2022 to $166.90 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The global compressed natural gas market size is expected to reach $269.99 billion in 2027 at a CAGR of 12.8%.
Get A Free Sample On The Global Compressed Natural Gas Market Report:
Global Compressed Natural Gas Market Segments Include:
- By Type: Non-Associated Gas, Associated Gas, Unconventional Sources
- By Product Type: Dedicated Fuel, Bi-Fuel, Dual Fuel
- By Application: Light Passenger Vehicles, Medium or Heavy Duty Vehicles, Other Applications
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global compressed natural gas market in 2021.
Major Market Players in the compressed natural gas market include Chevron Corporation, Shell Plc., J-W Power Company, The Phillips 66 Company, Trillium Energy, NeoGas Inc., TotalEnergies SE, EOG Resources Inc., Occidental Petroleum Corporation.
Product innovation is a crucial trend that is gaining traction in the compressed natural gas market. To increase their market position, major players in the compressed natural gas sector are implementing novel products. For example, Noble Gas Systems, a storage tank manufacturer based in the United States, will launch a Conformable Compressed Gas Storage System in December 2020 to build a safe, conformable, lightweight compressed gas storage and delivery system in automobiles. Natural gas, air, oxygen, hydrogen, and nitrogen are among the most common compressed gases that the Noble Gas high-pressure, lightweight storage and delivery system can support. It has a tank lined with polymer, weaving reinforcement, and a protective outer shell. Furthermore, the system meets burst and hydrogen permeation standards for 350-bar operating pressures, as well as having a leak-before-burst failure mode to prevent the chance of a catastrophic, rapid release of high-pressure gas, making it a safer option to conventional solutions.
The Compressed Natural Gas Global Market Report 2023 provides a compressed natural gas market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The compressed natural gas market forecast analyzes compressed natural gas market size, compressed natural gas market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Compressed natural gas is a gaseous mixture of hydrocarbon gases and vapours that is mostly composed of compressed methane for use as a fuel in automobiles. Compressed natural gas is used in a range of light, medium and heavy-duty applications to obtain nearly the same fuel efficiency as regular petrol.
Explore Similar Reports From The Business Research Company:
Learn More About The Business Research Company
The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Follow us on:
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: