CNG Market Size & Analysis - Forecasts To 2025 By Source (Associated Gas, Non-Associated Gas, Unconventional Methods), By Application (Light Duty Vehicles, Medium Duty Vehicles, Heavy Duty Vehicles), By Region (North America, Europe, Asia-Pacific, Central & South America, Middle East & Africa), Vendor Landscape, End-use Landscape, and Competitive Landscape - Global Market Estimates
CNG Market Insights
The global CNG market is projected to grow exponentially over the coming years. The need to reduce carbon footprint has led to stringent emission norms that have to be followed by vehicle manufacturers. Shale gas reserves in North America have led to a drastic drop in prices for CNG across the world. The demand of CNG driven vehicles have observed high demand over the past few years on account of its low cost as compared to gasoline and diesel.
Important factors that are anticipated to contribute to the growth of this market include the increasing demand in Asia Pacific, preference for natural gas in the automotive industry, and environmental awareness across the world.
CNG Market: Source Insights
On the basis of source, the CNG market is segmented into associated gas, non-associated gas, and unconventional methods. Non-associated gas segmented emerged as the largest contributor to the CNG market. The discovery of a large reservoir of dry gas in North America, Europe, and countries such as Iran, Qatar, Saudi Arabia, and Algeria are anticipated to drive production of CNG through non-associated gas sources. Increasing investment in pipeline infrastructure development for the transport of non-associated gas is also anticipated to positively impact market growth.
CNG Market: Application Insights
On the basis of application, the CNG market is segmented light duty vehicles, medium duty vehicles, and heavy duty vehicles. Light duty vehicles application segment occupied the largest share in the market and are expected to grow at the highest CAGR over the coming years. The demand for CNG in the passenger car segment is projected to grow exponentially due to their economic cost and low emission rate.
CNG Market: Regional Insights
The demand for CNG in Asia Pacific is projected to grow at the highest CAGR on account of high purchase of natural gas driven vehicles and investments in building CNG stations across countries. Countries such as India, China, Indonesia, and Malaysia are anticipated to observe high demand for CNG over the coming years on account of the growing purchase of CNG driven vehicles by middle class population and in the public transportation sector.
Public transport options available in South Korea, Japan, and India among other countries are mostly driven by CNG in order to reduce carbon emissions. Europe is anticipated to occupy the second largest share in the market. According to NGVA, France is expected to invest in more than 250 LPG and CNG filling stations in order to improve the quality of air in cities. Central & South America is also expected to grow at a high CAGR over the coming years on account of increasing investments in CNG commercial vehicles in private and public transport of Brazil and Argentina.
CNG Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase compressed natural gas over the coming years. Some leading consumers in the market include NGVAmerica, EVO CNG, and SoCalGas among others.
CNG Market: Competitive Landscape
Some of the major companies involved in the CNG market include National Iranian Gas Company, J-W Power Company, Indraprastha Gas Limited (IGL), Mahanagar Gas Limited (MNGL), Trillium CNG, OAO GasProm, ANGI Energy Systems Inc., GNVert, China Natural Gas Inc., and NeoGas Inc. among others.
Please note: This is not an exhaustive list of companies profiled in the report.
We value your investment and offer free customization with every report to fulfil your exact research needs.
The global CNG Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the CNG Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies, and customer analytics.
Tailor made solutions just for you
80% of our clients seek made-to-order reports. How do you want us to tailor yours?