Compressed Natural Gas Market Worth $22.3 Billion | APAC Growing by Japan, South Korea, Australia, Singapore, Taiwan

Compressed Natural Gas (CNG) Market projected to grow at a CAGR of 8.2% from 2021 to 2030.

Compressed natural gas market is anticipated to witness robust growth due to rise in demand for CNG as automotive fuel across the globe.”
— Allied Market Research (AMR)

WILMINGTON, DELAWARE, UNITED STATES, March 21, 2024 /EINPresswire.com/ --

According to a new report published by Allied Market Research, The compressed natural gas market size was valued at $9.9 billion in 2020, and is estimated to reach $22.3 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.

The compressed natural gas (CNG) market refers to the industry and market dynamics surrounding the production, distribution, and consumption of natural gas that has been compressed for use as a transportation fuel.

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Asia-Pacific dominated the market in 2020, and is anticipated to maintain this compressed natural gas market trend during the forecast period. This is attributed to presence of huge consumer base, rapid development of the transportation sector, and existence of key players.

The other players operating in the compressed natural gas market are Neogas, Inc., Gazprom Neft, BP Plc., GNVERT, ANGI Energy Systems Inc., Exxon Mobil Corporation, Lukoil, Rosneft, National Iranian Gas Company, Mahanagar Gas Limited, and China Natural Gas, Inc.

CNG is primarily composed of methane gas, which is extracted from natural gas wells and processed to remove impurities such as water, carbon dioxide, and sulfur. The resulting pure methane gas is then compressed and stored in high-pressure tanks on vehicles.

The demand for compressed natural gas as a transportation fuel has been increasing due to its environmental benefits and cost advantages over traditional fossil fuels. CNG is considered a cleaner alternative to gasoline and diesel, as it produces lower emissions of greenhouse gases, particulate matter, and other pollutants.

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CNG is a cleaner-burning fuel compared to gasoline and diesel. It produces fewer emissions of carbon dioxide (CO2), nitrogen oxides (NOx), sulfur oxides (SOx), and particulate matter. As a result, CNG is often used in transportation sectors, such as public transit buses, garbage trucks, and commercial fleets, to reduce emissions and improve air quality.

Compressed natural gas (CNG) is a type of natural gas that is compressed to a high pressure, typically between 2,900 and 3,600 psi (pounds per square inch), to make it more efficient and economical for use as a transportation fuel. CNG is a clean-burning fuel that produces lower emissions than gasoline or diesel, making it a popular alternative fuel for vehicles.

CNG can be used in a variety of vehicles, including cars, buses, and trucks, either as a dedicated fuel or in conjunction with gasoline or diesel in a dual-fuel system. Vehicles that run on CNG typically require modifications to their engines and fuel systems to accommodate the higher pressure and different characteristics of the fuel.

The expansion of the CNG market relies on the development of a robust refueling infrastructure. CNG refueling stations can be built as standalone stations or integrated into existing gas stations. The availability and accessibility of refueling stations are crucial for the widespread adoption of CNG vehicles.

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The adoption of CNG as a transportation fuel requires the use of dedicated CNG vehicles or the conversion of existing vehicles to run on CNG. Many vehicle manufacturers offer CNG-powered options for a range of vehicle types, including passenger cars, trucks, and buses.

Depending on the source, the non-associated gas segment garnered the highest market share of about 62.4% in 2020, and is expected to maintain its dominance during the compressed natural gas market forecast period. This is attributed to rise in demand for CNG and emergence of non-associated gas reservoir for CNG production across the globe.

One of the primary benefits of CNG as a transportation fuel is its lower cost compared to gasoline or diesel. CNG is typically cheaper than gasoline or diesel on a per-gallon equivalent basis, and its use can result in significant fuel cost savings over the life of a vehicle. Additionally, CNG is a domestically produced fuel, which can help reduce dependence on imported oil.

According to end user, the light duty vehicles segment garnered the largest share in 2020, in terms of revenue, and is expected to grow at a CAGR of 8.3%, owing to rise in demand for light duty vehicles with increase in consumer expenditure across the developing regions, including Asia-Pacific and LAMEA.

Overall, CNG is an alternative fuel with the potential to provide significant environmental and economic benefits, particularly in the transportation sector. However, its widespread adoption depends on the development of a reliable and accessible refueling infrastructure and continued advances in vehicle technology.

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However, there are also some challenges associated with CNG use. One of the biggest challenges is the need for a robust refueling infrastructure, as CNG refueling stations are not as widespread as gasoline or diesel stations. Additionally, the range of vehicles running on CNG may be limited compared to gasoline or diesel vehicles, requiring more frequent refueling.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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