The Compressed Natural Gas Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Compressed Natural Gas Global Market Report 2024, The compressed natural gas market size has grown rapidly in recent years. It will grow from $166.9 billion in 2023 to $189.33 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to environmental regulations and emissions compliance, fuel cost savings, transportation sector adoption, government incentives and subsidies, energy security and diversification.
The compressed natural gas market size is expected to see rapid growth in the next few years. It will grow to $304.04 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to global push for clean energy, rise of renewable natural gas (RNG), government initiatives for sustainable mobility, expansion of CNG infrastructure, urban air quality initiatives. Major trends in the forecast period include advancements in CNG storage technology, technological advancements in CNG vehicles, infrastructure development, growth in natural gas vehicles (NGV), advancements in CNG storage technology.
The rise in the number of CNG-powered vehicles is expected to propel the growth of the compressed natural gas market going forward. CNG-powered vehicles are vehicles that are fueled solely by the combustion of compressed natural gas (CNG) as an alternative to other fossil fuels. CNG-powered vehicles are gaining popularity in recent years due to their number of advantages such a cheaper option as compared to other combustion fuels, increasing engine lifespan due to less gasoline contamination of the motor oil, extended intervals between car servicing activities such as tune-ups and oil changes and produces less harmful gases as compared to conventional fuels. For instance, according to the report published by the International Association for Natural Gas Vehicles, a New Zealand-based association for natural gas vehicles, more than 30 million natural gas vehicles (NGVs) were expected to be in use worldwide by the end of 2021. Therefore, the rise in the number of CNG-powered vehicles is driving the growth of the compressed natural gas market.
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The compressed natural gas market covered in this report is segmented –
1) By Type: Non-Associated Gas, Associated Gas, Unconventional Sources
2) By Product Type: Dedicated Fuel, Bi-Fuel, Dual Fuel
3) By Application: Light Passenger Vehicles, Medium or Heavy Duty Vehicles, Other Applications
Major companies operating in the compressed natural gas market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in October 2022, Advik Hi-Tech Private Limited, an India-based automotive components manufacturing company, announced a collaboration with NIKKI CO. LTD., a Japan-based fuel devices company. Advik Hi-Tech collaborated with Nikki Co Ltd to manufacture compressed natural gas (CNG) regulators in India. The collaboration aims to introduce sustainable innovations in CNG mobility solutions to the Indian market at an affordable cost. The partnership leverages Nikki’s proven technology in the design and manufacturing of alternate fuel system products for CNG, LPG, and LNG vehicles, coupled with Advik’s manufacturing capabilities. The CNG regulators produced through this collaboration will cater to internal combustion engine applications in the Indian passenger car and commercial vehicle market. The partnership aligns with the Indian government’s Atmanirbhar Bharat initiative, contributing to the indigenization of leading global technologies and supporting the country’s shift toward cleaner fuels.
The compressed natural gas market report table of contents includes:
1. Executive Summary
2. Compressed Natural Gas Market Characteristics
3. Compressed Natural Gas Market Trends And Strategies
4. Compressed Natural Gas Market – Macro Economic Scenario
5. Global Compressed Natural Gas Market Size and Growth
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26. South America Compressed Natural Gas Market
27. Brazil Compressed Natural Gas Market
28. Middle East Compressed Natural Gas Market
29. Africa Compressed Natural Gas Market
30. Compressed Natural Gas Market Competitive Landscape And Company Profiles
Top Major Players:
- Royal Dutch Shell PLC
- TotalEnergies SE
- Chevron Corporation
- Phillips 66 Company
- PJSC Gazprom
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