Worldwide compressed natural gas (CNG) market is projected to amass over US $218.18 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Compressed natural gas has emerged as an important clean fuel being used in the conventional internal combustion gasoline engines. The CNG-fueled vehicles are widely being used in regions including Asia Pacific, Europe, North America, and Latin America due to the rising prices of gasoline, as well as for reducing carbon emissions.
Amid growing concerns regarding environmental pollution, and the high prices of diesel/petrol as compared to CNG, the green fuel has gained prominence in the league of transportation fuels for every vehicle type. However, the initial spending for conversion to CNG stands as a barrier for using CNG as a transportation fuel. Public transportation vehicles are the early adopters of CNG, as it is easier to amortize the money invested in the new fuel type at a faster rate. According to the report, the number of CNG vehicles around the world has grown by about 30 percent annually over the last five years.
CNG offers benefits such as emitting less impurities than diesel or gasoline-based engines. Furthermore, CNG is more fuel-efficient as compared to gasoline, and it helps augment vehicle longevity and maintenance intervals. The technological enhancements in CNG vehicles such as clean burning fuel systems, help save around half of the gasoline prices with relatively lower levels of emission, thereby contributing to a greener environment. Owing to the aforementioned factors, CNG is increasingly being preferred over other fuels, and the industry is poised to develop remarkably over the forecast timeline.
Based on the product type the global CNG market is bifurcated into associated gas, non-associated gas, and unconventional gas. While, on the basis of vehicle types, the market can be fragmented into medium/heavy duty vehicles, light passenger vehicles, and three-wheeler vehicles.
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The worldwide compressed natural gas market can geographically be segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. The report cites that Asia Pacific emerged as the largest regional market in the year 2017. Pakistan emerged as the largest market with most CNG vehicles in the country. India, Thailand, and China are other emerging countries, with high demand for the product.
Furthermore, Latin America is slated to be one of the fastest developing regional markets over the forecast period, owing to the substantial demand from Brazil and Argentina. Europe is also anticipated to become a potential contributor to the global market, with Italy and Russia as the leading markets in the region. On the other hand, the rising popularity of electric vehicles in countries such as the Netherlands is likely to obstruct the industry growth to some extent.
The leading market players profiled in the report are China Natural Gas Inc., Mahanagar gas Limited (MNGL), ANGI Energy Systems Inc., National Iranian Gas Company, NeoGas Inc., J-W Power Company, Trillium CNG, GNVert, Indraprastha Gas Limited (IGL), and OAO GasProm, among others.