Analysts’ Viewpoint on Compressed Natural Gas Market Scenario
The increasing prices of transportation fuels such as gasoline and diesel is responsible for the rising demand for low cost, low emissive compressed natural gas. This factor is expected to propel the global compressed natural gas market. In order to minimize carbon emissions across the globe, governments of developing countries are taking initiatives to promote the compressed natural gas or CNG. In addition, incentive-based polices are also being introduced for the rapid adoption of CNG. Rising population, urbanization, growth of the automobile industry, and increasing awareness about carbon emission are some of the factors driving the Asia Pacific compressed natural gas market. However, high initial investment, increase in prices of CNG storage tanks, and limited number of fueling stations are some of the major factors hampering the growth of the global market.
The rise in the number of CNG powered natural gas vehicles is a major growth driver for the global compressed natural gas market. Compressed natural gas or CNG is obtained through compression of natural gas to less than one percent of the volume it usually occupies at normal environmental conditions. CNG is popularly used as a clean transportation fuel in light duty and heavy-duty vehicles across the globe. The growing applications of CNG is due to lower emissions as compared to gasoline and diesel.
The adoption of CNG as automobile fuel is more likely to create value-grab opportunities for the market players operating on the global compresses natural gas market during the forecast period. The global consumption of CNG directly depends on the number of CNG-powered natural gas vehicles in operation.
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Of the three primary sources of compressed natural gas: non-associated gas, associated gas, and unconventional gas, the non-associated gas is expected to account for the largest share of the global market during the forecast period. The source for natural gas and CG is assumed to be the same. Some of the factors responsible for the rising adoption of non-associated gas are depleting oil wells and reducing production of crude oil across the globe. Non-associated gas and unconventional gas are expected to be the prominent segments for the CNG production in the upcoming years. The Middle East and Russia are major countries witnessing huge production of compressed natural gas from non-associated gas.
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Rapid urbanization, rise in disposable income, and growth and advancement of the automobile industry are contributing to the rising sales of light duty vehicles across the globe. This is a major factor driving the demand for compressed natural gas as a transportation fuel for light duty vehicles. Light duty vehicle is the most lucrative segment of the global compressed natural gas market, exhibiting the highest potential for investment due to rise in the use of compressed natural gas in developing regions across the globe. This is mainly to overcome the air pollution caused by the fossil fuels.
Companies in the global compressed natural gas market are accelerating their product development and unlocking revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms to gain competitive edge.
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North America is expected to account for major share of the global compressed natural gas market in the next few years. This is due to the availability of cheap domestic natural gas in the U.S., which offers high incentives to truck and fleet owners for converting it into CNG. The North America compressed natural gas market is driven by the presence of a large number of natural gas reservoirs. The rising production of shale gas in Latin America is also contributing to the market growth.
The Asia Pacific compressed natural gas market is also expected to exhibit significant growth during the forecast period. The compressed natural gas market in the region is significantly driven by rapid urbanization, increase in the number of low duty vehicles, which use compresses natural gas, and lucrative presence of market players in the region.
Attribute | Detail |
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Market Size Value in 2020 (Base Year) | US$ 112.64 Bn |
Market Forecast Value in 2031 | US$ 465.52 Bn |
Growth Rate (CAGR) | 12.3% |
Forecast Period | 2021-2031 |
Quantitative Units | US$ Bn for Value & Million Cubic Meters for Volume |
Competition Landscape | Company Profiles section includes overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials |
Format | Electronic (PDF) + Excel |
Market Segmentation |
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Regions Covered |
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Countries Covered |
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Companies Profiled |
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Customization Scope | Available upon Request |
Pricing | Available upon Request |
Compressed Natural Gas Market – Segmentation
TMR’s research study assesses the cogeneration equipment market based on source, end-user, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the global compressed natural gas market.
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In 2020, Compressed Natural Gas Market was valued at US$ 112.64 Bn
Compressed Natural Gas Market is expected to Reach US$ 465.52 Bn By 2031
Compressed Natural Gas Market is estimated to rise at a CAGR of 12.3% during forecast period
The rise in the number of CNG powered natural gas vehicles is expected to drive the Compressed Natural Gas Market
Asia Pacific is more attractive for vendors in the Compressed Natural Gas Market
1. Preface
1.1. Report Description
1.2. Research Scope
1.3. Market Segmentation
1.4. Research Methodology
2. Executive Summary
2.1. Global CNG Market
3. CNG Market – industry Analysis
3.1. Introduction
3.2. Value Chain Analysis: CNG Market
3.3. Market Drivers
3.3.1. Discounted Price Compared to Gasoline & Diesel Resulting in Attractive Return On investments
3.3.1.1. U.S. Retail Fuel Prices, by Fuel Type (US$ Bn/Gge)
3.3.2. Strong Government initiatives towards Vehicle Emission Control Along with Other Incentive-Based Policies to Accelerate Adoption
3.3.3. Decoupling of Natural Gas and Oil Prices Resulting in Gas Prices Being Dependent Solely on Market Forces
3.3.3.1. Global Crude Oil Prices, by Grade (US$ Bn/Barrel)
3.3.3.2. Global Gas Prices, by Trade index (US$ Bn)
3.4. Market Restraints
3.4.1. Lack of Adequate Refueling infrastructure
3.4.1.1. Gasoline and CNG Refueling Stations in the U.S.
3.4.2. Preference of Large Long Haul Vehicle Fleet Owners towards Adopting Lng as an Alternative Fuel Source
3.5. Market Opportunities
3.5.1. Expansion of Panama Canal increasing Trade Opportunities
3.5.2. Possibility of Shale Gas Production in the Asia Pacific and Latin American Regions
3.6. Porter’s Five Forces Analysis: CNG Market
3.6.1. Bargaining Power of Suppliers
3.6.2. Bargaining Power of Buyers
3.6.3. Threat from New Entrants
3.6.4. Degree of Competition
3.6.5. Threat from Substitutes
3.7. Company Market Share Analysis: CNG
3.7.1. CNG Company Market Share Analysis, 2020
3.8. Market Attractiveness Analysis of CNG Market, by Region, 2020
4. Compressed Natural Gas Market: Source Segment Analysis
4.1. Global Compressed Natural Gas Market: Source Overview
4.1.1. Global Compressed Natural Gas Market, Volume Share by Source Segment, 2020 and 2031
4.2. Associated Gas
4.2.1. Global Associated Gas CNG Consumption Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
4.3. Non-associated Gas
4.3.1. Global Non-associated Gas CNG Consumption Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
4.4. Unconventional Methods
4.4.1. Global Unconventional Methods CNG Consumption Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
5. Compressed Natural Gas Market: End-user Analysis
5.1. Global Compressed Natural Gas Market: End-user Overview
5.1.1. Global Compressed Natural Gas Market, Volume Share by End-user, 2020 and 2031
5.2. Light Duty (LD)Vehicles
5.2.1. Global Light Duty Vehicles CNG Consumption Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
5.3. Medium Duty (MD) Heavy Duty (HD) Buses
5.3.1. Global Medium Duty/Heavy Duty Buses CNG Consumption Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
5.4. Medium Duty (MD)/Heavy Duty (HD) Trucks
5.4.1. Global Medium Duty/Heavy Duty Trucks CNG Consumption Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
5.5. Others
5.5.1. Global Others CNG Consumption Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
6. Compressed Natural Gas Market: Regional Analysis
6.1. Global Compressed Natural Gas Market: Regional Overview
6.1.1. Global Compressed Natural Gas Market, Volume Share by Region, 2020 and 2031
6.2. North America
6.2.1. North America Compressed Natural Gas Market Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
6.2.2. North America Compressed Natural Gas Market Estimate and Forecast, by End-user, 2020-2031, (Million Cubic Meters) (US$ Bn)
6.2.3. North America Compressed Natural Gas Market Estimate and Forecast, by Source, 2020-2031, (Million Cubic Meters) (US$ Bn)
6.3. Europe
6.3.1. Europe Compressed Natural Gas Market Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
6.3.2. Europe Compressed Natural Gas Market Estimate and Forecast, by End-user, 2020-2031, (Million Cubic Meters) (US$ Bn)
6.3.3. Europe Compressed Natural Gas Market Estimate and Forecast, by Source, 2020-2031 (Million Cubic Meters) (US$ Bn)
6.4. Asia Pacific
6.4.1. Asia Pacific Compressed Natural Gas Market Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
6.4.2. Asia Pacific Compressed Natural Gas Market Estimate and Forecast, by End-user, 2020-2031, (Million Cubic Meters) (US$ Bn)
6.4.3. Asia Pacific Compressed Natural Gas Market Estimate and Forecast, by Source, 2020-2031, (Million Cubic Meters) (US$ Bn)
6.5. Middle East & Africa
6.5.1. Middle East & Africa Compressed Natural Gas Market Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
6.5.2. Middle East & Africa Compressed Natural Gas Market Estimate and Forecast, by End-user, 2020-2031, (Million Cubic Meters) (US$ Bn)
6.5.3. Middle East & Africa Compressed Natural Gas Market Estimate and Forecast, by Source, 2020-2031, (Million Cubic Meters) (US$ Bn)
6.6. South & Central America
6.6.1. South & Central America Compressed Natural Gas Market Estimates and Forecast, 2020-2031 (Million Cubic Meters) (US$ Bn)
6.6.2. South & Central America Compressed Natural Gas Market Estimate and Forecast, by End-user, 2020-2031, (Million Cubic Meters) (US$ Bn)
6.6.3. South & Central America Compressed Natural Gas Market Estimate and Forecast, by Source, 2020-2031, (Million Cubic Meters) (US$ Bn)
7. Company Profiles
7.1. Indraprastha Gas Limited
7.1.1. Company Overview
7.1.2. Product Portfolio
7.1.3. Financial Overview
7.1.4. Business Strategy
7.1.5. Swot Analysis
7.2. National Iranian Gas Company
7.2.1. Company Overview
7.2.2. Product Portfolio
7.2.3. Business Strategy
7.2.4. Swot Analysis
7.2.5. Recent Developments
7.3. Neo Gas inc.
7.3.1. Company Overview
7.3.2. Product Portfolio
7.3.3. Business Strategy
7.3.4. Swot Analysis
7.3.5. Recent Developments
7.4. Oao Gazprom
7.4.1. Company Overview
7.4.2. Product Portfolio
7.4.3. Financial Overview
7.4.4. Business Strategy
7.4.5. Swot Analysis
7.4.6. Recent Developments
7.5. Trillium CNG
7.5.1. Company Overview
7.5.2. Financial Overview
7.5.3. Business Strategy
7.5.4. Swot Analysis
7.5.5. Recent Developments
7.6. Gnvert
7.6.1. Company Overview
7.6.2. Product Portfolio
7.6.3. Business Strategy
7.6.4. Swot Analysis
7.6.5. Recent Developments
7.7. Angi Energy Systems inc.
7.7.1. Company Overview
7.7.2. Product Portfolio
7.7.3. Business Strategy
7.7.4. Swot Analysis
7.7.5. Recent Developments
7.8. China Natural Gas inc.
7.8.1. Company Overview
7.8.2. Product Portfolio
7.8.3. Financial Overview
7.8.4. Business Strategy
7.8.5. Swot Analysis
7.8.6. Recent Developments
7.9. J-W Power Company
7.9.1. Company Overview
7.9.2. Product Portfolio
7.9.3. Business Strategy
7.9.4. Swot Analysis
7.9.5. Recent Developments
7.10. Pakistan State Oil
7.10.1. Company Overview
7.10.2. Product Portfolio
7.10.3. Financial Overview
7.10.4. Business Strategy
7.10.5. Swot Analysis
7.10.6. Recent Developments
List of Tables
Table 1: Global CNG Market: Snapshot
Table 2: Drivers of CNG Market: Impact Analysis
Table 3: Tentative Payback Periods to Vehicles Converting to CNG
Table 4: Restraints of CNG Market: Impact Analysis
Table 5: Opportunities of CNG Market: Impact Analysis
Table 6: North America Compressed Natural Gas Market Volume and Forecast, by End-user, 2020-2031 (Million Cubic Meters)
Table 7: North America Compressed Natural Gas Market Revenue and Forecast, by End-user, 2020-2031 (US$ Bn)
Table 8: North America Compressed Natural Gas Market Volume and Forecast, by Source, 2020-2031 (Million Cubic Meters)
Table 9: North America Compressed Natural Gas Market Revenue and Forecast, by Source, 2020-2031 (US$ Bn)
Table 10: Europe Compressed Natural Gas Market Volume and Forecast, by End-user, 2020-2031 (Million Cubic Meters)
Table 11: Europe Compressed Natural Gas Market Revenue and Forecast, by End-user, 2020-2031 (US$ Bn)
Table 12: Europe Compressed Natural Gas Market Volume and Forecast, by Source, 2020-2031 (Million Cubic Meters)
Table 13: Europe Compressed Natural Gas Market Revenue and Forecast, by Source, 2020-2031 (US$ Bn)
Table 14: Asia Pacific Compressed Natural Gas Market Volume and Forecast, by End-user, 2020-2031 (Million Cubic Meters)
Table 15: Asia Pacific Compressed Natural Gas Market Revenue and Forecast, by End-user, 2020-2031 (US$ Bn)
Table 16: Asia Pacific Compressed Natural Gas Market Volume and Forecast, by Source, 2020-2031 (Million Cubic Meters)
Table 17: Asia Pacific Compressed Natural Gas Market Revenue and Forecast, by Source, 2020-2031 (US$ Bn)
Table 18: Middle East & Africa Compressed Natural Gas Market Volume and Forecast, by End-user, 2020-2031 (Million Cubic Meters)
Table 19: Middle East & Africa Compressed Natural Gas Market Revenue and Forecast, by End-user, 2020-2031 (US$ Bn)
Table 20: Middle East & Africa Compressed Natural Gas Market Volume and Forecast, by Source, 2020-2031 (Million Cubic Meters)
Table 21: Middle East & Africa Compressed Natural Gas Market Revenue and Forecast, by Source, 2020-2031 (US$ Bn)
Table 22: South & Central America Compressed Natural Gas Market Volume and Forecast, by End-user, 2020-2031 (Million Cubic Meters)
Table 23: South & Central America Compressed Natural Gas Market Revenue and Forecast, by End-user, 2020-2031 (US$ Bn)
Table 24: South & Central America Compressed Natural Gas Market Volume and Forecast, by Source, 2020-2031 (Million Cubic Meters)
Table 25: South & Central America Compressed Natural Gas Market Revenue and Forecast, by Source, 2020-2031 (US$ Bn)
List of Figures
Figure 1: Compressed Natural Gas (CNG): Market Segmentation
Figure 2: Global Compressed Natural Gas Market Volume and Revenue, 2020-2031 (US$ Bn)
Figure 3: Value Chain Analysis of CNG Market
Figure 4: U.S. Retail Fuel Prices, by Fuel Type (US$/Gge)
Figure 5: Global Crude Oil Prices, by Grade (US$/Barrel)
Figure 6: Global Crude Oil Prices, by Trade index (US$/Mn Btu)
Figure 7: Gasoline and CNG Refueling Stations in the U.S.
Figure 8: Porter’s Five Forces Analysis: CNG Market
Figure 9: Company Market Share of CNG Market, 2020
Figure 10: Market Attractiveness Analysis of CNG Market, by Region, 2020
Figure 11: Global Compressed Natural Gas Market, Volume Share by Source, 2020 and 2031
Figure 12: Global Associated Gas CNG Consumption Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 13: Global Non-associated Gas CNG Consumption Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 14: Global Unconventional Methods CNG Consumption Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 15: Global Compressed Natural Gas Market, Volume Share by End-user, 2020 and 2031
Figure 16: Global Light Duty Vehicles CNG Consumption Market Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 17: Global Medium Duty/Heavy Duty Buses CNG Consumption Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 18: Global Medium Duty/Heavy Duty Trucks CNG Consumption Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 19: Global Others CNG Consumption Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 20: Global Compressed Natural Gas Market, Volume Share by Region, 2020 and 2031
Figure 21: North America Compressed Natural Gas Market Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 22: Europe Compressed Natural Gas Market Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 23: Asia Pacific Compressed Natural Gas Market Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 24: Middle East & Africa Compressed Natural Gas Market Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)
Figure 25: South & Central America Compressed Natural Gas Market Volume and Revenue, 2020-2031 (Million Cubic Meters) (US$ Bn)