CNG Market is expected to foresee significant growth. Asia- Pacific is expected to lead the growth!

The CNG market is expected to grow at a CAGR of more than 9% during the forecasted period (2021-2027). This is mainly due to the increasing adoption of strict government regulations regarding CO2 emissions, the rise in government subsidies for CNG in emerging markets, the recovery of oil prices, and the growing need to decarbonize the transportation sector. In addition, the rise in demand for eco-friendly technology will improve air quality and sustainability, and the prevalence of pro-growth government policies is expected to drive the CNG market. On the other hand, a shift in the trend toward the development of unconventional sources, a rise in energy demand, as well as advancements in storage tanks and cylinders, will further contribute by creating enormous opportunities that will fuel the expansion of the compressed natural gas (CNG) market in the forecasted period.

Furthermore, due to the depletion of oil and coal supplies and the limited emission capabilities of gas fuel, it is crucial for the industrial sector’s ability to grow sustainably. Moreover, CNG is created for specialized end uses in a variety of applications that demand more performance or stability.

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Based on the source, the market is classified as associated gas, non-associated gas unconventional gas. Amongst these, the non-associated segment held a prominent share of the market in 2020. Due to an increase in global CNG demand and the emergence of non-associated gas reservoirs for CNG production. Additionally, it is projected that increased exploration and production activities in non-associated gas reservoirs will support the expansion of the compressed natural gas market globally in the coming years.

Based on the applications, the market is categorized into light-duty vehicles, medium/heavy-duty buses, medium/ heavy-duty trucks, and others. Due to an increase in consumer spending across growing regions like Asia-Pacific and a surge in demand for light-duty automobiles. In addition, the future expansion of the global compressed natural gas market is fueled by increased awareness of air pollution and the lower cost of CNG compared to other fossil fuels.

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For a better understanding of the market adoption of the compressed natural gas market, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, and the rest of North America); Europe (Germany, UK, France Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. APAC is expected to hold the largest growth rate in the global market during the forecast period. This is explained by the region’s large customer base, quick growth in the transportation industry, and presence of important players. Additionally, the increasing number of vehicles using CNG in various countries in the region coupled with growing shale gas exploration is escalating the market growth of CNG in Asia Pacific.

Some of the major players operating in the market include Chevron Corporation, Royal Dutch Shell Plc, JW Power Company, Indraprastha Gas Limited, Eni, Trillium EnergyTotal Energies, Occidental Petroleum Corporation, Phillips 66 Company, EOG Resources, Inc.

CNG Market Segmentation

Market Insight, by source type

• Associated gas
• Non-associated gas
• Unconventional gas

Market Insight, by application type

• Light-duty vehicles
• Medium/heavy-duty buses
• Medium/ heavy-duty trucks
• Others

Market Insight, by Region

• North America
  • The U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• Chevron Corporation
• Royal Dutch Shell Plc
• JW Power Company
• Indraprastha Gas Limited
• Eni
• Trillium Energy
• Total Energies
• Occidental Petroleum Corporation
• Phillips 66 Company
• EOG Resources, Inc.