Global Compressed Natural Gas Market: Current Analysis and Forecast (2021-2027)
Emphasis on Source (Associated Gas, Non-Associated Gas, and Unconventional Gas); Application (Light-Duty Vehicles, Medium/Heavy-Duty Buses, Medium/ Heavy-Duty Trucks, and Others); and Region/Country
The Compressed Natural Gas Market is expected to grow at a CAGR of more than 9.4% 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 compressed natural gas 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 compressed natural gas 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.
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.
Insights Presented in the Report
“Amongst sources, Non-associated category accounted for the majority share in the market in 2020”
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 compressed natural gas demand and the emergence of non-associated gas reservoirs for compressed natural gas 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.
“Amongst application, Medium/Heavy-duty vehicles segment is expected to witness highest CAGR during the forecast period”
Based on the applications, the market is categorized into light-duty vehicles, medium/heavy-duty vehicles, 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 compressed natural gas compared to other fossil fuels.
“Asia-Pacific to witness significant growth during the forecast period”
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 compressed natural gas in various countries in the region coupled with growing shale gas exploration is escalating the market growth of compressed natural gas in the Asia Pacific region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The Global compressed natural gas market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Compressed Natural Gas Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global compressed natural gas market were the three major steps undertaken to create and analyze the adoption of the compressed natural gas market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global compressed natural gas market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the compressed natural gas market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the compressed natural gas market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as source and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the compressed natural gas Market. Further, we conducted factor analysis using dependent and independent variables such as source and application. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, and business expansion in the compressed natural gas market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global compressed natural gas Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the compressed natural gas Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global compressed natural gas market in terms of source and application offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Primary research input was consolidated with secondary findings, turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global compressed natural gas Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of source and application in the global COMPRESSED NATURAL GAS Market
The main objective of the Global Compressed Natural Gas Market Study
The current & future market trends of the global compressed natural gas market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the compressed natural gas market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of source and application.
- Define and analysis of the regulatory framework for the compressed natural gas Market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the compressed natural gas Market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the compressed natural gas market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry.
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February 11, 2025
