Compressed Natural Gas: Introduction
Natural gas primarily comprises methane and is obtained from gas wells or during the production of crude oil. Compressed natural gas (CNG) is odorless, non-corrosive, and clear and manufactured by the compression of natural gas. CNG is employed majorly as a transportation fuel and involves lower emissions in comparison to diesel or gasoline. Currently, CNG is being utilized as the most preferred choice of fuel in automobiles. A sulfur-based odorant is usually added to CNG for facilitating leak detection.
A new Transparency Market Research report states that the global compressed natural gas market was worth US$ 112.64 Bn in 2020 and is expected to reach US$ 465.52 Bn by 2031, expanding at a CAGR of 12.3% between 2021 and 2031.
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Compressed Natural Gas: Dynamics
As suggested in this report, reduced prices of CNG in comparison with diesel and gasoline are propelling the growth of the global compressed natural gas market. In addition, favorable initiatives taken by governments globally for controlling vehicle emission and other incentive-based polices being introduced for raising the adoption of CNG are likely to impact the market positively. Growth in trade opportunities, owing to the expansion of the Panama Canal and the increasing probability of shale gas production within Latin America and Asia Pacific are prime opportunities seen in the market.
On the other hand, increasing demand for LNG as a substitute for CNG by the owners of large long-haul vehicles and the absence of an efficient refueling infrastructure globally may inhibit the development of the compressed natural gas market over the next few years.
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Compressed Natural Gas Market Segmentation
Based on source, the report segments the market into non-associated gas, associated gas, and unconventional methods. The segment of non-associated gas led the market in 2020 with a share of approximately 90% and is poised to be a lucrative segment during the forecast period. On the other hand, the segment of associated gas is poised to lose some of its market share by the end of the forecast period. This is due to depleting oil wells and reducing activities of crude oil production globally. Conventional gas is also a promising segment of the market for compressed natural gas.
In terms of end-user, the compressed natural gas market has been segmented into LD vehicles, MD/HD buses, MD/HD trucks, and others. Of these, LD vehicles held a share of approximately 93% in the market on the basis of the global CNG vehicle fleet in 2020. On the basis of consumption, this segment held a share of 50.2% in the market in the same year.
Compressed Natural Gas: Prominent Regions
The report segments the market into Europe, North America, Middle East & Africa, Asia Pacific, and South & Central America. Of these, the North America compressed natural gas market is likely to emerge as the most lucrative market over the next few years. This can be ascribed to the availability of cheap domestic natural gas in the U.S., which provides high incentives to truck and fleet owners for converting it to CNG.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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