Growth of global natural gas
vehicles (NGVs) industry coupled with increased automobile fuel efficiency
attributed by CNG is anticipated to remain a key driving factor for the global compressed natural gas market. Government subsidiaries in form of financial
incentives particularly in Asia Pacific and Latin America is also expected to
have a positive impact on the market growth. Positive outlook on exploration of
unconventional resources including shale gas particularly in U.S. and China is
expected to provide growth opportunities for market participants. High initial
investment for CNG automobile storage tanks is expected to remain a key
challenge for market participants over the forecast period. Increasing R&D
expenditure by automobile manufactures on developing dual fuel engines is
expected to remain a critical success factor over the next six years.
Industry
Insights
The shift in trend towards
adoption of unconventional transportation fuels to reduce carbon footprints is
expected to remain a key driving factor for global compressed natural gas (CNG)
market. CNG emerged used as a substitute transportation fuel for gasoline,
diesel and LPG on account of low emission of greenhouse gases (GHG) production
on combustion. CNG can be used in traditional internal combustion engines that
have been originally designed or modified for gasoline/diesel which has been
further propelling its market growth.
Access
Research Report of Compressed
Natural Gas Market@
Further key findings from the study suggest:
· Global CNG demand was 61,668 MCM in 2013
and is expected to reach 108,957.9 MCM by 2020, growing at a CAGR of 8.5% from
2014 to 2020.
· Light duty vehicles (LDV) were the largest
CNG consuming segment and accounted for 48.3% of total market volume in 2013.
Growth of passenger cars particularly in emerging markets of BRICS is expected
to drive this segment. LDV is also expected to witness highest growth rate over
the forecast period. The segment is expected to grow at an estimated CAGR of
9.1% from 2014 to 2020.
· Asia Pacific was the leading regional CNG
market and is expected to continue its dominance over the next six years in the
global market. The region accounted for 46.6% of total market volume in 2013.
Positive outlook on automotive industry coupled with government support to
promote the use of alternative transportation fuel particularly in China and
India is expected to drive the regional CNG market. Central & South America
is expected to be the fastest growing regional market for CNG at an estimated
CAGR of 17% from 2014 to 2020.
· Highly fragmented CNG industry participants
compete on the basis of price differentiation across various regions. Major
industry participants operating in the global CNG market include National
Iranian Gas Comp, Indraprastha Gas Ltd (IGL), China Natural Gas Inc and
Mahanagar gas Ltd (MNGL).
Grand
View Research has segmented the CNG market on the basis of source, application
and region:
Global Compressed Natural Gas (CNG) Source
Outlook (Volume, MCM; Revenue, USD Billion, 2012 - 2020)
·
Non-Associated
Gas
·
Associated
Gas
·
Unconventional
Methods
Global Compressed Natural Gas (CNG)
Application Outlook (Volume, MCM; Revenue, USD Billion, 2012 - 2020)
·
Light
Duty Vehicles
·
Medium/Heavy
Duty Buses
·
Medium/Heavy
Duty Trucks
·
Others
Global Compressed Natural Gas (CNG)
Regional Outlook (Volume, MCM; Revenue, USD Billion, 2012 - 2020)
·
North
America
·
Europe
·
Asia
Pacific
·
Middle
East & Africa
·
Central
& South America
Access Press Release of Compressed Natural Gas
Market@ https://www.grandviewresearch.com/press-release/global-compressed-natural-gas-cng-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More
Information: www.grandviewresearch.com
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