Compressed Natural Gas Global Market Is Expected To Grow At A Rate Of Almost 13% Through 2023 – 2027
5 Jun, 2023
The global compressed natural gas market size is expected to grow from $147.16 billion in 2022 to $166.90 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global compressed natural gas market size is expected to reach $269.99 billion in 2027 at a CAGR of 12.8%.
Global Compressed Natural Gas Market Key Driver
The growing number of CNG-powered vehicles is likely to boost the compressed natural gas market ahead. CNG-powered vehicles are those that are powered completely by the combustion of compressed natural gas (CNG) as an alternative to other fossil fuels. CNG-powered vehicles have grown in popularity in recent years due to a variety of benefits, including a lower cost of operation when compared to other combustion fuels, increased engine lifespan due to less petrol contamination of the motor oil, longer intervals between car servicing activities such as tune-ups and oil changes, and the production of less harmful gases when compared to conventional fuels.
Get a sample of the global compressed natural gas market reportGlobal Compressed Natural Gas Market Segments
The global compressed natural gas market is segmented:
1) By Type: Non-Associated Gas, Associated Gas, Unconventional Sources
2) By Product Type: Dedicated Fuel, Bi-Fuel, Dual Fuel
3) By Appplication: Light Passenger Vehicles, Medium or Heavy Duty Vehicles, Other Applications
4) By Geography: The regions covered in the compressed natural gas market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global compressed natural gas market.
Major Compressed Natural Gas Industry Players
Chevron Corporation, Shell Plc., J-W Power Company, The Phillips 66 Company, Trillium Energy, NeoGas Inc., TotalEnergies SE, EOG Resources Inc., Occidental Petroleum Corporation, National Iranian Gas Company, ConocoPhillips, PJSC Gazprom, Pakistan State Oil Co. Ltd., Hexagon Composites, TGT Fuel Technologies Pvt. Ltd., FTI Group Ltd.
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Compressed Natural Gas Market Overview
Compressed natural gas refers to a mixture of hydrocarbon gases and vapors that is predominantly made up of compressed methane in gaseous form for use as a fuel to power automobiles. Compressed natural gas is employed in a variety of light-, medium-, and heavy-duty uses to achieve almost the same fuel efficiency as normal gasoline.
Compressed Natural Gas Global Market Report 2023 provides data on the global compressed natural gas market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The compressed natural gas market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.