Global Compressed Natural Gas Market will explore robust size & growth during 2014-2020
Deerfield Beach, FL -- (SBWIRE) -- 07/18/2017 -- Zion Market Research has published a new report titled "Compressed Natural Gas (Associated Gas, Non-Associated Gas, Unconventional Methods) Market for Light Duty Vehicles, Medium/Heavy Duty Buses, Medium/Heavy Duty Trucks Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020" According to the report, the global compressed natural gas market was valued at approximately USD 56.5 billion in 2014 and is expected to reach approximate USD 126.0 billion by 2020, growing at a CAGR of around 12.0% between 2015 and 2020. In terms of volume, global compressed natural gas market stood at around 61,000.0 million cubic meters in 2014.
Compressed natural gas is a clean-burning alternative to gasoline, propane or diesel fuel obtained by compressing natural gas to higher pressure. CNG is a clean burning fuel with significantly lower emissions compared to gasoline (petrol) or diesel fuel. Compressed natural gas basically used in light, medium and heavy-duty applications. CNG exhibits excellent properties like preventing fuel losses, increased life of lubricant oils, less emission, and much more. Compressed powdered natural gas vehicles show an average reduction in ozone-forming emissions of more than 70 percent as compared to gasoline vehicles.
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Based on sources, the global compressed natural gas market can be classified into associated gas, non-associated gas, and unconventional methods. The non-associated segment accounted for the largest share around 90.0% of the compressed natural gas market in 2014. Associated gas was the second largest market segment in 2014 and is expected to exhibit moderate growth rate for compressed natural gas in years to come. The unconventional method is one of the key sources expected to lead the market due to the adoption of re-gasification services.
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Light duty vehicles (LDV), medium/heavy duty buses and medium/heavy duty trucks are the key application segment of compressed natural gas. Light duty vehicles (LDV) application segment dominates the global compressed natural gas consumption, which accounted for over 50.0% share of the total market in 2014. However, light duty vehicles application is expected to be the fastest growing application market. Medium/heavy duty buses and medium/heavy duty trucks are also expected to witness robust growth during the forecast period. This can be attributed to low cost and strong demand for clean fuels in automobiles.
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Asia Pacific dominated the production and consumption of compressed natural gas in 2014. Asia Pacific accounted for over 47.0% share of total market volume in 2014. However, with increasing demand CNG coupled with growing disposable income in China and India, the growth of compressed natural gas industry in Asia Pacific is expected to grow at a robust growth. Europe was the second-largest market for compressed natural gas in 2014. Latin America and Middle East & Africa are also expected to experience significant growth of compressed natural gas market in the years to come.
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Some major players in the global compressed natural gas market include Indraprastha Gas Limited (IGL), National Iranian Gas Company, Mahanagar Gas Limited (MNGL), and J-W Power Company, OAO Gazprom, Trillium CNG, GNVert, ANGI Energy Systems Inc., NeoGas Inc., China Natural Gas Inc. and J-W Power Company.
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