Deerfield Beach, FL -- (SBWIRE) -- 10/16/2017 -- 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 approximately 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. 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"

Compressed natural gas (CNG) is one of the alternative fuels obtained through compression of natural gas under higher pressure. CNG comprises carbon dioxide, methane, nitrogen oxide, and others. Compressed natural gas stored and distributed in designed and tested tanks at a high pressure. CNG is lighter than air and dispersed quickly when released. Compressed natural gas is high in calorific value, heat yield and low in pollutants. CNG is one of the affordable energy solutions to the domestic, light, medium and heavy-duty vehicle.

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The global compressed natural gas market is mainly driven by increasing CNG powered vehicles and strong demand for unconventional transportation fuels. Government initiatives and funding has provided a strong boost to compressed natural gas market in the variable region, especially in Asia Pacific. Another key factor is low maintenance cost due to that demand for CNG is increasing across the globe. In addition, U.S. is highly focused on shale gas owing to this CNG market expected to witness rapid growth in the years to come. A large number of proven reserves for compressed natural gas in Asia Pacific, Europe, North America, and is expected to provide future growth opportunity to industry participants.

The compressed natural gas market is segmented on the basis of different sources such as associated gas, non-associated gas, and unconventional methods. The compressed natural gas market was dominated by the non-associated segment, which accounted for share around 90.0% in overall consumption in 2014. Associated gas is another leading segment and expected to experience moderate growth rate for compressed natural gas in years to come. The unconventional method is also one of the important source segments in the global compressed natural gas market. This can be attributed to the adoption of re-gasification services.

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On the basis of application, the compressed natural gas has been segmented into Light-duty vehicles (LDV), medium/heavy duty buses and medium/heavy duty trucks. Light duty vehicles (LDV) application segment accounted for the largest share of the global compressed natural gas market in 2014. However, light-duty vehicles application is expected to be the fastest growing application market during the forecast period. Medium/heavy duty buses and medium/heavy duty trucks application segments expected to exhibit significant growth during the forecast period.

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Asia Pacific was the leading regional market for compressed natural gas in 2014. Asia Pacific is followed by Europe and North America. With increased government support and strong demand for CNG, Asia Pacific is expected to witness robust growth during 2015 to 2020. Europe, Latin America, and Middle East & Africa are also expected to experience significant growth of the compressed natural gas market in the years to come.

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.