Pune, India -- (SBWIRE) -- 05/06/2019 -- Study on Compressed Natural Gas (CNG) Market by Infinium Global Research is a comprehensive presentation of qualitative and quantitative research to identify key trends, growth prospects, drivers, restraints and opportunities in the global market. The report also deep dives into the sub-segments of compressed natural gas market by source (non-associated gas, associated gas, and unconventional methods), application (light-duty, and heavy-duty vehicles) through main geographies in the global market such as North America, Europe, Asia-Pacific, and RoW. Browse through over 100 tables and figures to get a complete view of the global and regional markets of compressed natural gas over the period of 2018 to 2024. The global compressed natural gas market is projected to grow at a CAGR of 10.5% over the forecast period of 2018-2024.

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Stronger and Safer than Gasoline or Diesel Tanks Reducing the Possibility of Accidental Release to Promote Growth in the Compressed Natural Gas Market

Increasing use of natural gas in the automotive industry is the major factor driving the growth of the compressed natural gas market. CNG can be used in the traditional internal combustion engines that have been originally designed for gasoline and diesel that is anticipated to fuel the growth of the compressed natural gas market. In addition, increasing demand for hybrid vehicle and stringent regulation on the use of commercial passenger vehicles fitted with CNG as this cause low carbon emission is boosting the growth of the compressed natural gas market. However, lack of infrastructure and high installation cost for storage are the factors likely to hamper the growth of the compressed natural gas market during the forecast period. Furthermore, increasing research and development investment on dual fuel technology by the leading automobile manufacturers are anticipated to open several doors of opportunity for the key players in the compressed natural gas market over the years to come.

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The Asia Pacific Region to Contribute to Growth in the Global Compressed Natural Gas Market

Asia Pacific is the largest consumer of compressed natural gas as transit buses and delivery & garbage truck fleets prefer CNG to fossil fuel. Europe followed by the Asia Pacific emerged as the second largest compressed natural gas market. Further, favorable government initiatives such as subsidies especially in key consuming economies such as China, and India are promoting the use of CNG due to its low greenhouse gases emission properties, which in turn is projected to fuel the demand for the CNG over the forecast period. On the other hand, increasing exploration and production of conventional natural gas reserves especially in the Middle East & Africa are anticipated to fuel the demand for the compressed natural gas market.

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Clean Energy Announced Natural Gas Fueling Commitments Across U.S.

In July 2018-Clean Energy Fuels Corp. has announced a number of expanded commitments throughout the country to compressed natural gas (CNG), liquefied natural gas (LNG) or renewable natural gas (RNG).

Clean energy began its relationship with the Long Island community in 2008 when it designed, built, and began operating the natural gas truck fueling station that serves Brookhaven, one of the most densely populated areas in the country, the company notes. Long-term Clean Energy customer Tidewater Fiber Corporation in Virginia has extended its maintenance service agreement. Its trucks are expected to consume 600,000 GGEs annually.

Report Findings

1. Drivers

- Increasing the Use of Natural Gas in the Automotive Industry.

- CNG is used in the Traditional Internal Combustion Engines that are Designed for Gasoline and Diesel.

- Increase in Demand for Hybrid Vehicle and Stringent Regulation.

2. Restraints

- Lack of Infrastructure.

- High Installation Cost for Storage.

3. Opportunities

- Increasing Research and Development Investment on Dual Fuel Technology.