Compressed natural gas (CNG) is obtained through compression of natural gas to less than 1% of the volume it generally occupies at normal atmospheric conditions. Globally, CNG is used primarily as a clean transportation fuel with significantly lower emissions compared to either gasoline or diesel.

Albany, NY -- (SBWire) -- 07/19/2016 --Compressed Natural Gas (CNG) is gaining momentum in the transportation fuels segment, due to growth in drive towards adoption of clean fuels by national governments around the world. Compressed Natural Gas (CNG) is obtained through compression of natural gas to less than 1% of the volume it generally occupies at normal atmospheric conditions. There are four primary end-user segments of CNG globally: light duty (LD) vehicles, medium duty/heavy duty (MD/HD) buses, medium duty/heavy duty (MD/HD) trucks and others. The others vehicle segment comprises three-wheeler vehicles powered by CNG. These are mostly used in Asia-Pacific and Latin America. LD vehicles accounted for nearly 93% of the global CNG vehicle fleet, but only 50.2% of the global CNG consumption in 2013. This is because medium and heavy duty vehicles consume a larger quantity of fuel compared to light duty vehicles and passenger cars. Consumption pattern of medium and heavy duty vehicles is also relatively constant in nature. This has prompted multiple governments to target conversion of existing bus and truck fleets to CNG.

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With rapid production of shale gas in the U.S., natural gas prices in the country are at an all time low. Other external factors such as the expansion of the Panama Canal are also likely to play a major role in adoption of CNG adoption. Owners of long haul vehicles are finding it increasingly beneficial to shift to CNG owing to attractive payback periods it provides. With China gearing up for commercial shale gas production by the end of 2016, a downward pressure on gas prices in Asia-Pacific can be expected. This would further be bolstered by the completion of the expansion of the Panama Canal, resulting in higher shale gas export to Asia-Pacific from the U.S. Prices of natural gas are anticipated to decrease in the near future. Thus, volume of CNG consumption is estimated to exhibit attractive growth rate in the near future. Gradual decoupling of natural gas and crude oil prices is likely to further support the growth in consumption of CNG. Substitution threats from other clean fuels such as autogas in the light duty vehicle segment and LNG in the long haul heavy duty vehicle segment exist for CNG. However, such threats are not likely to be realized unless there is adequate development of LNG refueling infrastructure and significant decline in LPG prices globally.

This research study analyzes the market for Compressed Natural Gas (CNG) in terms of volume and revenue. The CNG market has been sub-segmented based on source, end-user and geography. As CNG conversion depends solely on demand profile, only the CNG consumption has been sub-segmented in this market study. Market data for all the sub-segments has been provided on the regional level for the period from 2013 to 2020. A comprehensive competitive landscape has been included in the report. This comprises companies involved in the CNG business. Value chain analysis and Porter's five forces model have also been included for both the markets to provide a clear understanding regarding the market dynamics of these industries.

Key source segments estimated in this study for the CNG market include associated gas, non-associated gas and natural gas produced using unconventional methods. Major end-users for CNG were identified as light duty vehicles, medium duty/heavy duty buses, medium duty/heavy duty trucks and others. The others vehicle segment encompasses three-wheeler vehicles such as autos and tuk-tuks that use CNG as fuel. The CNG market was analyzed across five geographies: North America, Europe, Asia-Pacific, the Middle East & Africa, and South & Central America. Regional data has been provided for each sub-segment for the CNG market.

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Major drivers, restraints and opportunities of the CNG market were analyzed in detail with supporting graphs and tables. Market attractiveness analysis was also carried out for the market based on geography. In the market attractiveness analysis, the CNG industry was analyzed regionally and ranked based on a number of parameters that directly affect the attractiveness of the market. Market players that supply CNG include Indraprastha Gas Ltd, National Iranian Gas Company and OAO Gazprom. These companies have been profiled in detail. The report provides an overview of these companies, followed by their financial revenue, business strategies and recent developments.

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