The Global Compressed Natural Gas Market to grow from USD 24,335.53 Million in 2019 to USD 48,192.33 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 12.06%.
Market Segmentation & Coverage:
The research report categorizes the Compressed Natural Gas Market to forecast the revenues and analyze the trends in each of the following segments:
Based on Source, the Compressed Natural Gas Market studied across Associated Gas, Non-associated Gas, and Unconventional Methods.
Based on Application, the Compressed Natural Gas Market studied across Heavy-duty Vehicles, Light-duty Vehicles, and Medium-duty Vehicles.
"The Americas is projected to witness the highest growth during the forecast period"
Based on Geography, the Compressed Natural Gas Market studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom. The Asia-Pacific commanded the largest size in the Compressed Natural Gas Market in 2019, followed by the Europe, Middle East & Africa. On the other hand, the Americas expected to grow at the fastest CAGR during the forecast period, followed by the Europe, Middle East & Africa.
The factors attributing to the growth of the market are stringent government regulations in pollution control and monetory assistance for subsidies, growth in energy requirement by various nations accopmanied by recovery of high oil prices, and affordability and eco-friendliness offered by cng for transportation. However, some factors such as limited number of fueling stations may hinder the market growth. The Compressed Natural Gas Market expected to showcase the opportunities such as emergence of lightweight composite cng cylinders and increasing r&d investment on dual fuel technology engines. Soon market may face the possible challenges in the growth due to high initiial investment linked with installation and costs of cng storage tanks. However, the key players in the market are putting regressive efforts to provide innovative offerings and benchmark strategies in the market.
Cumulative Impact of COVID-19:
COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward. The report is delivering insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecast, considering the COVID-19 impact on the market.
360iResearch Competitive Strategic Window:
The 360iResearch Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies. The Competitive Strategic Window helps the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. During a forecast period, it defines the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth.
360iResearch FPNV Positioning Matrix:
The 360iResearch FPNV Positioning Matrix evaluates and categorizes the vendors in the Compressed Natural Gas Market on the basis of Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Company Usability Profiles:
The Compressed Natural Gas Market is highly competitive and characterized by the presence of a large number of international and regional players in the market. The market has witnessed increased competition between vendors based on the pricing model, technology differentiation, brand name, quality of service, price differentiation, and technical expertise.
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Compressed Natural Gas Market, including ANGI Energy Systems Inc., Cabot Oil & Gas, Chevron Corporation, China Natural Gas Inc., Exxon Mobil Corporation, Faber Industrie S.P.A, GNVert, Hexagon Composites ASA, Indraprastha Gas Limited, J-W Power Company, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Luxfer Group, Mahanagar Gas Limited, National Iranian Gas Company, NeoGas Inc., OAO Gazprom, Quantum Fuel Systems Technologies Worldwide Inc., Royal Dutch Shell PLC, Total S.A., Trillium CNG, and Ullit SA.