Compressed Natural Gas Market Strategies and Trends - 2031
The Compressed Natural Gas Market is expected to register a CAGR of 10.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Source (Associated Gas, Non-Associated Gas, Unconventional Sources). The report further presents analysis based on the End User (Power Generation, Transportation [LDV, MDV, HDV], Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Compressed Natural Gas Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Compressed Natural Gas Market Segmentation
Source- Associated Gas
- Non-Associated Gas
- Unconventional Sources
- Power Generation
- Transportation [LDV
- MDV
- HDV]
- Others
Strategic Insights
Compressed Natural Gas Market Growth Drivers- Rise in Demand for Electricity: The demand for electricity is growing as a result of the increasing population and increase in per capita consumption of electricity. The electricity demand in the coming years is expected to increase by one –third of the current demand, globally. The primary gas producing regions such as the Middle East, U.S., and Russia are planning to renovate their infrastructure for electricity generation with gas-based power generation hence driving the demand for compressed natural gas.
- Rise in demand for CNG from Transportation Sector: The rise in demand for CNG from transportation application such as LDV, HDV, and MDV is expected to drive the market growth. The sales of natural gas vehicles is expected to cross 35 million by 2025 as per Saddle Greek Logistics Services which in turn is expected to drive the CNG market growth from 2023 to 2031.
- Increase in the trend for distributed power generation: The organizations of people and resources are drifting away from the centralized system towards integrated networks that include both distributed and centralized elements. Electric power systems are riding the wave of decentralization through the deployment and use of distributed power technologies. Distributed power systems are being used and will continue to be used in the future to provide electrical and mechanical power to the nearest point of use. Hence, the increase in the trend for distributed power generation is expected to drive the compressed natural gas market growth in the coming years.
- Technological Advancements in CNG Engine Efficiency and Storage Systems: The CNG market is witnessing continuous innovation in vehicle engine technology and storage systems. Manufacturers are developing more efficient engines that can better utilize CNG and improve fuel economy. Additionally, advancements in storage technology, such as high-pressure composite cylinders, are helping to make CNG storage more efficient, lighter, and safer. These innovations are expected to drive broader adoption of CNG in both passenger and commercial vehicles.
- Expansion of CNG Infrastructure: One of the key opportunities for the CNG market is the expansion of refueling infrastructure. As the number of CNG-powered vehicles increases, there is a growing need for more refueling stations, both in urban and rural areas. Governments and private enterprises are investing in building more CNG stations, which can help accelerate market adoption. Moreover, the development of mobile refueling options and on-site refueling stations for fleets could further support the widespread use of CNG.
- Integration with Renewable Energy Sources (Green CNG): There is an increasing interest in "green" or renewable CNG, which is produced from biogas or other renewable sources. This offers a sustainable solution that not only reduces carbon emissions but also helps reduce reliance on fossil fuels. The production of biogas from organic waste and its conversion to CNG is an emerging opportunity, especially in the waste management, agriculture, and landfill sectors. This development aligns with growing consumer and corporate demand for sustainable, low-carbon alternatives to traditional fossil fuels.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Compressed Natural Gas Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Compressed Natural Gas Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Compressed Natural Gas Market is estimated to witness a CAGR of 10.5% from 2023 to 2031
The major factors driving the Compressed Natural Gas Market are: Rise in Demand for Electricity and Rise in demand for CNG from Transportation Sector
Government Initiatives towards the establishment of CNG Stations across the globe is the key future trend of the Compressed Natural Gas Market
The leading players operating in the Compressed Natural Gas Market include JW Power Company, Total Energies, Phillips 66 Company, EOG Resources, Inc., Indraprastha Gas Limited, Chevron Corporation, Royal Dutch Shell Plc, Occidental Petroleum Corporation, Trillium Energy, and Eni SpA.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Compressed Natural Gas Market - By Source
1.3.2 Compressed Natural Gas Market - By End User
1.3.3 Compressed Natural Gas Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. COMPRESSED NATURAL GAS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. COMPRESSED NATURAL GAS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. COMPRESSED NATURAL GAS MARKET - GLOBAL MARKET ANALYSIS
6.1. COMPRESSED NATURAL GAS - GLOBAL MARKET OVERVIEW
6.2. COMPRESSED NATURAL GAS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. COMPRESSED NATURAL GAS MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
7.1. OVERVIEW
7.2. SOURCE MARKET FORECASTS AND ANALYSIS
7.3. ASSOCIATED GAS
7.3.1. Overview
7.3.2. Associated Gas Market Forecast and Analysis
7.4. NON-ASSOCIATED GAS
7.4.1. Overview
7.4.2. Non-Associated Gas Market Forecast and Analysis
7.5. UNCONVENTIONAL SOURCES
7.5.1. Overview
7.5.2. Unconventional Sources Market Forecast and Analysis
8. COMPRESSED NATURAL GAS MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. LIGHT DUTY VEHICLES
8.3.1. Overview
8.3.2. Light Duty Vehicles Market Forecast and Analysis
8.4. MEDIUM DUTY/HEAVY DUTY BUSES
8.4.1. Overview
8.4.2. Medium Duty/Heavy Duty Buses Market Forecast and Analysis
8.5. MEDIUM DUTY/HEAVY DUTY TRUCKS
8.5.1. Overview
8.5.2. Medium Duty/Heavy Duty Trucks Market Forecast and Analysis
9. COMPRESSED NATURAL GAS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Compressed Natural Gas Market Overview
9.1.2 North America Compressed Natural Gas Market Forecasts and Analysis
9.1.3 North America Compressed Natural Gas Market Forecasts and Analysis - By Source
9.1.4 North America Compressed Natural Gas Market Forecasts and Analysis - By End User
9.1.5 North America Compressed Natural Gas Market Forecasts and Analysis - By Countries
9.1.5.1 United States Compressed Natural Gas Market
9.1.5.1.1 United States Compressed Natural Gas Market by Source
9.1.5.1.2 United States Compressed Natural Gas Market by End User
9.1.5.2 Canada Compressed Natural Gas Market
9.1.5.2.1 Canada Compressed Natural Gas Market by Source
9.1.5.2.2 Canada Compressed Natural Gas Market by End User
9.1.5.3 Mexico Compressed Natural Gas Market
9.1.5.3.1 Mexico Compressed Natural Gas Market by Source
9.1.5.3.2 Mexico Compressed Natural Gas Market by End User
9.2. EUROPE
9.2.1 Europe Compressed Natural Gas Market Overview
9.2.2 Europe Compressed Natural Gas Market Forecasts and Analysis
9.2.3 Europe Compressed Natural Gas Market Forecasts and Analysis - By Source
9.2.4 Europe Compressed Natural Gas Market Forecasts and Analysis - By End User
9.2.5 Europe Compressed Natural Gas Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Compressed Natural Gas Market
9.2.5.1.1 Germany Compressed Natural Gas Market by Source
9.2.5.1.2 Germany Compressed Natural Gas Market by End User
9.2.5.2 France Compressed Natural Gas Market
9.2.5.2.1 France Compressed Natural Gas Market by Source
9.2.5.2.2 France Compressed Natural Gas Market by End User
9.2.5.3 Italy Compressed Natural Gas Market
9.2.5.3.1 Italy Compressed Natural Gas Market by Source
9.2.5.3.2 Italy Compressed Natural Gas Market by End User
9.2.5.4 Spain Compressed Natural Gas Market
9.2.5.4.1 Spain Compressed Natural Gas Market by Source
9.2.5.4.2 Spain Compressed Natural Gas Market by End User
9.2.5.5 United Kingdom Compressed Natural Gas Market
9.2.5.5.1 United Kingdom Compressed Natural Gas Market by Source
9.2.5.5.2 United Kingdom Compressed Natural Gas Market by End User
9.2.5.6 Rest of Europe Compressed Natural Gas Market
9.2.5.6.1 Rest of Europe Compressed Natural Gas Market by Source
9.2.5.6.2 Rest of Europe Compressed Natural Gas Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Compressed Natural Gas Market Overview
9.3.2 Asia-Pacific Compressed Natural Gas Market Forecasts and Analysis
9.3.3 Asia-Pacific Compressed Natural Gas Market Forecasts and Analysis - By Source
9.3.4 Asia-Pacific Compressed Natural Gas Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific Compressed Natural Gas Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Compressed Natural Gas Market
9.3.5.1.1 Australia Compressed Natural Gas Market by Source
9.3.5.1.2 Australia Compressed Natural Gas Market by End User
9.3.5.2 China Compressed Natural Gas Market
9.3.5.2.1 China Compressed Natural Gas Market by Source
9.3.5.2.2 China Compressed Natural Gas Market by End User
9.3.5.3 India Compressed Natural Gas Market
9.3.5.3.1 India Compressed Natural Gas Market by Source
9.3.5.3.2 India Compressed Natural Gas Market by End User
9.3.5.4 Japan Compressed Natural Gas Market
9.3.5.4.1 Japan Compressed Natural Gas Market by Source
9.3.5.4.2 Japan Compressed Natural Gas Market by End User
9.3.5.5 South Korea Compressed Natural Gas Market
9.3.5.5.1 South Korea Compressed Natural Gas Market by Source
9.3.5.5.2 South Korea Compressed Natural Gas Market by End User
9.3.5.6 Rest of Asia-Pacific Compressed Natural Gas Market
9.3.5.6.1 Rest of Asia-Pacific Compressed Natural Gas Market by Source
9.3.5.6.2 Rest of Asia-Pacific Compressed Natural Gas Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Compressed Natural Gas Market Overview
9.4.2 Middle East and Africa Compressed Natural Gas Market Forecasts and Analysis
9.4.3 Middle East and Africa Compressed Natural Gas Market Forecasts and Analysis - By Source
9.4.4 Middle East and Africa Compressed Natural Gas Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa Compressed Natural Gas Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Compressed Natural Gas Market
9.4.5.1.1 South Africa Compressed Natural Gas Market by Source
9.4.5.1.2 South Africa Compressed Natural Gas Market by End User
9.4.5.2 Saudi Arabia Compressed Natural Gas Market
9.4.5.2.1 Saudi Arabia Compressed Natural Gas Market by Source
9.4.5.2.2 Saudi Arabia Compressed Natural Gas Market by End User
9.4.5.3 U.A.E Compressed Natural Gas Market
9.4.5.3.1 U.A.E Compressed Natural Gas Market by Source
9.4.5.3.2 U.A.E Compressed Natural Gas Market by End User
9.4.5.4 Rest of Middle East and Africa Compressed Natural Gas Market
9.4.5.4.1 Rest of Middle East and Africa Compressed Natural Gas Market by Source
9.4.5.4.2 Rest of Middle East and Africa Compressed Natural Gas Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Compressed Natural Gas Market Overview
9.5.2 South and Central America Compressed Natural Gas Market Forecasts and Analysis
9.5.3 South and Central America Compressed Natural Gas Market Forecasts and Analysis - By Source
9.5.4 South and Central America Compressed Natural Gas Market Forecasts and Analysis - By End User
9.5.5 South and Central America Compressed Natural Gas Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Compressed Natural Gas Market
9.5.5.1.1 Brazil Compressed Natural Gas Market by Source
9.5.5.1.2 Brazil Compressed Natural Gas Market by End User
9.5.5.2 Argentina Compressed Natural Gas Market
9.5.5.2.1 Argentina Compressed Natural Gas Market by Source
9.5.5.2.2 Argentina Compressed Natural Gas Market by End User
9.5.5.3 Rest of South and Central America Compressed Natural Gas Market
9.5.5.3.1 Rest of South and Central America Compressed Natural Gas Market by Source
9.5.5.3.2 Rest of South and Central America Compressed Natural Gas Market by End User
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. COMPRESSED NATURAL GAS MARKET, KEY COMPANY PROFILES
11.1. CHINA NATURAL GAS INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. GAZPROM
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. GNVERT
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. INDRAPRASTHA GAS LIMITED
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. J-W POWER COMPANY
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NATIONAL IRANIAN GAS COMPANY
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. NEOGAS INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. PAKISTAN STATE OIL
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. ROYAL DUTCH SHELL
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. TRILLIUM CNG
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. CHINA NATURAL GAS INC.
2. GAZPROM
3. GNVERT
4. INDRAPRASTHA GAS LIMITED
5. J-W POWER COMPANY
6. NATIONAL IRANIAN GAS COMPANY
7. NEOGAS INC.
8. PAKISTAN STATE OIL
9. ROYAL DUTCH SHELL
10. TRILLIUM CNG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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