The compressed natural gas (CNG) is used extensively in heavy duty transportation vehicles due to affordability and eco-friendliness. With the increase in the environmental factors such as climatic changes and depleting ozone layer many nations across the globe have started using CNG in power production. Due to its eco-friendly nature, improved performance advantages, and reduced maintained cost of the engine, CNG has increased popularity in the market. Government subsidiaries in form of financial incentives mainly in Asia Pacific and South America is probable to have a positive impact on the market growth.
MARKET DYNAMICS
Due to recovering oil prices, the low-cost of compressed natural gas is preferred in many countries. Also, the increase in energy requirement by several nations leads to the use of non-conventional fuel such as compressed natural gas, which drives the compressed natural gas (CNG) market. Also, strict government regulations in pollution control and rise in the financial health of many countries around the world fuels the compressed natural gas market. Though, the initial investment cost is too high, installation and costs of CNG storage tanks in automobiles is expensive and limited number of fueling stations hinders the growth of the compressed natural gas market.
MARKET SCOPE
The "Global Compressed Natural Gas Market Analysis to 2028" is a specialized and in-depth study of Compressed Natural Gas with a special focus on the global market trend analysis. The report aims to provide an overview of Compressed Natural Gas with detailed market segmentation by source, and end user. The global Compressed Natural Gas Market is expected to witness high growth during the forecast period. The report provides key statistics on the Compressed Natural Gas Market and offers key trends and opportunities in energy and power market.
MARKET SEGMENTATION
The Compressed Natural Gas Market is segmented on the basis of source, and end user. On the basis of source, market is segmented as associated gas, non-associated gas, and unconventional sources. On the basis of end user is segmented as light duty vehicles, medium duty/heavy duty buses, and medium duty/heavy duty trucks.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Compressed Natural Gas market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The global Compressed Natural Gas market by each region is later sub-segmented by respective countries and segments.
The report analyzes factors affecting Compressed Natural Gas market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological effecting the Compressed Natural Gas market in these regions.
MARKET PLAYERS
The reports cover key developments in the Compressed Natural Gas market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from Compressed Natural Gas market are anticipated to lucrative growth opportunities in the future with the rising demand for Compressed Natural Gas in the global market. Below mentioned is the list of few companies engaged in the Compressed Natural Gas market.
The report also includes the profiles of Compressed Natural Gas market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- CHINA NATURAL GAS INC.
- GAZPROM
- GNVERT
- INDRAPRASTHA GAS LIMITED
- J-W POWER COMPANY
- NATIONAL IRANIAN GAS COMPANY
- NEOGAS INC.
- PAKISTAN STATE OIL
- ROYAL DUTCH SHELL
- TRILLIUM CNG
The Insight Partners dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.