New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Compressed Natural Gas Global Market Report 2023" - https://www.reportlinker.com/p06466459/?utm_source=GNW
Ltd., Hexagon Composites, TGT Fuel Technologies Pvt. Ltd., and FTI Group Ltd.
The global compressed natural gas market is expected to grow from $147.16 billion in 2022 to $166.90 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The compressed natural gas market is expected to reach $269.99 billion in 2027 at a CAGR of 12.8%.
The compressed natural gas market consists of sales of compressed natural gas used to power motor vehicles.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Compressed natural gas refers to a mixture of hydrocarbon gases and vapors that is predominantly made up of compressed methane in gaseous form for use as a fuel to power automobiles. Compressed natural gas is employed in a variety of light-, medium-, and heavy-duty uses to achieve almost the same fuel efficiency as normal gasoline.
Asia-Pacific was the largest region in the compressed natural gas market in 2022. The regions covered in the compressed natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of compressed natural gas are non-associated gas, associated gas, and unconventional sources.Non-associated gas refers to natural gas derived from a gas-targeted or natural gas well as opposed to an oil well and it is commonly used to produce natural gas that is used as a fuel source.
Major product types are dedicated fuel, bi-fuel, and dual fuel that is used in various applications such as light passenger vehicles, medium or heavy-duty vehicles, and others.
The rise in the number of CNG-powered vehicles is expected to propel the growth of the compressed natural gas market going forward.CNG-powered vehicles are vehicles that are fuelled solely by the combustion of compressed natural gas (CNG) as an alternative to other fossil fuels.
CNG-powered vehicles are gaining popularity in recent years due to their number of advantages such a cheaper option as compared to other combustion fuels, increasing engine lifespan due to less gasoline contamination of the motor oil, extended intervals between car servicing activities such as tune-ups and oil changes and produces less harmful gases as compared to conventional fuels. For instance, according to the report published by the International Association for Natural Gas Vehicles, a New Zealand-based association for natural gas vehicles, more than 30 million natural gas vehicles (NGVs) were expected to be in use worldwide by the end of 2021, rising from 28.5 million in 2019. Therefore, the rise in the number of CNG-powered vehicles is driving the growth of the compressed natural gas market.
Product innovations are a key trend gaining popularity in the compressed natural gas market.Major companies operating in the compressed natural gas market are adopting innovative products to strengthen their position in the market.
For instance, in December 2020, Noble Gas Systems, a US-based storage tank manufacturer, launched a Conformable Compressed Gas Storage System to create a safe, conformable, lightweight compressed gas storage and delivery system in vehicles.Natural gas, air, oxygen, hydrogen, and nitrogen are among the most common compressed gases that can be accommodated by the Noble Gas high-pressure, lightweight storage and distribution system.
It has a polymer-lined tank, weaving reinforcement, and a protective outer shell. Additionally, the system also meets burst and hydrogen permeation criteria for 350-bar working pressures and has a leak-before-burst failure mode to eliminate the possibility of a catastrophic, immediate release of high-pressure gas, making it a safer alternative to existing solutions.
In February 2023, Shell Petroleum N.V., a US-based energy and petrochemical company acquired Nature Energy Biogas A/S for a deal of $2 billion. Through this acquisition, Shell Petroleum N.V. aims to establish a globally integrated value chain and to economically expand its low-carbon products to consumers across numerous industries. Nature Energy Biogas A/S is a Denmark-based producer of natural gases including CNG and biogases.
The countries covered in the compressed natural gas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the chain or as part of other products.
The compressed natural gas market research report is one of a series of new reports that provides compressed natural gas market statistics, including compressed natural gas industry global market size, regional shares, competitors with a compressed natural gas market share, detailed compressed natural gas market segments, market trends and opportunities, and any further data you may need to thrive in the compressed natural gas industry. This compressed natural gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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