Compressed Natural Gas Market by Source (Associated Gas, Non-Associated Gas, Unconventional Sources), by Application (Light Duty Vehicles, Medium/Heavy Duty Buses, Medium/Heavy Duty Trucks, Others), by North America (U.S., Canada, Mexico), by Europe (UK, Germany, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Sweden, Belgium), by Asia Pacific (China, India, Japan, South Korea, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, New Zealand), by Latin America (Brazil, Mexico, Argentina, Chile, Colombia, Peru), by MEA (UAE, Saudi Arabia, South Africa, Egypt, Turkey, Israel, Nigeria, Kenya) Forecast 2024-2032
The size of the Compressed Natural Gas Market was valued at USD 159.9 USD Billion in 2023 and is projected to reach USD 346.91 USD Billion by 2032, with an expected CAGR of 11.7 % during the forecast period. CNG is a clear, dry and odorless fuel which is produced by compressing natural gas which is a mixture of hydrocarbons found in natural gas fields. This process makes the amount of the gas to be smaller and hence it is easy for it to be stored and transported. There are two main types of CNG: Pneumatic systems can be further divided into high-pressure which ranges between 200 – 250 bar and medium pressure ranging from 100-150 bar. Some of the important characteristics about CNG are favorably low level of pollutant emissions, high fuel conversion efficiency, and the most important the cost of CNG compared to the gasoline and diesel. CNG is employed mainly in transport, specifically in the use of buses and taxis and in industries and power production. With these two advantages in environmental management as well as low consumption costs compared to other fuels, bio fuels are preferred.
Compressed Natural Gas Trends
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The market research report on the compressed natural gas market covers:
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 11.7 % from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 11.7 % from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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