Compressed Natural Gas Market Is Flourishing Continuously With High CAGR During The Forecast Period 2019-2026
New York, NY 10 Sep 2019 :The global compressed natural gas market is anticipated to reach USD 218.18 billion by 2026 according to a new study published by Polaris Market Research.
CNG has been gaining importance as clean fuel in traditional internal combustion gasoline engines. CNG fueled vehicles are increasingly being used in Asia-Pacific region, Europe, Latin America, and North America owing to the increasing gasoline prices and as an important initiative to reduce carbon emissions. Higher prices of petrol/diesel compared to CNG and increasing concerns for environmental pollution, CNG has found a prominent space in the league of transportation fuels for all types of vehicles. The initial conversion cost to CNG is a barrier for the users as a transportation fuel. However, the public transportation vehicles have been the early adopters of the product, as it is easy to amortize the money invested at a faster rate in the new fuel type. Apart from these, the number of CNG vehicles worldwide has grown annually at 30% for the past five years.
CNG itself has been a significant phenomenon which is out in the global market for the past decade. Its benefits of being the cleanest fossil fuel that emit the least amount of impurities that gasoline or diesel produces. Moreover, CNG is much more fuel efficient in comparison to gasoline. Owing to its clean-characteristics, it increases vehicles longevity and increases the maintenance intervals. Change of engine oil with filter is required to be done after every 3,000 to 4,000 miles for a typical gasoline vehicle, but for the CNG vehicles it extends over 9,000 to 10,000 miles. Technological developments in CNG vehicles which are currently equipped with clean burning fuel systems, CNG enables to save almost half of the gasoline price along with much lower levels of emission thus contributing towards a greener environment. Therefore, these factors of CNG being the cleanest transportation fuel for vehicles with an offering of similar vehicle performance, relatively low product cost and with significantly low carbon emissions compared to other fossil fuels, the industry is expected to develop significantly over the forecast period.
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Asia Pacific was the largest regional market in 2017. Pakistan was the largest market in terms of presence of CNG vehicles in the region. India, China and Thailand are yet other emerging nations for growing product demand. Latin America is expected to be one of the fastest growing regional markets backed by momentous demand from Argentina and Brazil. Europe on the other hand is a potential contributor to its demand with Russia and Italy leading the way, however, growing popularity of electric vehicles in many of the nations such as the Netherlands is projected to hinder industry growth over the forecast period.
Some of the leading industry participants include China Natural Gas Inc., NeoGas Inc, ANGI Energy Systems Inc, GNVert, Trillium CNG, OAO GasProm, J-W Power Company, Mahanagar gas Limited (MNGL), National Iranian Gas Company, and Indraprastha Gas Limited (IGL).
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