This report provides exclusive insights into the COVID-19 impact on the Compressed Natural Gas Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Compressed Natural Gas Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Compressed Natural Gas Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on the compressed natural gas market provides an in-depth analysis of segments and sub-segments in global as well as regional compressed natural gas market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional compressed natural gas market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global compressed natural gas market. According to the report the global compressed natural gas market is projected to grow at a CAGR of 10.5% over the forecast period of 2018-2024.
Compressed natural gas is a fuel that can be used in place of gasoline (petrol), diesel fuel and propane/LPG. It is safer than other fuels in the event of a spill because natural gas is lighter than air and disperses quickly when released. Compressed natural gas (CNG) is the cleanest burning transportation fuel on the market today. CNG burns cleaner than petroleum-based products because of its lower carbon content. CNG produces the fewest emissions of all other fuels and contains significantly fewer pollutants than gasoline. Compressed natural gas (CNG) fuel storage tanks are stronger and safer than gasoline or diesel tanks reducing the possibility of accidental release.
The increasing use of natural gas in the automotive industry is the major factor driving the growth of the compressed natural gas market. CNG can be used in the traditional internal combustion engines that have been originally designed for gasoline and diesel that is anticipated to fuel the growth of the compressed natural gas market. In addition, increasing demand for hybrid vehicle and stringent regulation on the use of commercial passenger vehicles fitted with CNG as this cause low carbon emission is boosting the growth of the compressed natural gas market. However, lack of infrastructure and high installation cost for storage are the factors likely to hamper the growth of the compressed natural gas market during the forecast period. Furthermore, increasing research and development investment on dual fuel technology by the leading automobile manufacturers are anticipated to open several doors of opportunity for the key players in the compressed natural gas market over the years to come.
Among the geographies, Asia-Pacific is the largest consumer of compressed natural gas as transit buses and delivery & garbage truck fleets prefer CNG to fossil fuel. Europe emerged as the second largest compressed natural gas market. Further, favorable government initiatives such as subsidies especially in key consuming economies such as China, and India are promoting the use of CNG due to its low greenhouse gases emission properties, which in turn is projected to fuel the demand for the CNG over the forecast period. On the other hand, Increasing exploration and production of conventional natural gas reserves especially in the Middle East & Africa are anticipated to fuel the demand for compressed natural gas market.
The report on global compressed natural gas market covers segments such as source and application. On the basis of source, the global compressed natural gas market is categorized into non-associated gas, associated gas, and unconventional methods. On the basis of application, the global compressed natural gas market is categorized into light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global compressed natural gas market such as J-W Power Company, Indraprastha Gas Limited, National Iranian Gas Company, Trillium CNG, ANGI Energy Systems Inc., Hexagon Composites ASA, Quantum Fuel Systems Technologies Worldwide Inc., GNVert, Luxfer Group
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global compressed natural gas market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the compressed natural gas market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the compressed natural gas market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the compressed natural gas market to understand the present and future trends in this market and formulate their strategies accordingly.