Press Release

visiongain

Global Compressed Natural Gas Market Report 2019-2029

September 18th, 2020 7:03 PM

Market Definition:
• Compressed natural gas, or CNG, is natural gas under pressure that remains clear, and non-corrosive and is used as a cheaper and an efficient alternative to the traditional petrol and diesel fuels for vehicles.
• CNG is comprised mostly of methane gas, which, like gasoline, produces engine power when mixed with air and fed into your engine’s combustion chamber.

Market Overview and Trends
• CNG is compressed so that enough fuel can be stored in the vehicle to extend driving range, much like the gasoline tank in vehicles.
• CNG is one of the most viable alternatives to traditional liquid fuels for vehicles.

Market Dynamics:

Factors Influencing the Market Growth:
• Recovering oil prices, the low-cost of CNG is preferred in many countries. In addition, increase in energy requirement by various nations leads to the use of non-conventional fuel such as compressed natural gas propels the market growth.
• Increasing adoption of CNG as a potent alternative fuel to gasoline and diesel owing to increasing fuel efficiency of the vehicles is anticipated to encourage the use of CNG as vehicle fuel.
• Favorable government initiatives such as subsidies developing economies such as China, and India to promote the use of CNG due to its low greenhouse gases emission properties.

Factors Restraining the Market Growth:
• Stringent government regulations in pollution control
• Limited number of fueling stations

Market Segmentation 2019-2029:

Source
• Associated Gas Market, 2019-2029
• Non-Associated Gas Market, 2019-2029
• Unconventional Sources Market, 2019-2029

End User
• Light Duty Vehicles Market, 2019-2029
• Medium Duty/Heavy Duty Buses Market, 2019-2029
• Medium Duty/Heavy Duty Trucks Market, 2019-2029

Geographic breakdown
Focused regional forecasts and analysis explore the future opportunities:
• North America Market, 2019-2029
• Europe Market, 2019-2029
• Asia-Pacific Market, 2019-2029
• Middle East Market, 2019-2029
• Africa Market, 2019-2029

Competitive Analysis:
• The market appears to be fragmented and with the presence of several companies including NIOPDC and Royal Dutch Shell, the competitive environment is quite intense. Factors such as the increase in number of CNG vehicles and the increasing government support for the development of CNG infrastructure, will provide considerable growth opportunities to compressed natural gas manufactures.

Major Market Players:
• Exxon Mobil Corporation., BP P.L.C, Total S.A, Chevron Corporation, Ltd., Eni S.p.A, Statoil ASA, ConocoPhillips Co, Cabot Oil & Gas Corporation, Southwestern Energy Company, and Chesapeake.

Visiongain is a trading partner with the US Federal Government
CCR Ref number: KD4R6

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