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Compressed Natural Gas Market

Compressed Natural Gas Market (Source: Associated Gas, Non-associated Gas, and Unconventional Methods; and End-user: LD Vehicles, MD/HD Buses, MD/HD Trucks, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Compressed Natural Gas Market Outlook 2031

  • The global compressed natural gas market was valued at US$ 112.64 Bn in 2020
  • It is estimated to expand at a CAGR of 12.3% from 2021 to 2031
  • The global compressed natural gas market is expected to reach the value of US$ 465.52 Bn by the end of 2031

Analysts’ Viewpoint on Compressed Natural Gas Market Scenario

The increasing prices of transportation fuels such as gasoline and diesel is responsible for the rising demand for low cost, low emissive compressed natural gas. This factor is expected to propel the global compressed natural gas market. In order to minimize carbon emissions across the globe, governments of developing countries are taking initiatives to promote the compressed natural gas or CNG. In addition, incentive-based polices are also being introduced for the rapid adoption of CNG. Rising population, urbanization, growth of the automobile industry, and increasing awareness about carbon emission are some of the factors driving the Asia Pacific compressed natural gas market. However, high initial investment, increase in prices of CNG storage tanks, and limited number of fueling stations are some of the major factors hampering the growth of the global market.

Adoption of Compressed Natural Gas as Transportation Fuel

The rise in the number of CNG powered natural gas vehicles is a major growth driver for the global compressed natural gas market. Compressed natural gas or CNG is obtained through compression of natural gas to less than one percent of the volume it usually occupies at normal environmental conditions. CNG is popularly used as a clean transportation fuel in light duty and heavy-duty vehicles across the globe. The growing applications of CNG is due to lower emissions as compared to gasoline and diesel.

The adoption of CNG as automobile fuel is more likely to create value-grab opportunities for the market players operating on the global compresses natural gas market during the forecast period. The global consumption of CNG directly depends on the number of CNG-powered natural gas vehicles in operation.

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Rise in Popularity of Non-associated Gas Sources to Drive Global Market

Of the three primary sources of compressed natural gas: non-associated gas, associated gas, and unconventional gas, the non-associated gas is expected to account for the largest share of the global market during the forecast period. The source for natural gas and CG is assumed to be the same. Some of the factors responsible for the rising adoption of non-associated gas are depleting oil wells and reducing production of crude oil across the globe. Non-associated gas and unconventional gas are expected to be the prominent segments for the CNG production in the upcoming years. The Middle East and Russia are major countries witnessing huge production of compressed natural gas from non-associated gas.

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Increase in Number of Light Duty Vehicles Globally

Rapid urbanization, rise in disposable income, and growth and advancement of the automobile industry are contributing to the rising sales of light duty vehicles across the globe. This is a major factor driving the demand for compressed natural gas as a transportation fuel for light duty vehicles. Light duty vehicle is the most lucrative segment of the global compressed natural gas market, exhibiting the highest potential for investment due to rise in the use of compressed natural gas in developing regions across the globe. This is mainly to overcome the air pollution caused by the fossil fuels.

Companies in the global compressed natural gas market are accelerating their product development and unlocking revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms to gain competitive edge.

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North America to Create Potential Opportunities for Compressed Natural Gas Market Players

North America is expected to account for major share of the global compressed natural gas market in the next few years. This is due to the availability of cheap domestic natural gas in the U.S., which offers high incentives to truck and fleet owners for converting it into CNG. The North America compressed natural gas market is driven by the presence of a large number of natural gas reservoirs. The rising production of shale gas in Latin America is also contributing to the market growth.

The Asia Pacific compressed natural gas market is also expected to exhibit significant growth during the forecast period. The compressed natural gas market in the region is significantly driven by rapid urbanization, increase in the number of low duty vehicles, which use compresses natural gas, and lucrative presence of market players in the region.

Compressed Natural Gas Market: Overview

  • Compressed natural gas (CNG) is obtained through compression of natural gas to less than 1% of the volume it generally occupies at normal atmospheric conditions. Globally, CNG is used primarily as a clean transportation fuel with significantly lower emissions compared to either gasoline or diesel. Of late, the adoption of CNG as the preferred choice of automobile fuel has increased significantly.
  • Global consumption of CNG directly depends upon the number of CNG powered natural gas vehicles in operation. CNG powered natural gas vehicles can be broadly segmented into light duty (LD) vehicles, medium duty/heavy duty (MD/HD) buses, medium duty/heavy duty (MD/HD) trucks, and others.
  • The others segment comprises three-wheeler CNG powered vehicles such as autos and tuk-tuks. These are generally prevalent in Asia Pacific and Latin America. Increase in the number of each of these vehicle segments is likely to determine the growth in CNG consumption in the near future.

Non-associated Gas Source Segment Occupied Key Share of Compressed Natural Gas Market

  • There is no direct source of CNG. Therefore, the source of CNG and natural gas has been assumed to be the same. Currently, there are three primary sources of natural gas: associated gas, non-associated gas, and unconventional gas.
  • The non-associated gas segment occupied the majority of the market, with nearly 90% share in 2020. The associated gas segment is anticipated to exhibit a moderate decline in market share by the end of the forecast period.
  • Gradual slowdown in crude oil production activities and aging of existing oil wells are among the major factors for the decline in market share of the associated gas segment. Non-associated gas and unconventional gas categories are estimated to be the most promising segments for production of CNG in the near future.
  • Large production of CNG from non-associated gas is projected in the Middle East and Russia in the near future. Currently, the U.S. is the only country in the world that has successfully exploited its shale gas reserves. The shale gas boom in the country coupled with declining prices has led to a surplus of natural gas in the domestic market.

LD Vehicles End-user Leads Compressed Natural Gas Market

  • LD vehicles accounted for nearly 93% of the global CNG vehicle fleet, but only 50.2% of the global CNG consumption in 2020. This can be ascribed to large consumption of fuel by medium and heavy-duty vehicles compared to light duty vehicles and passenger cars.
  • Consumption patterns of medium and heavy-duty vehicles are also relatively constant in nature. This has prompted various governments to target conversion of existing bus and truck fleets to CNG. The dynamics of CNG consumption indicate significant variation regionally.
  • The CNG market in Latin America mostly focuses on light duty vehicle consumption, while Asia Pacific exhibits a healthy mix of consumption for all vehicle segments. Dominance of consumption by the light duty vehicle segment can also be observed in Middle East & Africa, where incentives and mandates to support conversion of buses/trucks to CNG are yet to take shape.
  • With surplus of domestic natural gas, North America is likely to emerge as one of the most attractive markets for CNG in the near future. This would especially be driven by the U.S., where availability of cheap domestic natural gas provides attractive incentives to large bus/truck fleet owners to convert to CNG.

Other External Factors in Compressed Natural Gas Market

  • Other external factors such as the expansion of the Panama Canal are also likely to play a major role in adoption of CNG globally. Owners of long haul vehicles are finding it increasingly advantageous to shift to CNG, as a fuel due to the attractive payback period it provides.
  • With China gearing up for commercial shale gas production by the end of 2020, a downward pressure on gas prices in Asia Pacific is expected. This would further be boosted by the completion of expansion of the Panama Canal, resulting in higher export of shale gas to Asia Pacific from the U.S.
  • Gradual decoupling of natural gas and crude oil prices is anticipated to further drive the expansion in consumption. Substitution threats from other clean fuels, such as autogas in the light duty vehicle segment and LNG in the long haul heavy-duty vehicle segment, exist for CNG. However, such threats are not likely to be realized unless there is adequate development of LNG refueling infrastructure and significant reduction in LPG prices globally.

Compressed Natural Gas Market Snapshot

Attribute

Detail

Market Size Value in 2020 (Base Year)

US$ 112.64 Bn

Market Forecast Value in 2031

US$ 465.52 Bn

Growth Rate (CAGR)

12.3%

Forecast Period

2021-2031

Quantitative Units

US$ Bn for Value & Million Cubic Meters for Volume

Competition Landscape

Company Profiles section includes overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials

Format

Electronic (PDF) + Excel

Market Segmentation

  • Source
    • Associated Gas
    • Non-associated Gas
    • Unconventional Methods
  • End-user
    • LD Vehicles
    • MD / HD Buses
    • MD / HD Trucks
    • Others

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South & Central America

Countries Covered

  • U.S.
  • Canada
  • Germany
  • France
  • U.K.
  • Italy
  • Russia & CIS
  • China
  • Japan
  • India
  • ASEAN
  • Brazil
  • Mexico
  • GCC Countries
  • South Africa

Companies Profiled

  • National Iranian Gas Company
  • Indraprastha Gas Ltd
  • OAO Gazprom

Customization Scope

Available upon Request

Pricing

Available upon Request

Compressed Natural Gas Market – Segmentation

TMR’s research study assesses the cogeneration equipment market based on source, end-user, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the global compressed natural gas market.

Source
  • Associated Gas
  • Non-associated Gas
  • Unconventional Methods
End-user
  • LD Vehicles
  • MD/HD Buses
  • MD/HD Trucks
  • Others
Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South & Central America
Compressed Natural Gas Market

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Frequently Asked Questions

What was the value of the Compressed Natural Gas Market globally in 2020?

In 2020, Compressed Natural Gas Market was valued at US$ 112.64 Bn

What is the Compressed Natural Gas Market Size?

Compressed Natural Gas Market is expected to Reach US$ 465.52 Bn By 2031

What is the CAGR for Compressed Natural Gas Market?

Compressed Natural Gas Market is estimated to rise at a CAGR of 12.3% during forecast period

What are the key factors driving the growth of Compressed Natural Gas Market?

The rise in the number of CNG powered natural gas vehicles is expected to drive the Compressed Natural Gas Market

Which region is more attractive for vendors in the Compressed Natural Gas Market?

Asia Pacific is more attractive for vendors in the Compressed Natural Gas Market

1. Preface

    1.1. Report Description

    1.2. Research Scope

    1.3. Market Segmentation

    1.4. Research Methodology

2. Executive Summary

    2.1. Global CNG Market

3. CNG Market – industry Analysis

    3.1. Introduction

    3.2. Value Chain Analysis: CNG Market

    3.3. Market Drivers

        3.3.1. Discounted Price Compared to Gasoline & Diesel Resulting in Attractive Return On investments

            3.3.1.1. U.S. Retail Fuel Prices, by Fuel Type (US$ Bn/Gge)

        3.3.2. Strong Government initiatives towards Vehicle Emission Control Along with Other Incentive-Based Policies to Accelerate Adoption

        3.3.3. Decoupling of Natural Gas and Oil Prices Resulting in Gas Prices Being Dependent Solely on Market Forces

            3.3.3.1. Global Crude Oil Prices, by Grade (US$ Bn/Barrel)

            3.3.3.2. Global Gas Prices, by Trade index (US$ Bn)

    3.4. Market Restraints

        3.4.1. Lack of Adequate Refueling infrastructure

            3.4.1.1. Gasoline and CNG Refueling Stations in the U.S.

        3.4.2. Preference of Large Long Haul Vehicle Fleet Owners towards Adopting Lng as an Alternative Fuel Source

    3.5. Market Opportunities

        3.5.1. Expansion of Panama Canal increasing Trade Opportunities

        3.5.2. Possibility of Shale Gas Production in the Asia Pacific and Latin American Regions

    3.6. Porter’s Five Forces Analysis: CNG Market

        3.6.1. Bargaining Power of Suppliers

        3.6.2. Bargaining Power of Buyers

        3.6.3. Threat from New Entrants

        3.6.4. Degree of Competition

        3.6.5. Threat from Substitutes

    3.7. Company Market Share Analysis: CNG

        3.7.1. CNG Company Market Share Analysis, 2020

    3.8. Market Attractiveness Analysis of CNG Market, by Region, 2020

4. Compressed Natural Gas Market: Source Segment Analysis

    4.1. Global Compressed Natural Gas Market: Source Overview

        4.1.1. Global Compressed Natural Gas Market, Volume Share by Source Segment, 2020 and 2031

    4.2. Associated Gas

        4.2.1. Global Associated Gas CNG Consumption Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

    4.3. Non-associated Gas

        4.3.1. Global Non-associated Gas CNG Consumption Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

    4.4. Unconventional Methods

        4.4.1. Global Unconventional Methods CNG Consumption Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

5. Compressed Natural Gas Market: End-user Analysis

    5.1. Global Compressed Natural Gas Market: End-user Overview

        5.1.1. Global Compressed Natural Gas Market, Volume Share by End-user, 2020 and 2031

    5.2. Light Duty (LD)Vehicles

        5.2.1. Global Light Duty Vehicles CNG Consumption Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

    5.3. Medium Duty (MD) Heavy Duty (HD) Buses

        5.3.1. Global Medium Duty/Heavy Duty Buses CNG Consumption Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

    5.4. Medium Duty (MD)/Heavy Duty (HD) Trucks

        5.4.1. Global Medium Duty/Heavy Duty Trucks CNG Consumption Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

    5.5. Others

        5.5.1. Global Others CNG Consumption Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

6. Compressed Natural Gas Market: Regional Analysis

    6.1. Global Compressed Natural Gas Market: Regional Overview

        6.1.1. Global Compressed Natural Gas Market, Volume Share by Region, 2020 and 2031

    6.2. North America

        6.2.1. North America Compressed Natural Gas Market Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

        6.2.2. North America Compressed Natural Gas Market Estimate and Forecast, by End-user, 2020 – 2031, (Million Cubic Meters) (US$ Bn)

        6.2.3. North America Compressed Natural Gas Market Estimate and Forecast, by Source, 2020 – 2031, (Million Cubic Meters) (US$ Bn)

    6.3. Europe

        6.3.1. Europe Compressed Natural Gas Market Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

        6.3.2. Europe Compressed Natural Gas Market Estimate and Forecast, by End-user, 2020 – 2031, (Million Cubic Meters) (US$ Bn)

        6.3.3. Europe Compressed Natural Gas Market Estimate and Forecast, by Source, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

    6.4. Asia Pacific

        6.4.1. Asia Pacific Compressed Natural Gas Market Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

        6.4.2. Asia Pacific Compressed Natural Gas Market Estimate and Forecast, by End-user, 2020 – 2031, (Million Cubic Meters) (US$ Bn)

        6.4.3. Asia Pacific Compressed Natural Gas Market Estimate and Forecast, by Source, 2020 – 2031, (Million Cubic Meters) (US$ Bn)

    6.5. Middle East & Africa

        6.5.1. Middle East & Africa Compressed Natural Gas Market Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

        6.5.2. Middle East & Africa Compressed Natural Gas Market Estimate and Forecast, by End-user, 2020 – 2031, (Million Cubic Meters) (US$ Bn)

        6.5.3. Middle East & Africa Compressed Natural Gas Market Estimate and Forecast, by Source, 2020 – 2031, (Million Cubic Meters) (US$ Bn)

    6.6. South & Central America

        6.6.1. South & Central America Compressed Natural Gas Market Estimates and Forecast, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

        6.6.2. South & Central America Compressed Natural Gas Market Estimate and Forecast, by End-user, 2020 – 2031, (Million Cubic Meters) (US$ Bn)

        6.6.3. South & Central America Compressed Natural Gas Market Estimate and Forecast, by Source, 2020 – 2031, (Million Cubic Meters) (US$ Bn)

7. Company Profiles

    7.1. Indraprastha Gas Limited

        7.1.1. Company Overview

        7.1.2. Product Portfolio

        7.1.3. Financial Overview

        7.1.4. Business Strategy

        7.1.5. Swot Analysis

    7.2. National Iranian Gas Company

        7.2.1. Company Overview

        7.2.2. Product Portfolio

        7.2.3. Business Strategy

        7.2.4. Swot Analysis

        7.2.5. Recent Developments

    7.3. Neo Gas inc.

        7.3.1. Company Overview

        7.3.2. Product Portfolio

        7.3.3. Business Strategy

        7.3.4. Swot Analysis

        7.3.5. Recent Developments

    7.4. Oao Gazprom

        7.4.1. Company Overview

        7.4.2. Product Portfolio

        7.4.3. Financial Overview

        7.4.4. Business Strategy

        7.4.5. Swot Analysis

        7.4.6. Recent Developments

    7.5. Trillium CNG

        7.5.1. Company Overview

        7.5.2. Financial Overview

        7.5.3. Business Strategy

        7.5.4. Swot Analysis

        7.5.5. Recent Developments

    7.6. Gnvert

        7.6.1. Company Overview

        7.6.2. Product Portfolio

        7.6.3. Business Strategy

        7.6.4. Swot Analysis

        7.6.5. Recent Developments

    7.7. Angi Energy Systems inc.

        7.7.1. Company Overview

        7.7.2. Product Portfolio

        7.7.3. Business Strategy

        7.7.4. Swot Analysis

        7.7.5. Recent Developments

    7.8. China Natural Gas inc.

        7.8.1. Company Overview

        7.8.2. Product Portfolio

        7.8.3. Financial Overview

        7.8.4. Business Strategy

        7.8.5. Swot Analysis

        7.8.6. Recent Developments

    7.9. J-W Power Company

        7.9.1. Company Overview

        7.9.2. Product Portfolio

        7.9.3. Business Strategy

        7.9.4. Swot Analysis

        7.9.5. Recent Developments

    7.10. Pakistan State Oil

        7.10.1. Company Overview

        7.10.2. Product Portfolio

        7.10.3. Financial Overview

        7.10.4. Business Strategy

        7.10.5. Swot Analysis

        7.10.6. Recent Developments

List of Tables

Table 1: Global CNG Market: Snapshot

Table 2: Drivers of CNG Market: Impact Analysis

Table 3: Tentative Payback Periods to Vehicles Converting to CNG

Table 4: Restraints of CNG Market: Impact Analysis

Table 5: Opportunities of CNG Market: Impact Analysis

Table 6: North America Compressed Natural Gas Market Volume and Forecast, by End-user, 2020 - 2031 (Million Cubic Meters)

Table 7: North America Compressed Natural Gas Market Revenue and Forecast, by End-user, 2020 - 2031 (US$ Bn)

Table 8: North America Compressed Natural Gas Market Volume and Forecast, by Source, 2020 - 2031 (Million Cubic Meters)

Table 9: North America Compressed Natural Gas Market Revenue and Forecast, by Source, 2020 - 2031 (US$ Bn)

Table 10: Europe Compressed Natural Gas Market Volume and Forecast, by End-user, 2020 - 2031 (Million Cubic Meters)

Table 11: Europe Compressed Natural Gas Market Revenue and Forecast, by End-user, 2020 - 2031 (US$ Bn)

Table 12: Europe Compressed Natural Gas Market Volume and Forecast, by Source, 2020 - 2031 (Million Cubic Meters)

Table 13: Europe Compressed Natural Gas Market Revenue and Forecast, by Source, 2020 - 2031 (US$ Bn)

Table 14: Asia Pacific Compressed Natural Gas Market Volume and Forecast, by End-user, 2020 - 2031 (Million Cubic Meters)

Table 15: Asia Pacific Compressed Natural Gas Market Revenue and Forecast, by End-user, 2020 - 2031 (US$ Bn)

Table 16: Asia Pacific Compressed Natural Gas Market Volume and Forecast, by Source, 2020 - 2031 (Million Cubic Meters)

Table 17: Asia Pacific Compressed Natural Gas Market Revenue and Forecast, by Source, 2020 - 2031 (US$ Bn)

Table 18: Middle East & Africa Compressed Natural Gas Market Volume and Forecast, by End-user, 2020 - 2031 (Million Cubic Meters)

Table 19: Middle East & Africa Compressed Natural Gas Market Revenue and Forecast, by End-user, 2020 - 2031 (US$ Bn)

Table 20: Middle East & Africa Compressed Natural Gas Market Volume and Forecast, by Source, 2020 - 2031 (Million Cubic Meters)

Table 21: Middle East & Africa Compressed Natural Gas Market Revenue and Forecast, by Source, 2020 - 2031 (US$ Bn)

Table 22: South & Central America Compressed Natural Gas Market Volume and Forecast, by End-user, 2020 - 2031 (Million Cubic Meters)

Table 23: South & Central America Compressed Natural Gas Market Revenue and Forecast, by End-user, 2020 - 2031 (US$ Bn)

Table 24: South & Central America Compressed Natural Gas Market Volume and Forecast, by Source, 2020 - 2031 (Million Cubic Meters)

Table 25: South & Central America Compressed Natural Gas Market Revenue and Forecast, by Source, 2020 - 2031 (US$ Bn)

List of Figures

Figure 1: Compressed Natural Gas (CNG): Market Segmentation

Figure 2: Global Compressed Natural Gas Market Volume and Revenue, 2020 - 2031 (US$ Bn)

Figure 3: Value Chain Analysis of CNG Market

Figure 4: U.S. Retail Fuel Prices, by Fuel Type (US$/Gge)

Figure 5: Global Crude Oil Prices, by Grade (US$/Barrel)

Figure 6: Global Crude Oil Prices, by Trade index (US$/Mn Btu)

Figure 7: Gasoline and CNG Refueling Stations in the U.S.

Figure 8: Porter’s Five Forces Analysis: CNG Market

Figure 9: Company Market Share of CNG Market, 2020

Figure 10: Market Attractiveness Analysis of CNG Market, by Region, 2020

Figure 11: Global Compressed Natural Gas Market, Volume Share by Source, 2020 and 2031

Figure 12: Global Associated Gas CNG Consumption Volume and Revenue, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

Figure 13: Global Non-associated Gas CNG Consumption Volume and Revenue, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

Figure 14: Global Unconventional Methods CNG Consumption Volume and Revenue, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

Figure 15: Global Compressed Natural Gas Market, Volume Share by End-user, 2020 and 2031

Figure 16: Global Light Duty Vehicles CNG Consumption Market Volume and Revenue, 2020 - 2031 (Million Cubic Meters) (US$ Bn)

Figure 17: Global Medium Duty/Heavy Duty Buses CNG Consumption Volume and Revenue, 2020 - 2031 (Million Cubic Meters) (US$ Bn)

Figure 18: Global Medium Duty/Heavy Duty Trucks CNG Consumption Volume and Revenue, 2020 - 2031 (Million Cubic Meters) (US$ Bn)

Figure 19: Global Others CNG Consumption Volume and Revenue, 2020 - 2031 (Million Cubic Meters) (US$ Bn)

Figure 20: Global Compressed Natural Gas Market, Volume Share by Region, 2020 and 2031

Figure 21: North America Compressed Natural Gas Market Volume and Revenue, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

Figure 22: Europe Compressed Natural Gas Market Volume and Revenue, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

Figure 23: Asia Pacific Compressed Natural Gas Market Volume and Revenue, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

Figure 24: Middle East & Africa Compressed Natural Gas Market Volume and Revenue, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

Figure 25: South & Central America Compressed Natural Gas Market Volume and Revenue, 2020 – 2031 (Million Cubic Meters) (US$ Bn)

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