Compressed Natural Gas (CNG) Market Size to Grow at a CAGR of 8.4% in the Forecast Period of 2023-2030

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Compressed Natural Gas (CNG) Market Overview:

Compressed Natural Gas (CNG) Market is USD 1,262.27 Million in 2022. It is projected to reach USD 21,068.66 by 2030, indicating a CAGR of 8.4% during the forecast period. The Compressed Natural Gas (CNG) has been experiencing steady growth over the years. CNG Factors such as environmental concerns, government initiatives, and the rising demand for cleaner fuels have contributed to the Compressed Natural Gas (CNG) Market.

Compressed Natural Gas (CNG) is a type of fuel made by compressing natural gas to a reduced volume. Natural gas, primarily composed of methane (CH4), is extracted from underground reserves or produced as a by-product of oil extraction and other industrial processes. CNG is stored and transported in high-pressure cylinders or tanks.

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Key Players of the Compressed Natural Gas (CNG) Market:

  • Cabot Oil & Gas Corporation
  • Indraprastha Gas Limited
  • ConocoPhillips Company
  • ENGIE Group
  • Exxon Mobil Corporation
  • Chevron Corporation
  • J-W Power Company
  • National Iranian Gas Company
  • Shell group of companies
  • Trillium Transportation Fuels

Market Segmentation

By Source:

  • Associated Gas
  • Non-Associated Gas
  • Unconventional Sources

By End Use:

  • Light Duty vehicles
  • Medium/Heavy Duty Trucks
  • Medium/Heavy Duty Buses

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Regional Analysis:

North America has been at the forefront of CNG adoption, driven by favourable government policies, environmental concerns, and abundant natural gas reserves. Europe has witnessed significant growth in the CNG market, with several countries actively promoting the use of CNG as a cleaner fuel option. Countries like Italy, Germany, and Sweden have well-developed CNG infrastructure and strong government support.

he Asia-Pacific region has emerged as a promising marketfor CNG, driven by factors such as increasing urbanization, pollution concerns, and government initiatives. China, India, and Iran are among the key countries promoting CNG as a cleaner fuel alternative. Latin American countries have shown a growing interest in CNG as a cost-effective and cleaner fuel option. Countries like Argentina, Brazil, and Colombia have implemented supportive policies and incentives to encourage CNG adoption.

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