Compressed Natural Gas Market was valued at US$ 205.17 Bn in 2022 and expected to reach US$ 354.38 Bn by 2029, at a CAGR of 8.12% during the forecast period.
Compressed Natural Gas Market Overview:
The Compressed Natural Gas Market analysis provides a comprehensive picture of competition, including the market share and company profiles of the worldwide industry’s top rivals. The research scope covers a complete analysis of the Compressed Natural Gas Market, as well as the causes for variances in the industry’s growth in various places
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Compressed Natural Gas Market Scope:
To identify and collect material suitable for this study, this research study makes considerable use of secondary sources, directories, and databases, such as annual reports, press releases, journals, corporate websites, and databases.
Compressed Natural Gas Market Drivers:
Compressed natural gas (CNG) is a fuel that can be used in place of gasoline, diesel fuel, and propane/LPG. The CNG is used widely in heavy-duty transportation vehicles due to affordability and eco-friendliness. CNG used in the internal combustion engines that have been originally designed for gasoline and diesel. And that is anticipated to fuel the growth of the CNG market.
Based on the Source, the CNG market is segmented into Associated Gas, Non-Associated Gas, and Unconventional Sources. Non-associated gas emerged as a leading source for CNG. Associated gas is gas produced as a byproduct of the production of crude oil. The increasing use of natural gas in the automotive industry is the major factor driving the growth of the CNG market. The growth of the global natural gas vehicles (NGVs) industry coupled with increased automobile fuel efficiency attributed by CNG is anticipated to remain a key driving factor for the global market.
Compressed Natural Gas Market Segmentation:
by Source
• Associated Gas
• Non-Associated Gas
• Unconventional Sources
by Application
• Light-Duty Vehicles
• Medium/Heavy Duty Buses
• Medium/Heavy Duty Trucks
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Compressed Natural Gas Market Key Players: The key players are
• Exxon Mobil Corporation
• BP P.L.C
• Total S.A
• Chevron Corporation
• Eni S.p.A.
• Statoil ASA
• ConocoPhillips Co.
• Cabot Oil & Gas Corporation
• China Natural Gas Inc.
• J-W Power Company
• National Iranian Gas Company,
• Royal Dutch Shell PLC,
• NEOgas Inc.,
• Southwestern Energy Company
• Chesapeake
Regional Analysis:
Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Compressed Natural Gas Market study. Current and future trends are examined to assess the entire market potential and uncover profitable trends to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
Key Questions Answered in the Compressed Natural Gas Market Report are:
Which sub-segment had the largest share in the Compressed Natural Gas Market?
How is the competitive landscape of the Compressed Natural Gas Market in 2023?
Which are the key drivers impacting the Compressed Natural Gas Market growth?
Which region holds the maximum share in the Compressed Natural Gas Market?
What will be the CAGR of the Compressed Natural Gas Market during the forecast period (2023–2029)?
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