03 Feb 2016 11:02:47
Global Compressed Natural Gas Market to be driven by Greater Preference for Cleaner Fuels
Growing at a 12.3% CAGR between 2014 and 2020, the global compressed natural gas (CNG) market will report a market value worth US$126.19 billion by 2020, up from US$56.32 billion in 2013. The demand for vehicles functioning on compressed natural gas significantly influences the demand for compressed natural gas. When natural gas is compressed to lower than 1% the volume it takes up in normal and general atmospheric conditions, it is termed as compressed natural gas. It is a clean source of energy used by most vehicles all over the world.
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In contrast to diesel and gasoline, compressed natural gas ensures minimal vehicular emissions. Furthermore, compressed natural gas is becoming a popular fuel type these days owing to greater government mandates and strict rules which promote the consumption of clean energy. It is also a widely preferred fuel choice when it comes to automobiles. There exists no direct compressed natural gas source, which is why the sources of both natural gas and compressed natural gas are one and the same.
Lower Crude Oil Production to Affect the Segment of Non-Associated Gas in the Global Compressed Natural Gas Market
Source type, end use, and geography are the three main parameters based on which the global compressed natural gas market is segmented. The three categories in this market based on source type are associated gas, non-associated gas, and unconventional methods. In 2013, an overwhelmingly dominant market share of almost 90% was held by the non-associated gas category. The segment for associated gas is expected to witness a fall in market share during the forecast period. The factors governing such a trend are the decreasing quality of current oil wells and declining production of crude oil.
The most lucrative segments in the global compressed natural gas market in the years to come are expected to be unconventional gas and non-associated gas. On the basis of end use, the global compressed natural gas market is segmented into light-duty vehicles, medium-duty/heavy-duty buses, medium-duty/heavy-duty trucks, and other CNG-operated vehicles such as rickshaws. Such vehicles are commonly found in Latin America and Asia Pacific. In 2013, in terms of the total number of CNG vehicles, the light-duty vehicles segment held the largest share – almost 93%. However, in terms of consumption of CNG, this segment accounted for only 50.2%. This pointed to the fact that huge quantities of CNG are consumed by the segments of passenger cars, and light-, heavy-, and medium-duty vehicles.
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Abundant Availability of Natural Gas to Propel North America Compressed Natural Gas Market
Regionally, the global compressed natural gas market is segmented into North America, South and Central America, Asia Pacific, Europe, and the Middle East and Africa. The Latin America compressed natural gas market primarily focuses on the segment of light-duty vehicles. The Asia Pacific market for the same has well-developed segments of different types of vehicles. The Africa and the Middle East compressed natural gas market exhibits the highest consumption of CNG in the segment of light vehicles. This is because of the mandates and incentives that promote the conversion of trucks and buses to work on compressed natural gas.
Owing to excess availability of natural gas domestically, the North America market for compressed natural gas is anticipated to witness the highest rate of growth during the forecast period. The North America market will be propelled by rising demand for CNG in the U.S., where the availability of inexpensive natural gas leads to lucrative incentives to truck and bus owners for converting their vehicles to CNG models.
J-W Power Company, Pakistan State Oil, China Natural Gas Inc., ANGI Energy Systems Inc., GNVert, Trillium CNG, OAO Gazprom, NEOgas Inc., National Iranian Gas Company, and Indraprastha Gas Limited are a few of the prominent companies operating in the global compressed natural gas market.
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