Portland, OR, April 12, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global compressed natural gas market generated $9.9 billion in 2020, and is estimated to generate $22.3 billion by 2030, witnessing a CAGR of 8.2% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Increase in oil prices, cost-effectiveness of CNG, and growth in energy requirements by various nations drive the growth of the global compressed natural gas market. However, initial investment cost, high cost of CNG storage tanks, and installation costs in automobiles with limited number of CNG fueling stations impede the growth of compressed natural gas market in the future. On the contrary, rise in the financial health of many countries across the globe, surge in stringent government regulations in pollution control present new opportunities in the coming years.
Download Report Sample (260 Pages PDF with Insights) @ https://www.alliedmarketresearch.com/request-sample/2204
Covid-19 Scenario:
- Imposed lockdown to curb the spread of the virus resulted in temporary ban on import & export activities. In addition, manufacturing activities across various industrieswere shut down, which decreased the demand for CNG from its consumers.
- Furthermore, a pause in the construction of new CNG infrastructures and natural gas fields due to a lack of labor and an increase in the demand-supply gap slowed the growth of the compressed natural gas market, was during the pandemic. This hampered market growth in the second, third, and fourth quarters of 2020.
- However, by the second quarter of 2021, the CNG market had rebounded, due to the COVID-19 vaccination in a number of economies throughout the world, which boosted the global economy.
The report offers detailed segmentation of the global compressed natural gas market based on source, end-user, and region.
Based on type, the non-associated gas segment contributed to the largest market share in 2020, accounting for more than three-fifths of the total share, and is projected to continue its lead position during the forecast period. However, the unconventional sources segment is projected to grow at the highest CAGR of 8.6% from 2021 to 2030. The report also includes an analysis of associated gas segments.
Get detailed COVID-19 impact analysis on the Compressed Natural Gas Market Request Here
Based on end-user, the light-duty vehicles segment accounted for the largest share in 2020, holding more than four-fifths of the global compressed natural gas market, and is projected to maintain its leadership status throughout the forecast period. However, the medium or heavy-duty buses segment is estimated to manifest the highest CAGR of 8.5% from 2021 to 2030. The report also includes an analysis of the medium or heavy-duty truck segment.
Based on region, North America is expected to portray the fastest CAGR of 8.7% during the forecast period. However, Asia-Pacific, held the highest share in 2020, contributing to around two-thirds of the total share, and is estimated to continue its dominant share in terms of revenue by 2030.
Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/2204
Leading players of the global compressed natural gas market analyzed in the research include Eni, Chevron Corporation, EOG Resources, Inc., Royal Dutch Shell Plc., Trillium CNG, Phillips 66 Company, Occidental Petroleum Corporation, JW Power Company, Total Energies, and Indraprastha Gas Limited.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenueTrial
Get more information: https://www.alliedmarketresearch.com/library-access
Similar Reports:
(Pre-Book Now with 10% Discount)
Pipeline Pigging System Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Natural Gas Pipeline Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Onshore Oil and Gas Pipeline Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Crude Oil Pipelines Market: Global Opportunity Analysis and Industry Forecast 2020–2027
Natural Gas Market: Global Opportunity Analysis and Industry Forecast, 2020 – 2027
Natural Gas Liquids Market: Global Opportunity Analysis and Industry Forecast, 2020-2030
Gas Processing Market: Global Opportunity Analysis and Industry Forecast, 2021-2030
CNG Dispenser Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow us on | Facebook | Twitter | LinkedIn
