CNG Compressors Market to grow at a CAGR of 3.71% during 2024-2028
The CNG Compressors Market is expected to grow at a CAGR of 3.71% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1303.14 million. Governmental initiatives globally are significantly influencing the expansion of the CNG compressors market. In regions such as China and India, where air quality is a major issue, governments are advocating for the utilization of Natural Gas Vehicles (NGVs) as a means to address air pollution and decrease greenhouse gas emissions. Europe, in particular, has established ambitious carbon reduction goals, leading governments to encourage the adoption of cleaner fuels, including CNG, through subsidies or tax incentives for NGV acquisitions and CNG refueling station installations.
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Technavio analysts predict that the Reciprocating compressor subsegment will lead the Product segment during 2024 and 2028 The reciprocating compressor segment holds a pivotal position in the global CNG compressors market, providing efficient compression solutions for the storage and transportation of natural gas. Utilizing reciprocating motion to compress natural gas, these compressors cater to a broad spectrum of applications, including refueling stations, industrial processes, and fleet operations. Reciprocating compressors offer the advantage of managing fluctuating flow rates and pressures, ensuring flexibility and dependability in CNG compression systems. Notable vendors, such as Ariel Corp., specialize in manufacturing reciprocating compressors tailored to the CNG market, addressing diverse customer requirements and industry standards.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increase in number of cng-powered vehicles
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The CNG (Compressed Natural Gas) compressors market is witnessing significant growth due to the increasing demand for cleaner and more sustainable fuel alternatives. CNG is a form of green energy derived from methane, which is a cleaner burning fuel compared to traditional fossil fuels. CNG compressors play a crucial role in the storage, transportation, and distribution of CNG. CNG compressors are used in various applications, including residential, industrial, transportation, and food and beverage industries. They come in different types, such as rotary centrifugal compressors, rotary screw compressors, and reciprocating compressors, each with its unique advantages in terms of efficiency, durability, and reliability. CNG compressors are essential for CNG refueling infrastructure, including CNG stations for personal cars, taxis, trucks, buses, and other vehicles. The durability and reliability of these compressors are crucial to ensure the safe and efficient operation of CNG refueling stations. Moreover, CNG compressors help reduce greenhouse gas emissions and pollution compared to traditional fuel sources. However, they require proper emission control regulations and lubrication methods to ensure optimal performance and minimize environmental impact. The volume of CNG fuel is lower than that of traditional fuels, making it essential to have efficient CNG compressors to meet the demand for CNG fuel. The market for CNG compressors is expected to grow further as more countries adopt CNG as a cleaner alternative to fossil fuels.
The global Compressed Natural Gas (CNG) compressors market is a significant segment of the expansive Industrial Machinery Market, according to Technavio's market research. The Industrial Machinery Market encompasses companies producing industrial machinery and components, including compressors, presses, machine tools, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. The Industrial Machinery Market's size is determined by the consolidated revenue generated by manufacturers of machinery and components utilized in industrial applications. Key growth drivers for the Industrial Machinery Market include the increasing industrial output in process and discrete industries, fueled by the burgeoning demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in rapidly expanding economies.
The CNG Compressors Market is experiencing significant growth, fueled by the increase in number of cng-powered vehicles. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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