Latest News- Compressed Natural Gas (CNG) Market: LDV is expected to lead the Application segment during 2025-2029

The Compressed Natural Gas (CNG) Market is being driven by Increase in number of CNG-powered vehicles

The Compressed Natural Gas (CNG) Market is expected to grow at a CAGR of 9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 32280 million. The global natural gas market is experiencing significant growth due to the increased supply of unconventional resources such as tight gas, coalbed methane, and shale gas. According to the International Energy Agency (IEA), global natural gas consumption is projected to rise from 4,000 billion cubic meters (bcm) in 2022 to 4,370 bcm by 2025. The successful extraction of shale oil and gas in the US since 2008 has contributed to this increase in supply, leading to a boom in the global oil and gas industry. This trend is expected to continue, making natural gas a key player in the energy market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • LDV
  • MDV and HDV
• Source
  • Non associated gas
  • Unconventional gas
  • Associated gas
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Middle East and Africa
    • Egypt
  • South America
    • Brazil
  • Europe
  • North America
    • US

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in number of CNG-powered vehicles
• Increase in demand for cleaner transportation fuels
• Increased government support for adoption of CNG

However, the market also witnesses some limitations, which are as follows:

• Fluctuation in global oil and gas prices
• Competition faced by CNG from other transportation fuels
• Infrastructural requirements to support CNG as transportation fuel

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Market Scope in Compressed Natural Gas (CNG) Market Research Report

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Research Analysis Overview

The Compressed Natural Gas (CNG) market encompasses the utilization of CNG derived from both Associated and Non-Associated Gas sources, including unconventional ones like shale gas reserves. CNG is gaining popularity as a cleaner alternative to conventional fuels like Gasoline, Diesel fuel, and Propane/LPG for various vehicles, including Light Duty Vehicles, Medium Duty Buses, Heavy Duty Buses, Medium Duty Trucks, and Heavy Duty Trucks. This shift is driven by the environmental benefits of CNG, which emits fewer Carbon emissions, Greenhouse gases, and contributes less to Ozone depletion compared to fossil fuels. CNG is primarily derived from Methane, which can be extracted through Gas exploration from sources such as Associated Gas and Non-associated gas. Internal combustion engines power the vehicles that use CNG, making it a viable option for heavy-duty transport trucks as well.

Market Research Overview

The global oil and gas market encompasses businesses involved in the exploration and production of both conventional Associated Gas, derived from crude oil, and unconventional Non-Associated Gas, sourced independently. Technavio's market analysis calculates the market size based on the consolidated revenue generated from these activities, including refining, storage, transportation, marketing, and the production of related fuels such as Compressed Natural Gas (CNG) for various applications, including Light Duty Vehicles, Medium Duty Buses, Heavy Duty Buses, Medium Duty Trucks, and Heavy Duty Trucks. Market expansion will be fueled by escalating global energy demand, population growth, economic development, and urbanization.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/