Compressed Natural Gas (CNG) Market Size Worth $667.78 Billion By 2032 | CAGR: 17.2%

The global compressed natural gas (CNG) market size is expected to reach USD 667.78 Billion by 2032, according to a new study by Polaris Market Research. The report “Compressed Natural Gas (CNG) Market Share, Size, Trends, Industry Analysis Report, By Source (Associated Gas, Non-Associated Gas, Unconventional sources), By Application, By Region, Segments & Forecast, 2023 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Key factors anticipated to support the market include rising fossil fuel prices and surging carbon emissions. Lower cost and greater efficiency of CNG along with stringent government regulations in pollution control has further increased the growth opportunity of the market in the last couple of years.

Compressed natural gas (CNG) is a form of natural gas that is compressed to a pressure of up to 3,600 pounds per square inch (psi) to be used as fuel for vehicles or industrial processes. CNG is primarily composed of methane, a greenhouse gas less harmful to the environment than other fossil fuels. It produces lower levels of harmful emissions such as carbon dioxide, nitrogen oxides, and particulate matter, making it a cleaner and more environmentally friendly option than traditional fossil fuels.

CNG is generally less expensive than gasoline and diesel, making it an attractive alternative fuel option for vehicle owners and industrial users. The lower cost of CNG is due to the abundance of natural gas and the lower cost of production and distribution compared to gasoline and diesel. Further, it has a higher energy density than gasoline and diesel, meaning it can provide more energy per unit of fuel. It can improve fuel efficiency and lower operating costs for vehicles and industrial processes.

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Compressed natural gas has many benefits and applications, including as a vehicle fuel, industrial fuel, and feedstock for LNG production. With continued advancements in technology and infrastructure, CNG is expected to play an increasingly important role in meeting the world's energy needs in the coming years.

For instance, as per International Energy Outlook 2016, global natural gas consumption is estimated to increase from 120 trillion cubic feet (Tcf) in 2012 to 203 Tcf in 2040. Further, the global industrial consumption of CNG has been growing at an average rate of 1.7%/year and increases by 2.2%/year from 2012 to 2040 by consumption of electric power sectors.

Compressed Natural Gas (CNG) Market Report Highlights

• The non-associated gas segment will account for a major revenue share in the forecast period. The increasing availability and accessibility of non-associated gas, the environmental benefits of natural gas, and the development of infrastructure for CNG refueling are all growth factors driving the use of non-associated gas as a source for compressed natural gas production.
• Light-Duty Vehicles are anticipated to dominate the market in the forecast period. The dominance of light-duty vehicles, the increasing availability of CNG refueling infrastructure, the environmental benefits of using CNG, and the cost savings associated with CNG are all growth factors driving the compressed natural gas market.
• The bakery & confectionery segment is anticipated to witness a significant CAGR in the forecast period. The demand for the bakery sector has been increasing rapidly due to the changing food pattern, urbanization, and rising demand for Compressed Natural Gas (CNG).
• Asia Pacific region is projected to dominate the market in the forecast period. A combination of government support, cost savings, environmental concerns, growing demand for transportation, and the availability of natural gas drives the dominance of the CNG market in the region. As these growth factors drive demand for CNG, the market will likely continue to grow.

Polaris Market Research has segmented the compressed natural gas (CNG) market by source, application, and region:

Compressed Natural Gas (CNG) Market, Source (Revenue - USD Billion, 2019 - 2032)

• Associated Gas
• Non-Associated Gas
• Unconventional Sources

Compressed Natural Gas (CNG) Market, Application (Revenue - USD Billion, 2019 - 2032)

• Light-Duty Vehicles
• Medium/Heavy Duty Buses
• Medium/Heavy Duty Trucks
• Others

Compressed Natural Gas (CNG) Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Compressed Natural Gas (CNG) Market Report Scope

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