CNG Compressors Segment Is The Largest Segment Driving The Growth Of CNG Compressors Market
The global CNG Compressors Market is estimated to be valued at US$ 3.46 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
CNG compressors are equipment used to compress natural gas for use in vehicles and other applications. They make natural gas more compact and portable for transportation and storage. CNG compressors efficiently compress natural gas to high pressures without impairment of gas quality or harm to the environment.
Market key trends:
One of the major trends in the CNG compressors market is the increasing demand for eco-friendly transportation. Natural gas emits 25% less carbon emissions as compared to diesel when used as a transportation fuel. The favorable emissions profile of CNG is driving more fleet owners to adopt natural gas vehicles. This is positively impacting the demand for CNG compressors which are required at fueling stations for dispensing compressed natural gas into vehicles.
Market key trends:
Global CNG Compressors Market Growth has been witnessing strong growth over the past few years owing to stringent emission norms across various countries for vehicles. Compressed natural gas (CNG) has emerged as one of the most viable alternatives to gasoline and diesel for automotive applications due to its lower greenhouse gas emissions. CNG compressors play a crucial role in dispensing CNG fuel and their demand is growing in tandem with increasing CNG vehicle fleet. Moreover, rapid urbanization and rising need for clean fuel infrastructure especially in developing nations is propelling the demand for CNG compressors.
SWOT Analysis
Strength: CNG has lower emissions and is a cheaper fuel compared to gasoline/diesel. This makes CNG vehicles and associated infrastructure an attractive investment.
Weakness: Higher initial costs for CNG vehicles and setting up of fuelling stations acts as a barrier.
Opportunity: Strict emission norms and policies supporting cleaner fuels provide growth opportunities. Growing natural gas production is also encouraging related infrastructure growth.
Threats: Fluctuating natural gas prices and slow expansion of pipeline network pose threats. Electric vehicles also threaten the future prospects of CNG vehicles.
Key Takeaways
The global CNG Compressors Market size was valued at US$ 3.46 Bn in 2023. The market is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period, due to increasing global demand for affordable and cleaner transportation fuel alternatives.
Regional analysis: Asia Pacific dominated the global market in 2023 and is expected to maintain its lead during the forecast period. Countries like India and Pakistan are supporting CNG infrastructure to reduce oil imports and curb vehicular emissions. China also plans large investments in CNG vehicles and fuel stations network.
Key players: Key players operating in the CNG Compressors market are Atlas Copco, Ariel Corporation, Siemens Energy, Galileo Technologies, Bauer Compressors, Ingersoll Rand, ANGI Energy Systems, Bauer Group, Clean Energy Compression, CIMC Enric Group. Atlas Copco and Ariel Corporation hold major shares of the global CNG compressors market.
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