PR Newswire
ALBANY, N.Y., April 21, 2022
ALBANY, N.Y., April 21, 2022 /PRNewswire/ -- The global compressed natural gas market is estimated to register growth at a CAGR of 12.3% during the forecast period of 2021 to 2031, note analysts of a research report by Transparency Market Research (TMR).
Compressed natural gas (CNG) is being widely utilized as a transportation fuel and is gaining traction globally, as it helps in lowering carbon emissions as compared to gasoline or diesel. Hence, rising awareness about environmental concerns is bolstering the compressed natural gas market. At present, CNG is being used as a fuel in different types of vehicles. This factor is boosting the global compressed natural gas market.
Owing to increased urbanization, improving spending power of population, and expansion & technological advancements in the automobile industry, there has been a surge in the use of light duty vehicles globally. This, in turn, is propelling the compressed natural gas market.
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Major companies operating in the global compressed natural gas market are increasing investments in product development activities. Moreover, they are focusing on expansion of their services in order to maintain their leading position in the market for compressed natural gas.
The compressed natural gas market in Asia Pacific is prognosticated to expand at considerable pace during the forecast period, owing to many factors such as increasing urbanization & population and expansion of the automobile industry. Furthermore, the Asia Pacific market is being driven by surge in understanding among regional populace about carbon emissions.
However, the compressed natural gas market may observe sluggish growth in some of the cost-sensitive nations around the world, owing to rise in prices of CNG storage tanks, limited number of fuelling stations, and need of high initial investment.
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Compressed Natural Gas Market: Key Findings
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Compressed Natural Gas Market: Growth Boosters
Compressed Natural Gas Market: Key Players
Some of the key players profiled in the report are:
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Compressed Natural Gas Market Segmentation
Source
End-user
Region
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