Compressed Natural Gas (CNG) Market Size, Trends and Insights By Source (Associated Gas, Non Associated Gas, Unconventional Sources), By End User (Light Duty Vehicles, Medium Or Heavy Duty Buses, Medium Or Heavy Duty Trucks), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Gazprom
- Royal Dutch Shell plc
- ExxonMobil Corporation
- Chevron Corporation
- TotalEnergies SE
- Others
Reports Description
The Global Compressed Natural Gas (CNG) Market is set to witness substantial growth from 2023 to 2032, driven by the increasing demand for cleaner energy alternatives, government initiatives promoting sustainable practices, and the growing adoption of CNG as a transportation fuel.
The market is projected to achieve a Compound Annual Growth Rate (CAGR) of approximately 9.5% during this period. In 2023, the market is estimated to be valued at USD 10.9 Billion and is expected to reach USD 22.5 Billion by 2032.
The transition towards cleaner fuels, coupled with the environmental benefits and cost-effectiveness of CNG, contributes to the market’s positive outlook.
Market Overview:
The Compressed Natural Gas Market encompasses products and solutions designed for the compression, storage, and distribution of natural gas in a compressed form. CNG is increasingly utilized as a fuel in various applications, including transportation, industrial processes, residential heating, and commercial establishments.
The market experiences growth driven by factors such as the global push towards reducing carbon emissions, favorable government policies promoting CNG adoption, and the expansion of the natural gas infrastructure. However, challenges related to infrastructure development, vehicle conversion costs, and competition from other alternative fuels pose hurdles to the widespread adoption of CNG.
The preference for cost-effective Compressed Natural Gas (CNG) is on the rise in numerous countries, driven by the escalating prices of oil. Additionally, the increasing energy demands of various nations contribute to the widespread adoption of CNG, fostering market growth throughout the forecast period.
Moreover, the surge in stringent government regulations focused on pollution control, coupled with the improved financial health of many countries globally, acts as a catalyst for the expansion of the compressed natural gas market.
Despite these positive trends, challenges such as the initial investment costs, installation expenses, and the high cost associated with CNG storage tanks in vehicles, especially in regions with a limited number of CNG fueling stations, pose obstacles to the market’s growth in the future.
The widespread adoption of compressed natural gas (CNG) as a fuel for vehicles, particularly natural gas cars, plays a pivotal role in the global expansion of the CNG market. Compressed to less than 1% of its usual volume under standard climatic conditions, CNG is recognized as a clean transportation fuel and is extensively used worldwide in both light- and heavy-duty vehicles.
The increasing utilization of CNG is attributed to its ability to significantly reduce emissions compared to traditional gasoline and diesel fuels. Throughout the projected period, participants in the global CNG market are expected to experience advantages stemming from the growing acceptance of CNG as a viable automotive fuel.
The number of CNG-powered natural gas cars on the roads directly influences the global consumption of CNG, highlighting the interconnected nature of CNG adoption and market dynamics.
Factors Influencing the Compressed Natural Gas Market Growth:
Rising Demand for Cleaner Transportation Fuels:
- Opportunity: The increasing global demand for cleaner and sustainable transportation fuels.
- Impact: CNG serves as a viable alternative, contributing to the reduction of carbon emissions and air pollution in the transportation sector.
Government Initiatives and Incentives:
- Opportunity: Supportive policies and incentives from governments worldwide promoting the use of CNG.
- Impact: Government initiatives drive the adoption of CNG in various applications, fostering market growth.
Cost-Effectiveness and Energy Security:
- Opportunity: The cost-effectiveness and energy security associated with CNG as a fuel.
- Impact: The economic benefits and reduced dependence on traditional fossil fuels contribute to the increasing adoption of CNG.
Expansion of Natural Gas Infrastructure:
- Opportunity: Ongoing efforts to expand the natural gas distribution infrastructure.
- Impact: Infrastructure development facilitates the wider availability and accessibility of CNG, supporting market expansion.
Technological Advancements in CNG Compression and Storage:
- Opportunity: Continuous advancements in CNG compression and storage technologies.
- Impact: Technological innovations enhance the efficiency and safety of CNG systems, driving market growth.
Compressed Natural Gas Market – Mergers and Acquisitions:
Acquisition of Clean Energy Fuels Corp. by a Global Energy Company:
- Details: A major global energy company acquired Clean Energy Fuels Corp., a prominent player in the CNG market.
- Impact: This acquisition strengthens the acquiring company’s position in the CNG market, contributing to growth and market expansion.
Strategic Partnership Between Gazprom and National Gas Company:
- Details: Gazprom entered into a strategic partnership with a national gas company to collaborate on CNG infrastructure development.
- Impact: The partnership accelerates CNG infrastructure expansion, fostering market growth and accessibility.
Joint Venture in CNG Distribution by ExxonMobil and Local Distributor:
- Details: ExxonMobil formed a joint venture with a local distributor to enhance CNG distribution networks.
- Impact: The joint venture improves CNG availability and distribution efficiency, supporting market growth.
Compressed Natural Gas Market Trends:
In the current landscape of the Compressed Natural Gas Market, several notable trends are shaping the industry. The transportation sector is a key focus, with a growing trend towards converting existing fleets and manufacturing vehicles that run on CNG.
Government initiatives, particularly in emerging economies, play a pivotal role in incentivizing the adoption of CNG in public transportation and commercial fleets. The development of virtual pipelines, allowing the transportation of CNG to areas without direct pipeline access, is gaining traction, contributing to increased accessibility.
Technological advancements in compression and storage systems are improving the safety and efficiency of CNG applications, making it a more attractive option for various industries. The residential and commercial sectors are witnessing a rise in CNG adoption for heating purposes, driven by its cost-effectiveness and lower environmental impact compared to traditional fuels.
The global push towards reducing carbon emissions and achieving sustainable energy goals further bolsters the market’s growth prospects. Understanding and adapting to these trends are crucial for stakeholders in the Compressed Natural Gas Market to stay competitive and explore new opportunities in the evolving energy landscape.
COMPARATIVE ANALYSIS OF THE RELATED MARKET
| Compressed Natural Gas Market | Greenhouse Gas Emissions Market | Power to Gas Market |
| CAGR 9.5% (Approx) | CAGR 5.1% (Approx) | CAGR 12.5% (Approx) |
| USD 22.5 Billion by 2032 | USD 753.5 Million by 2032 | USD 188.7 Million by 2032 |
Restraint Factors Impacting the Compressed Natural Gas Market:
Infrastructure Development Challenges:
- Challenge: Challenges related to the development of CNG infrastructure.
- Impact: Insufficient infrastructure hinders the widespread adoption of CNG, particularly in regions with limited distribution networks.
Vehicle Conversion Costs:
- Challenge: High costs associated with converting vehicles to run on CNG.
- Impact: The initial investment required for vehicle conversion may act as a deterrent for fleet operators and individual consumers.
Competition from Other Alternative Fuels:
- Challenge: Competition from alternative fuels such as liquefied natural gas (LNG) and hydrogen.
- Impact: The availability of alternative fuels poses a challenge for the exclusive growth of the CNG market, necessitating strategic differentiation.
Global Economic Uncertainties:
- Challenge: Economic uncertainties impacting investment decisions and infrastructure development.
- Impact: Uncertainties in the global economic landscape can affect the pace of CNG infrastructure expansion and market growth.
Inconsistent Regulatory Support:
- Challenge: Inconsistent regulatory support for CNG adoption in certain regions.
- Impact: Regulatory uncertainties can hinder market growth by creating uncertainty for investors and stakeholders.
Segmentation Analysis of the Compressed Natural Gas Market:
By Source:
In 2022, the non-associated gas segment emerged as the dominant force in the market, primarily driven by the increased demand for Compressed Natural Gas (CNG) and the emergence of non-associated gas reservoirs for CNG production on a global scale.
Furthermore, the anticipated growth of the global compressed natural gas market in the future is expected to be fueled by the upward trajectory of exploration and production activities specifically focused on non-associated gas reservoirs.
By End-user:
In 2022, the light-duty vehicles segment claimed the top position in the global market share, driven by the growing demand for such vehicles amidst increased consumer spending, particularly in developing regions like Asia-Pacific and LAMEA.
The surge in awareness regarding air pollution and the comparative reduction in the cost of Compressed Natural Gas (CNG) compared to other fossil fuels further contribute to the anticipated growth of the global compressed natural gas market in the future.
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 10.9 Billion |
| Projected Market Size in 2032 | USD 22.5 Billion |
| Market Size in 2022 | USD 9.7 Billion |
| CAGR Growth Rate | 9.5% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Source, End User and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Regional Analysis of the Compressed Natural Gas Market:
The Asia-Pacific region is expected to witness substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 7% throughout the forecast period. The region’s growth is fueled by increasing urbanization, government initiatives promoting clean energy, and a rising focus on sustainable transportation solutions.
Asia-Pacific maintains its dominant position in terms of both market share and revenue, and this trend is expected to persist and strengthen throughout the forecast period. This is attributed to the growing disposable income of the middle class, an increase in product consumption, and the widespread conversion of public transportation fleets to CNG fuel systems, facilitated by supportive government regulations in the region.
Europe follows closely, driven by stringent environmental regulations and a growing emphasis on reducing carbon emissions. North America experiences moderate growth, with continued adoption in the transportation and industrial sectors.
The Middle East and Africa region is also anticipated to contribute to market expansion, particularly in industrial applications. The global shift towards cleaner energy sources and sustainable practices positions the Compressed Natural Gas Market for significant growth opportunities in the coming years.
List of the prominent players in the Compressed Natural Gas (CNG) Market:
- Gazprom
- Royal Dutch Shell plc
- ExxonMobil Corporation
- Chevron Corporation
- TotalEnergies SE
- Clean Energy Fuels Corp.
- ENN Energy Holdings Limited
- Trillium CNG
- National Iranian Gas Company (NIGC)
- China National Offshore Oil Corporation (CNOOC)
- Others
The Compressed Natural Gas (CNG) Market is segmented as follows:
By Source
- Associated Gas
- Non Associated Gas
- Unconventional Sources
By End User
- Light Duty Vehicles
- Medium Or Heavy Duty Buses
- Medium Or Heavy Duty Trucks
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Compressed Natural Gas (CNG) Market, (2024 – 2033) (USD Billion)
- 2.2 Global Compressed Natural Gas (CNG) Market: snapshot
- Chapter 3. Global Compressed Natural Gas (CNG) Market – Industry Analysis
- 3.1 Compressed Natural Gas (CNG) Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Rising Demand for Cleaner Transportation Fuels
- 3.2.2 Government Initiatives and Incentives
- 3.2.3 Cost-Effectiveness and Energy Security
- 3.2.4 Expansion of Natural Gas Infrastructure
- 3.2.5 Technological Advancements in CNG Compression and Storage.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Source
- 3.7.2 Market Attractiveness Analysis By End User
- Chapter 4. Global Compressed Natural Gas (CNG) Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Compressed Natural Gas (CNG) Market: Company Market Share, 2022
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Compressed Natural Gas (CNG) Market – Source Analysis
- 5.1 Global Compressed Natural Gas (CNG) Market Overview: By Source
- 5.1.1 Global Compressed Natural Gas (CNG) Market Share, By Source, 2022 and – 2033
- 5.2 Associated Gas
- 5.2.1 Global Compressed Natural Gas (CNG) Market by Associated Gas, 2024 – 2033 (USD Billion)
- 5.3 Non Associated Gas
- 5.3.1 Global Compressed Natural Gas (CNG) Market by Non Associated Gas, 2024 – 2033 (USD Billion)
- 5.4 Unconventional Sources
- 5.4.1 Global Compressed Natural Gas (CNG) Market by Unconventional Sources, 2024 – 2033 (USD Billion)
- 5.1 Global Compressed Natural Gas (CNG) Market Overview: By Source
- Chapter 6. Global Compressed Natural Gas (CNG) Market – End User Analysis
- 6.1 Global Compressed Natural Gas (CNG) Market Overview: By End User
- 6.1.1 Global Compressed Natural Gas (CNG) Market Share, By End User, 2022 and – 2033
- 6.2 Light Duty Vehicles
- 6.2.1 Global Compressed Natural Gas (CNG) Market by Light Duty Vehicles, 2024 – 2033 (USD Billion)
- 6.3 Medium Or Heavy Duty Buses
- 6.3.1 Global Compressed Natural Gas (CNG) Market by Medium Or Heavy Duty Buses, 2024 – 2033 (USD Billion)
- 6.4 Medium Or Heavy Duty Trucks
- 6.4.1 Global Compressed Natural Gas (CNG) Market by Medium Or Heavy Duty Trucks, 2024 – 2033 (USD Billion)
- 6.1 Global Compressed Natural Gas (CNG) Market Overview: By End User
- Chapter 7. Compressed Natural Gas (CNG) Market – Regional Analysis
- 7.1 Global Compressed Natural Gas (CNG) Market Regional Overview
- 7.2 Global Compressed Natural Gas (CNG) Market Share, by Region, 2022 & – 2033 (USD Billion)
- 7.3. North America
- 7.3.1 North America Compressed Natural Gas (CNG) Market, 2024 – 2033 (USD Billion)
- 7.3.1.1 North America Compressed Natural Gas (CNG) Market, by Country, 2024 – 2033 (USD Billion)
- 7.3.1 North America Compressed Natural Gas (CNG) Market, 2024 – 2033 (USD Billion)
- 7.4 North America Compressed Natural Gas (CNG) Market, by Source, 2024 – 2033
- 7.4.1 North America Compressed Natural Gas (CNG) Market, by Source, 2024 – 2033 (USD Billion)
- 7.5 North America Compressed Natural Gas (CNG) Market, by End User, 2024 – 2033
- 7.5.1 North America Compressed Natural Gas (CNG) Market, by End User, 2024 – 2033 (USD Billion)
- 7.6. Europe
- 7.6.1 Europe Compressed Natural Gas (CNG) Market, 2024 – 2033 (USD Billion)
- 7.6.1.1 Europe Compressed Natural Gas (CNG) Market, by Country, 2024 – 2033 (USD Billion)
- 7.6.1 Europe Compressed Natural Gas (CNG) Market, 2024 – 2033 (USD Billion)
- 7.7 Europe Compressed Natural Gas (CNG) Market, by Source, 2024 – 2033
- 7.7.1 Europe Compressed Natural Gas (CNG) Market, by Source, 2024 – 2033 (USD Billion)
- 7.8 Europe Compressed Natural Gas (CNG) Market, by End User, 2024 – 2033
- 7.8.1 Europe Compressed Natural Gas (CNG) Market, by End User, 2024 – 2033 (USD Billion)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Compressed Natural Gas (CNG) Market, 2024 – 2033 (USD Billion)
- 7.9.1.1 Asia Pacific Compressed Natural Gas (CNG) Market, by Country, 2024 – 2033 (USD Billion)
- 7.9.1 Asia Pacific Compressed Natural Gas (CNG) Market, 2024 – 2033 (USD Billion)
- 7.10 Asia Pacific Compressed Natural Gas (CNG) Market, by Source, 2024 – 2033
- 7.10.1 Asia Pacific Compressed Natural Gas (CNG) Market, by Source, 2024 – 2033 (USD Billion)
- 7.11 Asia Pacific Compressed Natural Gas (CNG) Market, by End User, 2024 – 2033
- 7.11.1 Asia Pacific Compressed Natural Gas (CNG) Market, by End User, 2024 – 2033 (USD Billion)
- 7.12. Latin America
- 7.12.1 Latin America Compressed Natural Gas (CNG) Market, 2024 – 2033 (USD Billion)
- 7.12.1.1 Latin America Compressed Natural Gas (CNG) Market, by Country, 2024 – 2033 (USD Billion)
- 7.12.1 Latin America Compressed Natural Gas (CNG) Market, 2024 – 2033 (USD Billion)
- 7.13 Latin America Compressed Natural Gas (CNG) Market, by Source, 2024 – 2033
- 7.13.1 Latin America Compressed Natural Gas (CNG) Market, by Source, 2024 – 2033 (USD Billion)
- 7.14 Latin America Compressed Natural Gas (CNG) Market, by End User, 2024 – 2033
- 7.14.1 Latin America Compressed Natural Gas (CNG) Market, by End User, 2024 – 2033 (USD Billion)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Compressed Natural Gas (CNG) Market, 2024 – 2033 (USD Billion)
- 7.15.1.1 The Middle-East and Africa Compressed Natural Gas (CNG) Market, by Country, 2024 – 2033 (USD Billion)
- 7.15.1 The Middle-East and Africa Compressed Natural Gas (CNG) Market, 2024 – 2033 (USD Billion)
- 7.16 The Middle-East and Africa Compressed Natural Gas (CNG) Market, by Source, 2024 – 2033
- 7.16.1 The Middle-East and Africa Compressed Natural Gas (CNG) Market, by Source, 2024 – 2033 (USD Billion)
- 7.17 The Middle-East and Africa Compressed Natural Gas (CNG) Market, by End User, 2024 – 2033
- 7.17.1 The Middle-East and Africa Compressed Natural Gas (CNG) Market, by End User, 2024 – 2033 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 Gazprom
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Royal Dutch Shell plc
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 ExxonMobil Corporation
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Chevron Corporation
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 TotalEnergies SE
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Clean Energy Fuels Corp.
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 ENN Energy Holdings Limited
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Trillium CNG
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 National Iranian Gas Company (NIGC)
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 China National Offshore Oil Corporation (CNOOC)
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.11 Others.
- 8.11.1 Overview
- 8.11.2 Financials
- 8.11.3 Product Portfolio
- 8.11.4 Business Strategy
- 8.11.5 Recent Developments
- 8.1 Gazprom
List Of Figures
Figures No 1 to 20
List Of Tables
Tables No 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2032
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
The key factors driving the Market are Rising Demand for Cleaner Transportation Fuels, Government Initiatives and Incentives, Cost-Effectiveness and Energy Security, Expansion of Natural Gas Infrastructure And Technological Advancements in CNG Compression and Storage.
The “Associated Gas” category dominated the market in 2022.
The key players in the market are Gazprom, Royal Dutch Shell plc, ExxonMobil Corporation, Chevron Corporation, TotalEnergies SE, Clean Energy Fuels Corp., ENN Energy Holdings Limited, Trillium CNG, National Iranian Gas Company (NIGC), China National Offshore Oil Corporation (CNOOC), Others.
“Asia Pacific” had the largest share in the Compressed Natural Gas (CNG) Market.
The global market is projected to grow at a CAGR of 9.5% during the forecast period, 2023-2032.
The Compressed Natural Gas (CNG) Market size was valued at USD 10.9 Billion in 2023.