Growing
at a 12.3% CAGR between 2014 and 2020, the global compressed natural
gas (CNG) market will report a market value worth US$126.19 billion
by 2020, up from US$56.32 billion in 2013. The demand for vehicles
functioning on compressed natural gas significantly influences the
demand for compressed natural gas. When natural gas is compressed to
lower than 1% the volume it takes up in normal and general
atmospheric conditions, it is termed as compressed natural gas. It is
a clean source of energy used by most vehicles all over the world.
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In
contrast to diesel and gasoline, compressed natural gas ensures
minimal vehicular emissions. Furthermore, compressed natural gas is
becoming a popular fuel type these days owing to greater government
mandates and strict rules which promote the consumption of clean
energy. It is also a widely preferred fuel choice when it comes to
automobiles. There exists no direct compressed natural gas source,
which is why the sources of both natural gas and compressed natural
gas are one and the same.
Lower
Crude Oil Production to Affect the Segment of Non-Associated Gas in
the Global Compressed Natural Gas Market
Source
type, end use, and geography are the three main parameters based on
which the global compressed natural gas market is segmented. The
three categories in this market based on source type are associated
gas, non-associated gas, and unconventional methods. In 2013, an
overwhelmingly dominant market share of almost 90% was held by the
non-associated gas category. The segment for associated gas is
expected to witness a fall in market share during the forecast
period. The factors governing such a trend are the decreasing quality
of current oil wells and declining production of crude oil.
The
most lucrative segments in the global compressed natural gas market
in the years to come are expected to be unconventional gas and
non-associated gas. On the basis of end use, the global compressed
natural gas market is segmented into light-duty vehicles,
medium-duty/heavy-duty buses, medium-duty/heavy-duty trucks, and
other CNG-operated vehicles such as rickshaws. Such vehicles are
commonly found in Latin America and Asia Pacific. In 2013, in terms
of the total number of CNG vehicles, the light-duty vehicles segment
held the largest share – almost 93%. However, in terms of
consumption of CNG, this segment accounted for only 50.2%. This
pointed to the fact that huge quantities of CNG are consumed by the
segments of passenger cars, and light-, heavy-, and medium-duty
vehicles.
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Abundant
Availability of Natural Gas to Propel North America Compressed
Natural Gas Market
Regionally,
the global compressed natural gas market is segmented into North
America, South and Central America, Asia Pacific, Europe, and the
Middle East and Africa. The Latin America compressed natural gas
market primarily focuses on the segment of light-duty vehicles. The
Asia Pacific market for the same has well-developed segments of
different types of vehicles. The Africa and the Middle East
compressed natural gas market exhibits the highest consumption of CNG
in the segment of light vehicles. This is because of the mandates and
incentives that promote the conversion of trucks and buses to work on
compressed natural gas.
Owing
to excess availability of natural gas domestically, the North America
market for compressed natural gas is anticipated to witness the
highest rate of growth during the forecast period. The North America
market will be propelled by rising demand for CNG in the U.S., where
the availability of inexpensive natural gas leads to lucrative
incentives to truck and bus owners for converting their vehicles to
CNG models.
J-W
Power Company, Pakistan State Oil, China Natural Gas Inc., ANGI
Energy Systems Inc., GNVert, Trillium CNG, OAO Gazprom, NEOgas Inc.,
National Iranian Gas Company, and Indraprastha Gas Limited are a few
of the prominent companies operating in the global compressed natural
gas market.
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