LONDON--(BUSINESS WIRE)--The global compressed natural gas market is expected to post a CAGR of close to 17% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increase in the number of CNG vehicles. CNG for automobiles has proven to be an eco-friendly technology, thereby providing better air quality and sustainability. This makes CNG vehicles ideal for the urban environment. Favorable government regulations combined with CNG infrastructure development has increased consumer acceptance and cost competitiveness of CNG vehicles.
This market research report on the global compressed natural gas (CNG) market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in the supply of natural gas as one of the key emerging trends in the global compressed natural gas market:
Global compressed natural gas market: Increase in supply of natural gas
Natural gas has become one of the fastest growing fossil fuels globally owing to the growth of the supply of tight gas, coalbed methane, and shale gas. Hence, the global oil and gas industry has experienced rapid growth in the unconventional oil and gas resources sector. Furthermore, as per the IEA, the natural gas consumption is expected to increase from 3,630 billion cubic meters in 2016 to 4,000 billion cubic meters by 2022.
“In countries such as the US and Russia, the increase in the natural gas production will boost the supply of natural gas, thereby enabling to fulfill the growing demand for CNG as a transportation fuel across the world. Hence, this will augment the growth of the global CNG market during the forecast period,” says a senior analyst at Technavio for research on oil and gas.
Global compressed natural gas market: Segmentation analysis
This market research report segments the global compressed natural gas market by application (LDV and M&HDV) and geographical regions (APAC, EMEA, and the Americas).
The LDV segment held the largest market share in 2018, accounting for over 61% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 41%. This region is expected to dominate the market through 2023, with over 1% increase in its market share.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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