New York
City, 21 January 2019: The Global Compressed Natural Gas (CNG) Market is
anticipated to reach USD 218.18 billion by 2026 according to a new study
published by Polaris Market Research.
CNG has been gaining importance as
clean fuel in traditional internal combustion gasoline engines. CNG fueled
vehicles are increasingly being used in Asia-Pacific region, Europe, Latin
America, and North America owing to the increasing gasoline prices and as an
important initiative to reduce carbon emissions. Higher prices of petrol/diesel
compared to CNG and increasing concerns for environmental pollution, CNG has
found a prominent space in the league of transportation fuels for all types of
vehicles. The initial conversion cost to CNG is a barrier for the users as a
transportation fuel. However, the public transportation vehicles have been the
early adopters of the product, as it is easy to amortize the money invested at
a faster rate in the new fuel type. Apart from these, the number of CNG
vehicles worldwide has grown annually at 30% for the past five years.
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CNG itself has been a significant
phenomenon which is out in the global market for the past decade. Its benefits
of being the cleanest fossil fuel that emit the least amount of impurities that
gasoline or diesel produces. Moreover, CNG is much more fuel efficient in
comparison to gasoline. Owing to its clean-characteristics, it increases
vehicles longevity and increases the maintenance intervals. Change of engine
oil with filter is required to be done after every 3,000 to 4,000 miles for a
typical gasoline vehicle, but for the CNG vehicles it extends over 9,000 to
10,000 miles.
Technological
developments in CNG vehicles which are currently equipped with clean burning
fuel systems, CNG enables to save almost half of the gasoline price along with
much lower levels of emission thus contributing towards a greener environment.
Therefore, these factors of CNG being the cleanest transportation fuel for
vehicles with an offering of similar vehicle performance, relatively low
product cost and with significantly low carbon emissions compared to other
fossil fuels, the industry is expected to develop significantly over the
forecast period.
Competitive Landscape and Key Vendors:
Asia Pacific was the largest regional
market in 2017. Pakistan was the largest market in terms of presence of CNG
vehicles in the region. India, China and Thailand are yet other emerging
nations for growing product demand. Latin America is expected to be one
of the fastest growing regional markets backed by momentous demand from
Argentina and Brazil. Europe on the other hand is a potential contributor to
its demand with Russia and Italy leading the way, however, growing popularity
of electric vehicles in many of the nations such as the Netherlands is
projected to hinder industry growth over the forecast period.
Some of the leading industry
participants include China Natural Gas Inc., NeoGas Inc, ANGI Energy Systems
Inc, GNVert, Trillium CNG, OAO GasProm, J-W Power Company, Mahanagar gas
Limited (MNGL), National Iranian Gas Company, and Indraprastha Gas Limited
(IGL).
Read More: https://www.polarismarketresearch.com/industry-analysis/compressed-natural-gas-cng-market/
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