New
York 25 April 2019:
The report “Compressed
Natural Gas (CNG) Market [By Product Type (Associated Gas, Non-Associated
Gas, Unconventional Gas); By Application (Light Passenger Vehicles,
Medium/Heavy Duty Vehicles, Three Wheeler Vehicles); By Regions]: Market size
& Forecast, 2017 – 2026” The global compressed natural gas market
is anticipated to reach USD 218.18 billion by 2026 according to a new study
published by Polaris Market Research.
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for sample of this research report @ https://www.polarismarketresearch.com/industry-analysis/compressed-natural-gas-cng-market/request-for-sample
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.
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.
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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.
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).
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Key
Segments:
CNG
Market Size and Forecast by Product Type
·
Key
Findings
·
Associated
gas
·
Non
Associated Gas
·
Unconventional
Gas
CNG
Market Size and Forecast by Vehicle Type
·
Key
Findings
·
Light
Passenger Vehicles
·
Medium/Heavy
Duty Vehicles
·
Three
Wheeler Vehicles
CNG
Market Size and Forecast by Regions
·
North
America [U.S., Canada]
·
Europe
[Germany, UK, France, Italy, Spain, Belgium, Netherlands, Rest of Europe]
·
Asia-Pacific
[China, India, Japan, South Korea, Singapore, Malaysia, Rest of Asia-Pacific]
·
Latin
America [ Brazil, Mexico, Argentina, Rest of Latin America]
·
Middle
East and Africa [Israel, South Africa, Saudi Arabia, UAE, Rest of MEA]
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About
Polaris Market Research
Polaris Market Research is a global
market research and consulting company. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises. We at Polaris are obliged to serve
our diverse customer base present across the industries of healthcare,
technology, semi-conductors and chemicals among various other industries
present around the world. We strive to provide our customers with updated
information on innovative technologies, high growth markets, emerging business
environments and latest business-centric applications, thereby helping them
always to make informed decisions and leverage new opportunities. Adept with a
highly competent, experienced and extremely qualified team of experts
comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver
value-added business solutions to our customers.
Contact
us
Mr. Rohit
Corporate Sales, USA
Polaris Market Research
Phone: 1-646-568-9980
Email:
sales@polarismarketresearch.com
Web:
www.polarismarketresearch.com
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