Global CNG Compressors Market Size By Drive Type, By End-User, By Pressure Level, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
CNG Compressors Market size was valued at USD 4.6 Billion in 2023 and is projected to reach USD 9.3 Billion by 2030, growing at a CAGR of 9% during the forecast period 2024-2030.
Global CNG Compressors Market Drivers
The market drivers for the CNG Compressors Market can be influenced by various factors. These may include
Growing Adoption of Natural Gas Vehicles (NGVs) As people become more interested in environmentally friendly and sustainable modes of transportation, NGV adoption is rising. This in turn is driving up demand for CNG compressors, which are needed to refuel these vehicles.
Environmental laws Governments all over the world have implemented strict emissions requirements and environmental laws, which promote the use of natural gas as a cleaner fuel substitute for conventional fuels. The market for CNG compressors is increased by the current regulatory landscape.
Lower Greenhouse Gas Emissions When compared to regular gasoline and diesel, compressed natural gas is thought to burn cleaner. By encouraging the use of CNG compressors, switching to CNG for transportation helps to minimize greenhouse gas emissions.
Benefits for the economy Since CNG is frequently less expensive than conventional fuels, fleet managers and consumers are incentivized to select CNG-powered cars, which in turn drives up demand for CNG compressors.
Government Subsidies and Incentives To encourage the use of natural gas vehicles, governments in different areas may provide tax breaks, subsidies, or other forms of financial assistance. This creates a positive market environment for CNG compressors.
Extension of NGV Infrastructure The NGV industry is growing, and this is generating demand for CNG compressors to make refueling easier. This is made possible by investments in infrastructure development, which includes the construction of CNG refueling stations.
Growing Global Energy Demand The CNG industry is expanding, which in turn is driving up demand for compressors, as a result of the growing awareness of natural gas as a dependable and plentiful energy source.
Emphasis on Energy Security Compared to imported oil, natural gas is frequently regarded as a more secure energy source. CNG compressors and other domestic natural gas infrastructure investments are motivated by the emphasis on energy security and independence.
Compressor Technology breakthroughs The benefits of using CNG as a fuel are increased by continuous breakthroughs in compressor technology, which include increases in efficiency, dependability, and maintenance.
Growing Industrial Uses Natural gas is employed in a wide range of industrial uses outside of the transportation industry. The rise in CNG-using industrial operations raises the need for compressors.
Global CNG Compressors Market Restraints
Several factors can act as restraints or challenges for the CNG Compressors Market. These may include
High Initial Investment The substantial upfront costs associated with installing CNG compressors and related infrastructure may be a deterrent for certain companies or areas considering the use of compressed natural gas.
Restricted Refueling Infrastructure The convenience and range of CNG-powered vehicles are limited by the lack of CNG refueling stations compared to standard gasoline stations. The market for CNG compressors may grow more slowly as a result of this lack of infrastructure.
Competition from Other Alternative Fuels Electric and hydrogen fuel cell technologies are two other alternative fuels that CNG must contend with. The wide-scale adoption of CNG compressors may be impacted by the variety of available alternatives.
Low Energy Density Compared to liquid fuels like gasoline or diesel, compressed natural gas has a lower energy density. As a result, the driving range of CNG-powered cars may be lowered, which may lessen market appeal.
Vehicle Range Concerns The limited range of CNG-powered vehicles on a single tank may be a concern for consumers, especially in regions with sparse refueling infrastructure.
Difficulties with Storage and Transportation Specialized tools and safety precautions are needed for compressing and storing natural gas. The widespread use of CNG may be hampered by issues with storage and transportation.
Global Economic Uncertainty During times of economic uncertainty, firms may postpone or reduce their plans to implement CNG infrastructure, including compressors. Economic downturns can also have an impact on investment decisions.
Technological Developments in Electric Vehicles As electric vehicle technologies continue to progress and investments in charging infrastructure rise, CNG-based solutions may lose support and funding.
Regulatory Uncertainty Modifications to laws pertaining to vehicle emissions, environmental regulations, or alternative fuel subsidies may cause uncertainty for companies and have an impact on CNG adoption decisions.
Volatility of Natural Gas Prices The market for CNG compressors may be impacted by changes in natural gas prices, which may have an effect on the fuel source’s economic viability.
Global CNG Compressors Market Segmentation Analysis
The Global CNG Compressors Market is Segmented on the basis of Drive Type, End-User, Pressure Level, And Geography.
CNG Compressors Market, By Drive Type
Electric-Driven CNG Compressors Powered by electricity, often preferred for lower operational costs and environmental benefits.
Gas-Driven CNG Compressors Driven by natural gas, suitable for applications where direct use of gas is available.
CNG Compressors Market, By End-User
Commercial and Fleet Operators CNG compressors are used by businesses and organizations managing fleets of CNG vehicles.
Industrial Users CNG compressors are utilized for industrial processes, including manufacturing and power generation.
CNG Compressors Market, By Pressure Level
Low-Pressure CNG Compressors Designed for lower-pressure applications
Medium-Pressure CNG Compressors Capable of handling moderate pressure levels.
High-Pressure CNG Compressors Designed for high-pressure applications, typically used in vehicle refueling stations.
CNG Compressors Market, By Geography
North America Including the United States and Canada, where CNG infrastructure is well-established.
Europe Including countries where CNG adoption and infrastructure development are prominent.
Asia-Pacific Including regions with a growing interest in CNG as an alternative fuel.
Latin America Including countries where CNG is widely used in the transportation sector.
Middle East & Africa Regions where CNG infrastructure is expanding for both industrial and transportation applications.
Key Players
The major players in the CNG Compressors Market are
Atlas Copco (Sweden)
Burckhardt Compression AG (Switzerland)
GE Oil & Gas (Baker Hughes, US)
Howden (UK)
Ariel Corporation (UK)
Sullair LLC (US)
Worthington Industries (US)
TGE Gas Engineering (Italy)
KAESER Kompressoren (Germany)
Gardner Denver Nash (US)
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Atlas Copco (Sweden), Burckhardt Compression AG (Switzerland), GE Oil & Gas (Baker Hughes, US), Howden (UK), Ariel Corporation (UK), Sullair LLC (US)
SEGMENTS COVERED
By Drive Type, By End-User, By Pressure Level, And By Geography
CUSTOMIZATION SCOPE
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