Deerfield Beach, FL, Feb. 24, 2016 (GLOBE NEWSWIRE) --
Zion Research has published a new report titled “Compressed Natural Gas (Associated Gas, Non-Associated Gas, Unconventional Methods) Market for Light Duty Vehicles, Medium/Heavy Duty Buses, Medium/Heavy Duty Trucks Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 - 2020” According to the report, the global compressed natural gas market was valued at approximately USD 56.5 billion in 2014 and is expected to reach approximate USD 126.0 billion by 2020, growing at a CAGR of around 12.0% between 2015 and 2020. In terms of volume, global compressed natural gas market stood at around 61,000.0 million cubic meters in 2014.
Compressed natural gas is a clean-burning alternative to gasoline, propane or diesel fuel obtain by compressing natural gas under higher pressure. CNG is clean burning fuel with significantly lower emissions compared to gasoline (petrol) or diesel fuel. Compressed natural gas basically used in light, medium and heavy-duty applications. CNG exhibits excellent properties like preventing fuel losses, increased life of lubricant oils, less emission, and many more. Compressed powdered natural gas vehicles show an average reduction in ozone-forming emissions of more than 70 percent as compared to gasoline vehicles.
Browse the full "Compressed Natural Gas (Associated Gas, Non-Associated Gas, Unconventional Methods) Market for Light Duty Vehicles, Medium/Heavy Duty Buses, Medium/Heavy Duty Trucks Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020" report at http://www.marketresearchstore.com/report/compressed-natural-gas-market-z47490
The global compressed natural gas market is mainly driven by increasing CNG powered vehicles and strong demand for unconventional transportation fuels. Government initiatives and funding has provided strong boost to compressed natural gas market in various region, especially in Asia Pacific. Another key factor is low maintenance cost due to that demand for CNG is increasing across the globe. In addition U.S. is highly focused on shale gas owing to this CNG market expected to witness rapid growth in the years to come. Large number of proven reserves for compressed natural gas in Asia Pacific, Europe, North America, and is expected to provide future growth opportunity to industry participants.
Based on sources, the global compressed natural gas market can be classified into associated gas, non-associated gas, and unconventional methods. Non-associated segment accounted for the largest share around 90.0% of the compressed natural gas market in 2014. Associated gas was the second largest market segment in 2014 and is expected to exhibit moderate growth rate for compressed natural gas in years to come. Unconventional method is one of the key sources expected to lead the market due to adoption of re-gasification services.
Browse 56 Market Tables and 19 Figures spread through 70 Pages and an in-depth TOC on “Compressed Natural Gas Market - Global Size, Shares, Trends, Segment & Forecast to 2020”
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Light duty vehicles (LDV), medium/heavy duty buses and medium/heavy duty trucks are the key application segment of compressed natural gas. Light duty vehicles (LDV) application segment dominates the global compressed natural gas consumption, which accounted for over 50.0% share of the total market in 2014. However, light duty vehicles application is expected to be the fastest growing application market. Medium/heavy duty buses and medium/heavy duty trucks are also expected to witness robust growth during the forecast period. This can be attributed to low cost and strong demand for clean fuels in automobiles.
Asia Pacific dominated the production and consumption of compressed natural gas in 2014. Asia Pacific accounted for over 47.0% share of total market volume in 2014. However, with increasing demand CNG coupled with growing disposable income in China and India, growth of compressed natural gas industry in Asia Pacific is expected to grow at a robust growth. Europe was the second-largest market for compressed natural gas in 2014. Latin America and Middle East & Africa are also expected to experience significant growth of compressed natural gas market in the years to come.
Some major players in the global compressed natural gas market include Indraprastha Gas Limited (IGL), National Iranian Gas Company, Mahanagar gas Limited (MNGL), and J-W Power Company, OAO Gazprom, Trillium CNG, GNVert, ANGI Energy Systems Inc., NeoGas Inc., China Natural Gas Inc. and J-W Power Company.
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This report segments the global compressed natural gas market as follows:
Global Compressed Natural Gas Market: Source Segment Analysis
- Associated Gas
- Non-Associated Gas
- Unconventional Methods
Global Compressed Natural Gas Market: Application Segment Analysis
- LD Vehicles
- MD/HD Buses
- MD/HD Trucks
Global Compressed Natural Gas Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Browse Press Release: http://www.marketresearchstore.com/news/global-compressed-natural-gas-market-162
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