Compressed Natural Gas Market - Global CNG Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY (PRWEB) February 25, 2015
Transparency Market Research has released a new market report titled “ Compressed Natural Gas (CNG) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.” According to the report, the global CNG market was valued at USD 56.32 billion in 2013 and is anticipated to reach USD 126.19 billion in 2020, expanding at a CAGR of 12.3% from 2014 to 2020.
Compressed Natural Gas (CNG) is obtained through compression of natural gas to less than 1% of the volume it generally occupies at normal atmospheric conditions. CNG is primarily used as a clean transportation fuel around the world. Use of CNG as a fuel can result in significantly lower vehicular emissions compared to gasoline and diesel. With strict emission control mandates being imposed by national governments around the world, CNG is emerging as one of the most viable clean fuels. Consumption of CNG directly depends upon the number of CNG powered natural gas vehicles in operation.
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The report has sub-categorized the different CNG powered natural gas vehicle classes into four major end-user segments: light duty (LD) vehicles, medium duty/heavy duty (MD/HD) buses, medium duty/heavy duty (MD/HD) trucks and others. The others segment comprises three-wheeler CNG powered vehicles such as autos and tuk-tuks. These are generally prevalent in certain counties in Asia-Pacific and Latin America.
The LD vehicle segment occupied the maximum market share in 2013 in terms of both vehicle units and CNG consumption. The segment accounted for nearly 93% of the global CNG vehicle fleet in 2013, while its share of CNG consumption for the same year stood at around 48%. This is because the consumption profile of each vehicle category differs significantly. Light duty vehicles consume an average of 2000 cubic meters of CNG annually, while consumption by large heavy duty trucks can reach up to 32,000 cubic meters annually. Furthermore, fuel consumption by the light duty vehicle segment is subject to driving patterns of individual owners. On the other hand, heavy duty buses and trucks generally cover long distances on a daily basis. Owing to these factors, large bus and truck fleet owners are finding it increasingly profitable to convert their existing vehicles to CNG. These large vehicles can obtain brisk payback periods to the tune of 2.5 years, while payback periods for passenger vehicles are generally over four years. National governments around the world have passed strict vehicular emission mandates and are increasingly supporting the adoption of CNG as transportation fuel. Many governments have even mandated the conversion of existing public buses to CNG. Governments have also taken active steps to convert long haul trucks to CNG.
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The LD vehicle segment is likely to retain its position as the fastest growing market during the forecast period. Significant initiatives have been taken to convert buses and trucks to CNG; however, these are limited to certain regions. The LD vehicle segment is anticipated to witness attractive growth rate across all the regions. CNG cannot be directly produced from natural sources. Therefore, production sources of CNG have been assumed to be the same as that of natural gas. The source segment analysis of the CNG market has been sub-segmented into associated gas, non-associated gas and unconventional methods.
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Currently, non-associated gas holds the highest share in terms of CNG production, followed by associated gas and unconventional methods. Sluggish crude oil production and aging oil wells are estimated to result in a decrease in market share of the associated gas segment. This is projected to give way to unconventional gas. Unconventional gas is likely to be one of the fastest growing markets for CNG production in the near future due to the shale gas boom in the U.S. coupled with imminent shale gas production in China towards the end of 2016. Other factors such as the expansion of the Panama Canal are anticipated to throw open trade routes between North America and Asia-Pacific. This is estimated to put downward pressure on natural gas prices. Overall, the market for CNG seems promising around the globe; attractive growth rate in consumption can be expected throughout the forecast period.
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