Natural gas compressed to a pressure of 200-250 bars which results in 200-250 folds reduction in volume, is referred to as compressed natural gas. It is a colourless, odourless, highly flammable, and non-corrosive gaseous hydrocarbon. Natural gas is primarily composed of methane and ethane. It is stored and distributed in hard containers which are usually cylindrical or spherical in shape. CNG has emerged as an abundant, clean, and safe alternative fuel and produces 28% less CO2 and other greenhouse gases compared to petrol and other fuels. Owing to its eco-friendly nature, it is widely used as a fuel for transportation. In industrial settings CNG is the second most important source of energy after electricity; it is primarily consumed in paper and pulp, plastic, food processing, metal, glass, and petroleum refining industries.
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A double digit growth has been witnessed in the CNG market during the last decade and it is expected to grow at the same rate over the next six years. The growing demand for CNG by the automotive industry is expected to drive the global market for CNG. The European and Asia-Pacific markets are likely to increase their CNG consumption and are expected to grow at a steady pace from 2012 to 2018.
One of the major factors driving the global market for CNG is the cost benefit offered by CNG over other fuel types such as gasoline and diesel. The global CNG vehicle market is expected to reach 19 million units by 2018. In order to decrease reliance on petrol, a non-renewable and rapidly depleting source, companies are continuously looking to shift their focus towards alternative sources of fuels. CNG, along with providing a clean solution, is also considered to be a more economical and feasible option compared to conventional fuels. Many countries adopted a legal norm of giving tax incentives for buying CNG vehicles, which in turn helps buyers to compensate for the higher prices of such vehicles. Vehicles powered by CNG require lower maintenance and cause lesser environmental degradation, which in turn is driving its demand at a global level.
Some of the major factors inhibiting the growth of the market include insufficient fuelling stations, the high cost for developing CNG based infrastructure, high operational costs, and the high cost of conversion. Natural gas extraction may also result in environmental consequences.
Some of the market players in this industry are Birla Power Solutions Ltd., Techlab Autogas Pvt. Ltd., Megatech Components Pvt. Ltd., Ark Pvt. Ltd., Axis Autogas, Chemotech Fabcon Pvt. Ltd, and Light Trading Company Ltd.,etc.
This research report analyzes this market depending on its market segments, major geographies, and current market trends.
Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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