Global CNG Compressor Market Analysis
The global CNG compressor market is expected to
exhibit a CAGR of 5% over the forecast period from 2018 to 2023, according to
the latest research report from Market Research Future (MRFR). The global CNG
compressor market is mainly driven by the growing number of vehicles running on
CNG and the growing demand for CNG transportation through pipelines.
The growing number of vehicles running on CNG is the
major driver for the global CNG compressor market and is likely to remain the
market’s most important driver over the forecast period from 2018 to 2023. The
global CNG compressor market is mainly driven by the growing awareness about
the multifold benefits of CNG in fueling applications, as it provides cleaner
combustion than petrol or diesel and can be extracted at cheaper rates than
either. A growing number of fleet operators are turning to CNG as an
alternative to petrol or diesel, as running fleets on CNG is much cheaper over
the long run and also more environmentally viable. The growing demand for
long-distance road transportation and the growing cold chain industry are
likely to be the major drivers for the global CNG compressor market over the
forecast period.
Competitive Analysis:
Leading players in the global CNG compressor market
include GE Oil & Gas, Gas Compressor Consultants Inc., C&B Pumps and
Compressors LLC, Associated Compressor Engineers, Elliott Company, Kobelco
Compressors America Inc., CIMC Enric, Wartsila, Bauer Compressors Inc., J-W
Energy Company, P C McKenzie Company, Atlas Copco, and Ariel Corporation.
Segmentation:
The global CNG compressor market is segmented on the
basis of type, application, and region.
By type, the global CNG compressor market is segmented
into dynamic, positive displacement.
By application, the global CNG compressor market is
segmented into industrial, transportation, and residential. The transportation
sector accounts for the largest share in the global CNG compressors market and
is likely to remain the leading revenue generator over the forecast period due
to the growing demand for fleet vehicles running on CNG.
Regional Analysis:
Asia Pacific dominates the global CNG compressors
market at present and is likely to remain the leading regional market over the
forecast period due to the growing awareness about the benefits of natural gas
in countries in Asia Pacific and the growing government support for large-scale
establishment of CNG infrastructure. The growing transportation industry in
Asia Pacific is also likely to be a major driver for the CNG compressors market
over the forecast period. The growing infrastructure construction activities
and rapid urbanization in Asia Pacific have driven the demand for long-distance
transportation of various types of materials, leading to a growing demand from
the CNG compressor market. The rapid economic rise of countries such as China,
India, South Korea, Indonesia, and Malaysia is likely to further drive the
demand for CNG compressors in the region over the forecast period.
North America and Europe also hold considerable shares
in the global CNG compressors and are likely to remain reliable, steady
customers in the global CNG compressors market due to the growing government
support for initiatives aimed at using environmentally viable fuels in the
transportation sector.
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