CNG Compressors Market Scenario
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.
The growing use of CNG in private passenger vehicles
is also likely to be a major driver for the global CNG compressor market.
Driven by the growing awareness among consumers as well as the growing
government support, the global CNG compressors market has witnessed steady
growth in demand as an increasing number of CNG stations have been set up across
the globe. The increasing number of CNG fuel stations around the world is
likely to be a major driver for the global CNG compressor market over the
forecast period, especially in emerging regions, where CNG fuel stations are
still a novelty and thus not widely available.
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.
Industry
Updates:
In April 2019, Cook Compression added new service
partners in the Middle East, Pakistan, and Africa.
In May 2019, Clean Energy Fuels Corp. announced that
it has signed agreements for the lease or purchase of more than 250 heavy-duty
trucks running on CNG.
CNG Compressors Market 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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