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. 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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