Transparency Market Research Reports included a detailed market survey and analysis trends on “Compressed Natural Gas Market”.
This report also includes more info about basic overview of the
industry including definitions, applications and global market industry
structure.
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
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This
report is a complete study of current trends in the market, industry
growth drivers, and restraints. It provides market projections for the
coming years. It includes analysis of recent developments in technology,
Porter’s five force model analysis and detailed profiles of top
industry players. The report also includes a review of micro and macro
factors essential for the existing market players and new entrants along
with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a technological growth map over time to understand the industry growth rate
- It provides a seven-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segment
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