CNG COMPRESSORS MARKET REPORT OVERVIEW
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global CNG compressors market size was USD 5136 million in 2020 and market to touch USD 9436.46 million by 2032 at CAGR 5.2% during the forecast period.
A CNG Compressor is a machine that compresses natural gas so that it may be transported. It expands the fuel capacity by up to 600 times its original size. The compressed gas lowers transportation costs, minimizes pollution, and aids in the reduction of greenhouse gas emissions. CNG compressors are used to compress CNG, which is a methane and other product combination. These compressors are designed for maximum efficiency, dependability, and longevity in a variety of applications including pipeline transportation, gas stations, and storage. The worldwide CNG compressors market is developing due to reasons such as rising demand for cleaner fuels, increased acceptance of natural gas as a fuel alternative in many industries, and an increasing number of applications utilizing compressor technology across various sectors and countries.
COVID-19 Impact: Pandemic Aroused Energy Transition and Government Initiatives to Influence the Uplift in Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
Government regulations and investments in renewable energy and environmentally friendly mobility might have an impact on the CNG industry. Economic stimulus and recovery initiatives may have an influence on the uptake of CNG technology. The larger energy transition and a drive toward cleaner alternatives may have an influence on CNG demand as a transportation fuel. Government attempts to encourage renewable energy may have an impact on the CNG compressors market's growth.
LATEST TRENDS
"Advancements in Compressor Technology and Focus on Renewable Energy to Propagate the Market Growth"
Compressor technology developments have been seen to improve efficiency, minimize energy consumption, and improve overall performance of CNG compressors. Manufacturers were concentrating on making compressors that were more compact, dependable, and cost-effective. RNG, which is derived from organic waste, has gained popularity. The usage of RNG in conjunction with CNG compressors is viewed as a long-term solution for lowering greenhouse gas emissions and promoting a circular economy.
CNG COMPRESSORS MARKET SEGMENTATION
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- By Type
Based on type the global market can be categorized into rotary type, reciprocating type and others.
A rotary-type compressor is a type of gas compressor that employs numerous cylinders. The required compression ratio in the cylinders may be regulated by modifying the direction and timing of how numerous sets of whirling blades inside each cylinder are switched on or off, hence changing its volume. This type of compressor is the most often used for natural gases and has been widely used in a variety of sectors including chemical, food and beverage, pharmaceuticals, and so on.
A Reciprocating Compressor is a type of gas compressor that employs pistons to compress the gas. By altering the angle between two sets of moving objects, the appropriate compression ratio in the cylinders may be adjusted. This type of compressor is widely used in a variety of sectors, including petroleum refining and oil and gas extraction.
- By Application
Based on application the global market can be categorized into pipeline transportation, gas storage, gas station and others.
Pipeline transportation refers to the use of a tube to transfer gas from its source to its destination. The key benefits of using a pipeline are that it has fast speeds, little pressure loss, and can carry a big amount of capacity at once. Pipeline transport gives greater control over environmental parameters such as temperature, humidity, and so on, often known as green energy, as compared to other forms of transportation, making it an attractive model in the global CNG compressors market.
A gas compressor station is a mechanism that compresses natural gas in order to reduce its vapor pressure or temperature. Gas may be compressed to less than half its volume at ordinary atmospheric conditions, requiring far fewer physical dimensions for transportation and distribution. It also saves money by lowering the number of trucks needed to carry CNG from wells to power plants, making it a perfect model in the worldwide market.
Gas Station: CNG has been widely employed as an alternative fuel across numerous industries such as vehicle manufacture and the chemical industry, resulting in increasing demand and a high utilization rate of CNG compressors worldwide. The major advantage of employing these compressors is that it minimizes greenhouse gas emissions and pollution.
DRIVING FACTORS
"Government Regulations and Emissions Standards to Step Up the Market Growth"
CNG use is being driven by government rules and emissions standards aimed at reducing air pollution and greenhouse gas emissions. Many locations have severe pollution standards for cars and industrial activities, promoting the use of cleaner-burning fuels such as natural gas. Government rules aimed at decreasing emissions and encouraging the use of greener transportation choices were affecting CNG uptake. Incentives and incentives for installing CNG infrastructure and purchasing CNG cars were also helping to drive industry expansion.
"Growing adoption as Transportation Fuel and Cost Savings to Boom Up the Market Share Profitably"
Natural gas, notably compressed natural gas (CNG), has gained popularity as a greener alternative to conventional fuels. This was especially visible in the transportation sector, as fleets and public transit systems were increasingly evaluating CNG as a viable and environmentally benign choice. CNG is frequently less expensive than conventional fuels like as gasoline and diesel. This economic advantage has the potential to be a key motivator for businesses and fleet operators, resulting in greater adoption of CNG-powered cars and the demand for CNG compressors for refilling infrastructure.
RESTRAINING FACTOR
"Limited Driving Range, Storage Space and Vehicle Conversions to Restrain the Market Growth"
CNG-powered cars may have a lower driving range than typical gasoline or diesel vehicles. This restriction is related to compressed natural gas's reduced energy density, which implies that CNG cars may require more frequent recharging. Compressed natural gas must be kept in high-pressure canisters, increasing truck weight and perhaps restricting cargo capacity. This restriction is especially essential for specific vehicle types, such as passenger cars with limited storage space. It can be costly to convert current cars or to manufacture new vehicles to operate on CNG. The expenses of upgrading engines or building new CNG cars might be an impediment to adoption. Hence, such factors are expected to hinder the CNG compressors market growth during the forecast period.
CNG COMPRESSORS MARKET REGIONAL INSIGHTS
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"North America with High Utilization and Alternative Fuel for Automobiles to Dominate the Market Share"
The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Over the course of the forecast period, the North America is expected to grow at one of the fastest rates and dominate the CNG compressors market share. Because of its extensive use of natural gas as an alternative fuel for automobiles, heavy-duty vehicles, and power generators, the North American area accounts for the largest market share in the worldwide CNG compressors market. This is a significant element that has raised demand for CNG in this region, fueling the rise of compressor systems used by diverse businesses such as chemical storage facilities.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to CNG compressors to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.
List of Market Players Profiled
- Siemens (Germany)
- Atlas Copco (Sweden)
- Exterran (U.S.)
- Ingersoll Rand (U.S.)
- MAN Turbo (Germany)
- Kobelco (Japan)
- Wärtsilä (Finland)
- Ariel Corporation (Belgium)
- Chicago Pneumatic (U.S.)
- Propak Systems (Canada)
INDUSTRIAL DEVELOPMENT
- April 2020: Siemens Energy was formed as a separate business from Siemens' energy division. Trading in shares of the new Siemens Energy AG on the stock market is planned to begin on September 28.
- October 2022: Siemens established a strategic agreement with Swedish electric commercial vehicle manufacturer Volta Trucks in October 2022 to develop and expand eMobility charging infrastructure to facilitate the fleet electrification transition.
REPORT COVERAGE
The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 5136 Million in 2020 |
Market Size Value By |
US$ 9436.46 Million by 2032 |
Growth Rate |
CAGR of 5.2% from 2020 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the CNG compressors market expected to touch by 2032?
The global CNG compressors market is expected to reach USD 9436.46 million by 2032.
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What CAGR is the CNG compressors market expected to exhibit by 2032?
The CNG compressors market is expected to exhibit a CAGR of 5.2% by 2032.
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Which are the driving factors of the CNG compressors market?
Low cost, government regulations, emission standards and the growing adoption as a transportation fuel are the driving factors of the CNG compressors market.
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What are the key CNG compressors market segments?
The CNG compressors market segmentation that you should be aware of, which include, Based on type the market is classified as rotary type, reciprocating type and others. Based on application the market is classified as pipeline transportation, gas storage, gas station and others.
