Compressed natural gas (CNG) is produced by compressing natural gas to less than one percent of the volume and is stored in cylinders at a pressure of 2025 MPa. CNG is used in internal combustion engine of automobiles modified for gasoline/diesel, which further propel its market growth.
Global consumption of CNG is dependent upon the number of CNG powered natural gas vehicles in operation. The global compressed natural gas market was valued at US$14 842 million in 2016, and is projected to reach at US$36 035 million by 2023, growing at a CAGR of 14.1% from 2017 - 2023.
The demand for CNG as low cost fuel coupled with growth in energy requirement is expected to drive the market growth. CNG cost is low as compared to other traditional fuels such as gasoline and diesel, however, produces equivalent energy on combustion. Moreover, exploration of shale gas (sedimentary rocks containing amounts of natural gas) in North America and other non-conventional sources of energy particularly in this region has deliberately lowered CNG prices. Furthermore, stringent government regulations on account of environmental concern is expected to have a significant effect on the global CNG market during the forecast period.
Companies mentioned include:
- China Natural Gas.
- Indraprastha Gas Limited.
- J-W Power Company.
- National Iranian Gas Company.
- Neogas Inc.
- Pakistan State Oil.
- Trillium CNG.
- Royal Dutch Shell.
Read the article online at: https://www.worldpipelines.com/business-news/01112017/compressed-natural-gas-report-released/
You might also like
With the COP28 conference kicking off this week, Rystad Energy is outlining the 10 critical steps required to accelerate the transition.