Increasing government support for the development of CNG infrastructure is expected to drive growth in the market. With the need for decarbonizing the transportation sector, CNG is being popularly adopted as a transportation fuel across the world. Technavio’s analysts have predicted that the compressed natural gas market will register a CAGR of about 6% by 2023.
Market Overview Increase in number of CNG vehicles CNG for automobiles has proved to be an eco-friendly technology, thereby providing better air quality and sustainability. This makes CNG vehicles ideal for the urban environment. Fluctuation in oil and gas prices Diesel and gasoline can substitute natural gas as the transportation fuel, the consistently decreasing prices of diesel and gasoline make it less attractive for the end-users to switch to alternate fuels such as CNG. For the detailed list of factors that will drive and challenge the growth of the compressed natural gas market during the 2019-2023, view our report.
Competitive Landscape The market appears to be fragmented and with the presence of several companies including NIOPDC and Royal Dutch Shell the competitive environment is quite intense. Factors such as the increase in number of CNG vehicles and the increasing government support for the development of CNG infrastructure, will provide considerable growth opportunities to compressed natural gas manufactures. BP, Chevron, ExxonMobil, Gazprom, NIOPDC, and Royal Dutch Shell are some of the major companies covered in this report.
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