CNG Compressors Market to Hit USD 5.92 Billion by 2030, According to Coherent Market Insights
Companies leading in CNG Compressors market are the Atlas Copco, Ariel Corporation, Siemens Energy, Galileo Technologies, Bauer Compressors, Ingersoll Rand, ANGI Energy Systems, Bauer Group, Clean Energy Compression, CIMC Enric Group
Burlingame, Oct. 12, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global CNG compressors market size was valued at USD 3.46 billion in 2023 and is projected to grow from USD 5.92 billion by 2030, exhibiting a CAGR of 8% during the forecast period *(2022-2030).* CNG compressors are advanced technologies used to compress natural gas to a higher pressure, in order to make to suitable for storage and transportation in CNG vehicles. The CNG compressors market has been growing steadily owing to rising adoption of natural gas as a cleaner alternative to conventional fuels.Growing number of partnership and agreement among key players in the market for geographical expansion is a recent trend observed in the market. For instance, in March 2023, Sapphire Gas Solutions ("Sapphire") and Bauer Compressors, Inc. ("Bauer") announced a national partnership. The partnership allows Sapphire to deploy, construct, and maintain an array of state-of-the-art Bauer manufactured gas compressors and provide OEM parts servicing multiple critical industries covering Canada, the United States of America, and Mexico.
*Market Drivers:*
Clean burning properties and abundance as an energy source of natural gas is propelling growth of the CNG compressors market. According to the Worldometer, the world consumes 132,290,211 million cubic feet (MMcf) of natural gas per year as of the year 2017. The world consumes 17,407 cubic feet of natural gas per capita every year (based on the 2017 world population of 7,599,822,404 people) or 48 cubic feet per capita per day.
Government are introducing various emission regulations in order to curb the growing pollution level in the environment. As per NGVA Europe, natural gas combustion results in 25% lower greenhouse gas emissions than diesel or gasoline. So use of CNG vehicles can minimize particulate emissions by up to 90% compared to diesel. Thus, growing launch of strict emissions regulations is expected to augment the market growth.
*Read full market research report, "CNG Compressors Market, By Type, By Lubrication Method, By End User, And By Geography, Market Size & Share Analysis - Growth Trends & Forecasts, 2023-2030*", *published by Coherent Market Insights*.
*CNG Compressors* *Market Report Coverage*
*Report Attribute* *Details*
*Forecast Period:* *2023 to 2030*
*Market Size in 2023:* *US$ 3.46 Bn*
*2030 Value Projection:* *US$ 5.92 Bn*
*Growth rate* *CAGR of 8% from 2023 to 2030*
*Base year for estimation* *2022*
*Historical data* *2018 - 2021*
*Forecast period* *2023 - 2030*
*Market Key Developments:*
In March 2023, Sapphire Gas Solutions ("Sapphire") and Bauer Compressors, Inc. ("Bauer") partnered to deploy, construct, and maintain an array of state-of-the-art Bauer manufactured gas compressors and provide OEM parts servicing multiple critical industries covering Canada, the United States of America, and Mexico.
In September 2023, INNIO Group and Detechtion Technologies jointly announced the first release of the SKIDIQ product suite, a revolutionary digital solution for natural gas compressor operators and lease compression companies
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*Market Opportunities:*
The U.S. Energy Information Administration (EIA) estimates that in 2022, U.S. dry natural gas production from shale formations was about 28.5 trillion cubic feet (Tcf) and equal to about 80% of total U.S. dry natural gas production in 2022. Thus, booming shale gas is expected to serve major growth opportunities.
*Market Restrain:*
Natural gas prices is highly volatile, which can disturb the economic viability of CNG as a fuel. Also, the establishment of CNG infrastructure, like refueling stations, is a major challenge in many regions. All these factors are expected to hinder the market growth.
*Key Market Takeaways:*
Global CNG compressors market is expected to exhibit a CAGR of 8% during the forecast period, owing to growing demand for natural gas and increasing launch of strict emissions regulations.
*On the basis of Type*, rotary screw compressors segment is expected to hold a dominant position, owing to the fact that are majorly used in CNG refueling stations for their efficiency and reliability.
*On the basis of Lubrication Method*, oral segment is expected to hold a dominant position, owing to their durability.
*On the basis of End-user Industry*, Automotive Industry segment is expected to hold a dominant position, owing to the increasing use of CNG compressor in buses, trucks, and passenger vehicles
*On the basis of region*, North America is expected to hold a dominant position over the forecast period, owing to the easy availability of shale gas in the region.
Key players operating in the global CNG compressors market include Atlas Copco, Ariel Corporation, Siemens Energy, Galileo Technologies, Bauer Compressors, Ingersoll Rand, ANGI Energy Systems, Bauer Group, Clean Energy Compression, CIMC Enric Group
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*Detailed Segmentation:*
· *Global CNG Compressors Market, By Type:*
· Reciprocating Compressors
· Rotary Screw Compressors
· Rotary Centrifugal Compressors
· Others
· *Global CNG Compressors Market, By Lubrication Method:*
· Lubricated
· Oil-Free
· *Global CNG Compressors Market, By End User:*
· Natural Gas Refueling Stations
· Automotive Industry
· Industrial Sector
· *Global CNG Compressors Market, By Geography:*
· North America · U.S.
· Canada
· Europe · Germany
· Italy
· U.K.
· France
· Spain
· Russia
· Rest of Europe
· Asia Pacific · China
· Japan
· Australia
· India
· ASEAN
· South Korea
· Rest of Asia Pacific
· Latin America · Brazil
· Mexico
· Argentina
· Rest of Latin America
· Middle East & Africa · GCC Countries
· Israel
· South Africa
· Rest of Middle East & Africa
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