CNG Compressor Market Scope:
CNG Compressor Market share is expected to surpass USD 5,072.6 Million by 2030, with a 5% CAGR during the forecast period, 2022-2030.
Growth Inducers and Key Barriers
The impact analysis on COVID-19 has been carried out by MRFR, which reveals that the energy and power industry can be profoundly affected by the plummeting demand and the crashing prices of power around the world. Taking into account the long-term impact of COVID-19, most of the leading companies are presently working on bringing down the costs of protecting their assets, and are also putting in efforts to ensure uninterrupted operations to control the revenue loss. While the world is busy trying to achieve a COVID-19 breakthrough, the lockdown situation has managed to restrain the movement of materials across energy and power plants. The short turn impact has been a massive decline in the investment capacity along with a drop in power prices in the face of political uncertainty, suggests the COVID-19 analysis by MRFR.
However, experts remain hopeful as the CNG compressor market is set to perform decently in the coming years despite of the prevalent crisis worldwide. The mounting number of vehicles using CNG and the widespread demand for CNG transportation via pipelines is one of the chief growth inducers in the global market. The CNG compressor market also benefits from the increasing awareness regarding the multifold advantages of CNG’s use in fueling applications, including provision of cleaner combustion compared to diesel or petrol and its extraction at lower rates.
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Apart from the OEMs like Ford, GM, Volvo, Fiat and Audi that offer light, medium, as well as heavy vehicles, the renowned players across the automotive industry such as Ford and GM also offer their customers with natural gas conversion systems that are easily installable without the voiding of the warranty. Apart from this, governments across the globe are pushing commercial fleet operators to extensively use natural gas vehicles to carry out a variety of operations. For instance, the government in China has carried out several initiatives that help promote and boost green transportation across 100 cities, which helps drive the demand for CNG and ultimately, for CNG compressors.
Market Segmentation
The CNG compressor industry has been considered for technology as well as application.
The types of technology included in the market review are positive displacement and dynamic.
The applications-dependent market segmentation comprises residential, transportation and industrial. The transportation sector can lead the CNG compressors market in the near future, and remain the top revenue generator throughout the appraisal timeline because of the rampant demand for fleet vehicles that run on CNG.
Regional Study
The regional study of the CNG compressor market comprises North America, Europe, Asia Pacific or APAC, and Rest of the World or RoW.
MRFR recognizes APAC as the most lucrative market for CNG compressor market, and predicts a strong possibility that the region can maintain its winning streak from 2018 to 2023. India and China are touted to emerge as the leading markets for CNG compressor in the region, advancing at the fastest rate of 10.0% in the approaching years. A notable trend that can gain prevalence in the region is the increasing deployment of CNG in two-wheelers. The high uptake of two-wheelers in India and other countries in the region can lead to a sharp hike in the demand for alternative fuels such as CNG, which could mean better growth prospects for CNG compressors. The surge in infrastructure construction activities in line with the fast growth of urbanization in the region boosts the demand for long-distance transportation of different materials, further driving the appetite for CNG compressors among leading end-users.
Europe and North America together form a successful market for CNG compressors and are projected to remain steady throughout the conjectured period. The strong government support in the form of initiatives aimed at promoting eco-friendly fuels within the transportation sector has induced major industry growth in these regions.
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Top Market Contenders
Top market contenders listed in the report are Atlas Copco (Sweden), Ariel Corporation (U.S.), Elliott Company (U.S.), Associated Compressor Engineers (U.K), CB Pumps and Compressors, LLC. (U.S.), Gas Compressor Consultants Inc (U.S.), Bauer Compressors Inc. (U.S.), CB Pumps and Compressors, CIMC Enric (China), GE Oil Gas (U.S.), Kobelco Compressors America, Inc. (U.S.), J-W Energy Company (U.S.), P C Mc Kenzie C (U.S.), to mention a few.
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