Global CNG Compressor Market Analysis
The global CNG compressor market is expected to exhibit a CAGR of 5% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global CNG compressor market is mainly driven by the growing number of vehicles running on CNG and the growing demand for CNG transportation through pipelines.
The growing number of vehicles running on CNG is the major driver for the global CNG compressor market and is likely to remain the market’s most important driver over the forecast period from 2018 to 2023. The global CNG compressor market is mainly driven by the growing awareness about the multifold benefits of CNG in fueling applications, as it provides cleaner combustion than petrol or diesel and can be extracted at cheaper rates than either. A growing number of fleet operators are turning to CNG as an alternative to petrol or diesel, as running fleets on CNG is much cheaper over the long run and also more environmentally viable. The growing demand for long-distance road transportation and the growing cold chain industry are likely to be the major drivers for the global CNG compressor market over the forecast period.
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Competitive Analysis:
Leading players in the global CNG compressor market include GE Oil & Gas, Gas Compressor Consultants Inc., C&B Pumps and Compressors LLC, Associated Compressor Engineers, Elliott Company, Kobelco Compressors America Inc., CIMC Enric, Wartsila, Bauer Compressors Inc., J-W Energy Company, P C McKenzie Company, Atlas Copco, and Ariel Corporation.
Segmentation:
The global CNG compressor market is segmented on the basis of type, application, and region.
By type, the global CNG compressor market is segmented into dynamic, positive displacement.
By application, the global CNG compressor market is segmented into industrial, transportation, and residential. The transportation sector accounts for the largest share in the global CNG compressors market and is likely to remain the leading revenue generator over the forecast period due to the growing demand for fleet vehicles running on CNG.
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Regional Analysis:
Asia Pacific dominates the global CNG compressors market at present and is likely to remain the leading regional market over the forecast period due to the growing awareness about the benefits of natural gas in countries in Asia Pacific and the growing government support for large-scale establishment of CNG infrastructure. The growing transportation industry in Asia Pacific is also likely to be a major driver for the CNG compressors market over the forecast period. The growing infrastructure construction activities and rapid urbanization in Asia Pacific have driven the demand for long-distance transportation of various types of materials, leading to a growing demand from the CNG compressor market. The rapid economic rise of countries such as China, India, South Korea, Indonesia, and Malaysia is likely to further drive the demand for CNG compressors in the region over the forecast period.
North America and Europe also hold considerable shares in the global CNG compressors and are likely to remain reliable, steady customers in the global CNG compressors market due to the growing government support for initiatives aimed at using environmentally viable fuels in the transportation sector.
Also Read: https://www.abnewswire.com/pressreleases/cng-compressor-market-industry-analysis-size-share-growth-trends-by-forecast-to-2027_171472.html
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