Global CNG Compressor Market Overview
According to the report by Market Research Future (MRFR), the global CNG dispenser market is poised to acquire a substantial market valuation at a moderate 7.70% CAGR over the review period. 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.
Global CNG Compressor Market: Segmental Analysis
The Global CNG Compressor Market has been segmented on the basis of type, distribution, and flow rate.
The types of CNG dispensers available in the market are fast filling and time filling. The distribution method of CNG dispensers includes company-owned & company-run, company-owned & dealer-run, and dealer-owned & dealer-run. The company-owned & company-run segment is estimated to account for the largest share owing to the increased profitability. Based on the flow rate, the global CNG dispenser market has been segmented into up to 50 kg/min, up to 15 kg/min, and up to 100 kg/min. The up to 100 kg/min segment is predicted to lead the market share over the review period, and record the highest growth rate, owing to the requirement of light-duty vehicles for quick tank refills. Moreover, owing to the operational improvement program for light-duty vehicles has resulted in cost reduction, and complexity in line is expected to fuel the growth of the CNG dispenser market.
Regional Analysis
On the basis of region, the global CNG dispenser market has been segmented into the Europe, Asia Pacific, North America, ,and the rest of the world (RoW).
North America is one of the major regional markets in the global CNG dispenser markets across the globe and is likely to witness remarkable growth over the review period. This is attributed to the government measures being undertaken for curbing emission levels in the region, especially in developed countries such as Canada, and the U.S., which established automotive markets.
Asia Pacific is one of the most important regional markets for CNG dispensers is expected to record a significant market share during the forecast period. Extensive diversity of industry verticals, including manufacturing, mining, oil & gas, textiles, and automation in the region, is projected to drive the CNG dispenser market in the Asia Pacific region. Asia Pacific is presently the primary market for CNG dispensers, followed by Europe. Increasing demand in the CNG vehicle is one of the significant critical drivers in the CNG dispenser market in this region. The primer of strict emission norms in India to restrict pollution is one of the chief drivers for market growth.
Competitive Landscape
The major market players identified by MRFR in the global CNG dispenser market are Bennett (US), Censtar (China), Dover (US), FTI International (Canada), Fortive (US), Compac (US), Kraus (US), Lanfeng (China), Sanki (China), Parker (US), Scheidt & Bachmann (US), Tatsuno (Japan), Tulsa Gas Technologies (India), WEH (Germany).
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