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| Global CNG Compressors Market Growth |
The global CNG Compressors Market is estimated to be valued at US$ 3.46 Bn in 2023 and is expected to
exhibit a CAGR of 8.0% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Compressed natural gas (CNG) is a clear, non-toxic alternative fuel that can be
used to power vehicles and equipment. CNG vehicles produce fewer harmful
emissions compared to traditional gasoline or diesel vehicles. CNG compressors
are critical equipment used to compress natural gas into a transportable form
for fueling CNG vehicles. They are available in piston compressor and
reciprocating compressor configurations suitable for various gas compression
needs across industries such as automotive, transportation, power generation
and utilities.
Market key trends:
One of the key trends driving the Global
CNG Compressors Market Growth is the rising demand for natural gas,
particularly in developing nations to fuel their economic growth and
development. Countries are focusing on developing natural gas infrastructure to
address rising energy requirements in a more sustainable manner. This is
increasing investments into gas transportation and distribution networks,
thereby boosting deployment of CNG compressors. Another major trend is the
stringent emission regulations globally favoring cleaner alternative fuels like
CNG to reduce vehicular pollution. Several countries are offering tax rebates
and incentives for purchasing CNG vehicles and setting up CNG fueling stations
to encourage their adoption rates. This is positively impacting sales of CNG
compressors for fueling applications.
Porter’s Analysis
Threat of new entrants: The CNG compressors market requires large investments
and established distribution channels to compete effectively. This creates
moderate barriers for new companies to enter the market.
Bargaining power of buyers: Large buyers such as utilities and transportation
fleets have significant bargaining power to negotiate lower prices from CNG
compressor vendors.
Bargaining power of suppliers: A few leading companies dominate the supply of
components such as motors and cylinders used in CNG compressors. This gives
moderate bargaining power to suppliers.
Threat of new substitutes: Alternate fuels such as LNG and electricity pose a
moderate threat as substitutes for CNG in transportation and power generation
applications.
Competitive rivalry: The global CNG compressors market is moderately
concentrated with the presence of large multinational companies. Competition is
based on product design, reliability, pricing and customer support.
Key Takeaways
The global CNG compressors market is expected to witness high growth,
exhibiting CAGR of 8.0% over the
forecast period, due to increasing adoption of natural gas as a clean
alternative fuel for vehicles and power plants. The market size for 2023 is
estimated to be US$ 3.46 Bn.
Regional analysis: Asia Pacific dominates the global CNG compressors market and
is expected to continue its lead over the forecast period. Countries such as
India and China are actively promoting use of natural gas for transportation
and power generation applications which is driving regional market growth.
Key players: Key players operating in the CNG compressors market are Atlas
Copco, Ariel Corporation, Siemens Energy, Galileo Technologies, Bauer
Compressors, Ingersoll Rand, ANGI Energy Systems, Bauer Group, Clean Energy
Compression, CIMC Enric Group. Players are focusing on new product launches
catering to commercial vehicles and industrial gas applications to strengthen
their market position.
Read More: https://www.trendingwebwire.com/cng-compressors-market-share/