Compressed Natural Gas Market Estimated to Reach $36.5 Billion by 2024, Reports MarkWide Research
A recent report unveiled by MarkWide Research under the title “Compressed Natural Gas Market” projects that the global compressed natural gas (CNG) market is set to achieve a valuation of $36.7 billion by the year 2024. The increasing focus on cleaner and more sustainable energy sources is driving the adoption of compressed natural gas across various sectors.
Compressed natural gas, a cleaner alternative to conventional fossil fuels, is gaining prominence as an eco-friendly solution for various applications. From transportation to industrial processes, CNG offers reduced emissions and a lower carbon footprint compared to traditional fuels. The growing concern over air quality and the need to curb greenhouse gas emissions are key factors fueling the demand for CNG.
The transportation sector is a significant consumer of compressed natural gas, with an increasing number of vehicles being equipped to run on this clean fuel. Governments and regulatory bodies around the world are implementing stringent emission norms, encouraging the adoption of CNG-powered vehicles. The cost-effectiveness and lower operating costs associated with CNG also contribute to its popularity in the transportation industry.
The report sheds light on the regional trends in the compressed natural gas market, indicating that Asia Pacific is expected to lead the market growth. Rapid urbanization, industrialization, and the need to reduce pollution in densely populated cities are driving the demand for cleaner fuels like CNG. Countries such as China and India are making substantial investments in building CNG infrastructure and promoting its usage in transportation.
Market players are actively investing in research and development to improve the efficiency and storage capacity of CNG systems. Advancements in technology, such as lightweight composite cylinders and improved refueling infrastructure, are making CNG a more viable and attractive option for various applications.
Challenges in the compressed natural gas market include the initial infrastructure setup costs, limited refueling stations, and the need for international standards to ensure safe handling and storage of CNG. However, the collaborative efforts of governments, industry stakeholders, and technology providers are expected to address these challenges and promote the wider adoption of CNG.
In conclusion, the compressed natural gas market is witnessing substantial growth as the world shifts towards cleaner and more sustainable energy sources. With a projected valuation of $36.7 billion by 2024, the market presents significant opportunities for manufacturers and investors to contribute to the global transition towards a greener energy landscape.