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:
CNG compressors are used to compress natural gas into a compact fueling station storage system under high pressure. They play a vital role in powering vehicles that run on CNG. Growing usage of natural gas as an automotive fuel due to its environment friendly characteristics is driving the demand for CNG compressors.
Market key trends:
One of the major trends fueling the growth of the CNG compressors market is the rapid increase in number of CNG fueling stations across the globe. According to data, the number of CNG stations increased by over 10% between 2020 to 2022. Growing natural gas vehicle fleet coupled with government efforts to promote use of clean fuels through rebates and tax benefits on purchase of natural gas vehicles has incentivized private operators to open more CNG fueling stations. This in turn is driving the adoption of CNG compressors.
Segment Analysis
The global CNG compressors market is segmented by type into stationary and portable compressors. Stationary CNG compressors hold the largest market share currently due to their usage in CNG refueling stations. Stationary compressors offer high capacity and deliver natural gas at the required filling pressure for vehicles. Their large size makes them unsuitable for on-board vehicle applications.
Key Takeaways
The Global CNG Compressors Market Growth is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing demand for natural gas as an eco-friendly transport fuel.
Regional analysis
North America dominates the global CNG compressors market currently owing to rising shale gas production and the region’s developed CNG infrastructure. Asia Pacific is expected to grow at the fastest pace during the forecast period with China and India 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, and CIMC Enric Group. Among these, Atlas Copco, Ariel Corporation, and Siemens Energy are the top three players globally with wide product portfolio and extensive geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it