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Global Compressed Natural Gas Market 2019-2023| Increase in Supply of Natural Gas to Promote Growth| Technavio

December 14, 2018

LONDON--(BUSINESS WIRE)--Dec 14, 2018--The global compressed natural gas market is expected to post a CAGR of close to 17% during the period 2019-2023, according to the latest market research report by .

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Technavio has released a new market research report on the global compressed natural gas market for the period 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the market is the increase in the number of CNG vehicles. CNG for automobiles has proven to be an eco-friendly technology, thereby providing better air quality and sustainability. This makes CNG vehicles ideal for the urban environment. Favorable government regulations combined with CNG infrastructure development has increased consumer acceptance and cost competitiveness of CNG vehicles.

This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

This report is available at a USD 1,000 discount for a limited time only:

In this report, Technavio highlights the increase in the supply of natural gas as one of the key emerging trends in the global compressed natural gas market:

Global compressed natural gas market: Increase in supply of natural gas

Natural gas has become one of the fastest growing fossil fuels globally owing to the growth of the supply of tight gas, coalbed methane, and shale gas. Hence, the global oil and gas industry has experienced rapid growth in the unconventional oil and gas resources sector. Furthermore, as per the IEA, the natural gas consumption is expected to increase from 3,630 billion cubic meters in 2016 to 4,000 billion cubic meters by 2022.

“In countries such as the US and Russia, the increase in the natural gas production will boost the supply of natural gas, thereby enabling to fulfill the growing demand for CNG as a transportation fuel across the world. Hence, this will augment the growth of the global CNG market during the forecast period,” says a senior analyst at Technavio for research on oil and gas.

Global compressed natural gas market: Segmentation analysis

This market research report segments the global compressed natural gas market by application (LDV and M&HDV) and geographical regions (APAC, EMEA, and the Americas).

The LDV segment held the largest market share in 2018, accounting for over 61% of the market. This application segment is expected to dominate the global market throughout the forecast period.

APAC led the market in 2018 with a market share of over 41%. This region is expected to dominate the market through 2023, with over 1% increase in its market share.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at .

View source version on businesswire.com:https://www.businesswire.com/news/home/20181214005456/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: ENERGY OIL/GAS ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE

SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 12/14/2018 01:27 PM/DISC: 12/14/2018 01:27 PM

http://www.businesswire.com/news/home/20181214005456/en

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