Market Research Future (MRFR) confirms in its new study that the global CNG compressor market 2020 can procure a growth rate of 5.0% between 2018 and 2023 (which is the review period). We will provide COVID-19 impact Analysis with the report.
Growth Inducers and Key Barriers
Apart from the OEMs like Ford, GM, Volvo, Fiat and Audi that offer light, medium, as well as heavy vehicles, the renowned players across the automotive industry such as Ford and GM also offer their customers with natural gas conversion systems that are easily installable without the voiding of the warranty. Apart from this, governments across the globe are pushing commercial fleet operators to extensively use natural gas vehicles to carry out a variety of operations. For instance, the government in China has carried out several initiatives that help promote and boost green transportation across 100 cities, which helps drive the demand for CNG and ultimately, for CNG compressors.
The CNG compressor industry has been considered for technology as well as application.
The types of technology included in the market review are positive displacement and dynamic.
The applications-dependent market segmentation comprises residential, transportation and industrial. The transportation sector can lead the natural gas compressor market in the near future, and remain the top revenue generator throughout the appraisal timeline because of the rampant demand for fleet vehicles that run on CNG.
The regional study of the CNG compressor market comprises North America, Europe, Asia Pacific or APAC, and Rest of the World or RoW.
MRFR recognizes APAC as the most lucrative market for CNG compressor market, and predicts a strong possibility that the region can maintain its winning streak from 2018 to 2023. India and China are touted to emerge as the leading markets for CNG compressor in the region, advancing at the fastest rate of 10.0% in the approaching years. A notable trend that can gain prevalence in the region is the increasing deployment of CNG in two-wheelers. The high uptake of two-wheelers in India and other countries in the region can lead to a sharp hike in the demand for alternative fuels such as CNG, which could mean better growth prospects for CNG compressors. The surge in infrastructure construction activities in line with the fast growth of urbanization in the region boosts the demand for long-distance transportation of different materials, further driving the appetite for CNG compressors among leading end-users.
Europe and North America together form a successful market for CNG compressors and are projected to remain steady throughout the conjectured period. The strong government support in the form of initiatives aimed at promoting eco-friendly fuels within the transportation sector has induced major industry growth in these regions.
Top Market Contenders
Top market contenders listed in the report are Atlas Copco (Sweden), Ariel Corporation (U.S.), Elliott Company (U.S.), Associated Compressor Engineers (U.K), CB Pumps and Compressors, LLC. (U.S.), Gas Compressor Consultants Inc (U.S.), Bauer Compressors Inc. (U.S.), CB Pumps and Compressors, CIMC Enric (China), GE Oil Gas (U.S.), Kobelco Compressors America, Inc. (U.S.), J-W Energy Company (U.S.), P C Mc Kenzie C (U.S.), to mention a few.
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