February 25, 2024
Ict

CNG Compressors Market Growth Accelerated by Increasing Initiatives Towards Natural Gas Infrastructure Development


Compressed natural gas (CNG) compressors are crucial in compressing natural gas to high pressures for storage and transportation purposes through natural gas distribution systems and infrastructure, including pipelines. CNG compressors help in efficiently compressing natural gas in bulk quantities for storage and transportation applications in energy facilities such as gas stations, natural gas refueling stations, and natural gas vehicles (NGVs).

The global CNG Compressors Market is estimated to be valued at US$ 3.46 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growth of the CNG compressors market is propelled by increasing initiatives of various governments around the world towards expanding and developing natural gas infrastructure including pipelines, refueling stations, and transit fleets. This is creating demand for CNG compressors needed for infrastructure activities such as gas storage and transportation. Various government policies to reduce emissions and use of cleaner fuels such as natural gas for mobility applications is also driving the installations of CNG compressors across fueling stations and transit depots. Rising adoption of natural gas vehicles especially for commercial fleets is augmenting the growth of the CNG compressors market over the forecast period.

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. Atlas Copco is a prominent player with wide geographic presence and product portfolio. Siemens Energy and Ariel Corporation also have strong market shares globally. Technological innovations and partnerships with gas utilities remain the focus of top players to strengthen market position.

Segment Analysis

The global CNG Compressors market is dominated by reciprocating segment, which holds around 60% of the total market share. Reciprocating compressors are preferred for CNG applications owing to their ability to efficiently compress natural gas at consistent pressure levels. They ensure smooth gas flow and avoid pressure fluctuations during vehicle fill ups. However, centrifugal compressors are gaining popularity due to reduced maintenance needs.

Regional analysis: Asia Pacific region dominates the global CNG compressors market with over 35% share. China, India, Pakistan and Indonesia have witnessed significant growth in their natural gas vehicle fleets. Large pipeline projects and increasing consumer acceptance of natural gas as a transportation fuel have boosted CNG compressor installations across the region. North America and Europe are other major regional markets, whereas countries like Brazil, Iran and Argentina are identified as high potential emerging markets.

Key Takeaways

The global CNG Compressors Market is expected to witness high growth over the forecast period of 2024 to 2031. With rising natural gas production and increasing investments into gas infrastructure projects across regions, the demand for CNG compressors is slated to increase considerably.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it