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CNG compressors help in compressing natural gas to higher pressures that are suitable for fueling vehicle tanks. they are used across fueling stations, gas transmission & storage to facilitate the delivery of CNG. Their ability to efficiently compress gas without product contamination at stable pressures has increased their adoption.
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 key trends:
One of the key trends fueling market growth is the increasing demand for stationary fueling. With growing CNG vehicle fleet across regions, the need for setting up CNG fueling stations is growing rapidly. CNG compressors play a critical role in stationary fueling by compressing gas and delivering it to vehicle tanks. Various government initiatives promoting use of natural gas as vehicular fuel and infrastructure development of CNG stations will further aid expansion of this segment.
Segment Analysis
The CNG compressors market is segmented by type into reciprocating, rotary screw, and centrifugal compressors. Within these segments, reciprocating compressors dominate the market accounting for over 50% share. This is because reciprocating compressors are easy to operate, maintain, and are widely used across the oil & gas and transportation sector for medium to high pressure compression needs.
Key Takeaways
The global CNG compressors market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing demand for clean fuel and stringent emission norms.
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. The market players are focusing on developing high efficiency and reliable compressors to cater to the rising demand.
Regional analysis
Asia Pacific accounts for the largest share in the global CNG compressors market and is expected to witness fastest growth during the forecast period. This is attributed to rising CNG vehicle fleet, growing gas production and increasing focus of governments in countries like India and China to promote usage of natural gas.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
