A recently released report from Transparency Market Research (TMR) forecasts that the global compressed natural gas market will grow at a CAGR of 12.30% from 2014 to 2020. As per TMR, a market knowledge firm, the worldwide compressed natural gas market, which in 2013 remained at US$56.32 bn is foreseen to reach US$126.19 bn before the finish of the figure time frame. The report, titled ‘Compressed Natural Gas Market – Global CNG Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020’, is accessible available to be purchased on the organization site.
As per this market study, the global compressed natural gas market is driven by the widespread implementation of vehicular emission norms that encourage the adoption of compressed natural gas and the low price of compressed natural gas as against diesel and gasoline. When natural gas is compressed to lower than 1% of the overall volume that it occupies under normal atmospheric conditions, it is then known as compressed natural gas.
Since there is no exact source from where compressed natural gas can be derived directly, it is assumed that natural gas and compressed natural gas are one and the same thing. Being a clean source of energy, compressed natural gas is gaining a lot of importance as a transportation fuel. The overall consumption of compressed natural gas as an automobile fuel depends immensely on the total number of compressed natural gas powered vehicles in operation.
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The TMR report segments the global compressed natural gas market on the basis of source, end use, and geography. On the basis of sources, this market is categorized into unconventional methods, non-associated gas, and associated gas. With a market share of almost 90%, the segment for non-associated gas held the highest share of the global compressed natural gas market in 2013. Owing to aging oil wells and sluggish production of crude oil, the segment for associated gas is projected to decline moderately over the forecast period. The unconventional and non-associated gas segments are expected to be by far the most lucrative ones in the forthcoming years.