CNG Compressor Market Share

Global CNG Compressor Market Overview:

CNG Compressor Market Size was valued at USD 3.5 Billion in 2022. The CNG Compressor market industry is projected to grow from USD 3.7 Billion in 2023 to USD 5.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2032). A rise in demand is being seen as a result of the increasing use of variable-speed systems, low maintenance costs, efficient operation, retrofitting for existing systems, and energy-efficient compressors, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

CNG Compressor Market Trends

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  The growing adoption of variable-speed systems, low maintenance cost, effective operation, and retrofitting for existing systems is driving the market growth

  
  

The growing use of variable-speed systems, low maintenance costs, efficient operation, and retrofitting for existing systems are some of the drivers driving the market for CNG Compressors across a variety of significant end-use sectors. The need for energy-efficient compressors is rising as a result of their effective operations. However, as CNG compressor stations have proliferated, worries about air quality have intensified. In order to evaluate the effects of air and CNG compressors, numerous people have established air monitoring devices. The subsequent introduction of non-oil and gas-based projects as well as continuous industrial innovations are further contributing to the need for CNG Compressor. Leading companies are developing low-maintenance, environmentally friendly technologies to entice customers to adopt next-generation products. Companies like Ingersoll Rand Plc and Atlas Copco Inc. have developed next-generation systems with high-performance capabilities to differentiate their products in a highly competitive market. These CNG Compressors provide a variety of significant advantages, such as increased effectiveness and reduced noise.

Across a wide range of applications, there is a growing need for cutting-edge compressors that offer significant cost-saving methods and eliminate the need for auxiliary equipment. The lifespan costs and comprehensive solutions are becoming more important to consumers, which is creating new growth potential for the energy-efficient CNG Compressor. Additionally, the market is developing due to the growing use of compressed air in industrial power equipment.

Natural gas compressors are becoming popular due to a number of factors, including their low cost and great efficiency in comparison to fossil fuels. Natural gas usage is increasing as a result of the green energy goals set by several countries. Today, a variety of industries, including the automotive, industrial, cooking, and others, use natural gas. Since the gas needs to be compressed again across a distance of 40 to 100 miles, more and more natural gas compressors are being built as natural gas pipes are being laid. The ongoing usage of natural gas as a fuel substitute is anticipated to drive the market for natural gas compressors over the course of the forecast period.

Natural gas is gaining popularity as a fuel because it burns cleanly and is less expensive than other fossil fuels. As a result, the need for CNG compressors has increased due to the growth of the CNG market. measures by the government to encourage the usage of CNG Governments all across the world are supporting the use of CNG to lower greenhouse gas emissions and improve air quality. Because of the implementation of reasonable laws and regulations, the market for CNG compressors is expected to grow. Vehicles fuelled by compressed natural gas (CNG) are gaining popularity because they are less expensive to maintain and produce less pollution. As a result, the infrastructure for fueling CNG vehicles has grown, increasing the demand for CNG compressors. Due to the widespread use of gas compressors in the long-distance processing and transportation of renewable energy sources like natural gas, the market is growing. They are therefore used in air filtration duct systems to maintain air quality and protect patients from pollutants and illnesses as well as in hospitals for surgical procedures. Thus, driving the CNG Compressor market revenue.

CNG Compressor Market Segment Insights:

CNG Compressor Technology Insights

The CNG Compressor market segmentation, based on Technology, includes Positive Displacement and Dynamic. Positive displacement segment accounted for the largest revenue share in 2022. This is a result of the manufacturing industry's widespread use of these compressors. These compressors are also frequently used in the oil and gas industry to power pneumatic machinery for pipeline, oil extraction and refining, and other activities.

CNG Compressor Application Insights

The CNG Compressor market segmentation, based on Application, includes Industrial, Residential, and Transportation. Industrial segment dominated the CNG Compressor market in 2022. This is due to the accelerated industrialization of developing nations like Brazil, China, and India as well as the growing need for sophisticated and energy-efficient CNG Compressor in the manufacturing industry.

Figure 1: CNG Compressor Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

CNG Compressor Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America CNG Compressor Market dominated this market in 2022 (45.80%). This is due to ongoing government investments in the expansion of the infrastructure and quick industrialization. Further, the U.S. CNG Compressor market held the largest market share, and the Canada CNG Compressor market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: CNG Compressor Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe CNG Compressor market accounted for the healthy market share in 2022. The growth potential for CNG compressors are anticipated to be enhanced by increased investments in Eastern Europe. Additionally, it is anticipated that customer attention on simple-to-use and energy-efficient goods will accelerate market expansion. Further, the German CNG Compressor market held the largest market share, and the U.K CNG Compressor market was the fastest growing market in the European region

The Asia Pacific CNG Compressor market is expected to register significant growth from 2023 to 2032. Demand for CNG Compressors from a variety of applications, including the food and beverage, manufacturing, home appliances, and oil and gas industries, is what is causing the market to grow. Additionally, the existence of several compressor producers in China and India, as well as the substantial industrial bases for the production of electronics and semiconductors in China and Taiwan, are anticipated to fuel market expansion. Moreover, China’s CNG Compressor market held the largest market share, and the Indian CNG Compressor market was the fastest growing market in the Asia-Pacific region.

CNG Compressor Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the CNG Compressor market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, CNG Compressor industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the CNG Compressor industry to benefit clients and increase the market sector. In recent years, the CNG Compressor industry has offered some of the most significant advantages to medicine. Major players in the CNG Compressor market, including Ariel Corporation, Atlas Copco, PC Mc Kenzie C, J-W Energy Company, Bauer Compressors Inc., Wärtsilä, CIMC Enric, Kobelco Compressors America Inc., Elliott Company, Associated Compressor Engineers, C&B Pumps and Compressors LLC., Gas Compressor Consultants Inc, and GE Oil & Gas, are attempting to increase market demand by investing in research and development operations.

In India, a business called Kirloskar Pneumatic Co Ltd makes CNG compressors and pneumatic tools. The following segments make up the business: Systems and packages are sold by Compression Products or Systems, which also supplies compressors for air, gas and refrigeration. The transmission goods section consists of transaction gears, unique gearboxes, and specialist products utilised by wind power projects, Indian railways, and other industrial markets. The company generates the majority of its revenue from its line of compression devices or systems. The financial results for the quarter and a half that ended on September 30, 2021 were made public by India's top international corporation in the disciplines of air, refrigeration, and gas compression, Kirloskar Pneumatic corporation Ltd (KPCL), in October 2021. Despite challenges with the supply chain, the firm supplied a record number of compressors for the Oxygen plants and other application areas during the quarter.

Suzuki Motor Corp.'s division in the automobile industry, Maruti Suzuki India Ltd. It makes and markets motor vehicles, their parts, and spares under the three categories of vans, passenger cars, and utility vehicles. Some of its well-known brands include Baleno, Super Carry, Eeco Cargo, S-Cross, XL6, Ignis, S-Presso, Alto, Ertiga, WagonR, Celerio, Swift, DZire, Ciaz, Eeco, and Brezza. Maruti Suzuki also offers additional services like leasing, fleet management, driving schools, accessories, and insurance. The company serves customers in Latin America, Europe, Asia, and Oceania from two manufacturing locations in Gurugram and Manesar. Maruti Suzuki's corporate headquarters are in New Delhi, India. With the introduction of CNG, Maruti Suzuki would be able to end FY21–22 with sales of roughly 25,000 units in March 2022, up from 1.63 lakh units in FY20–21 and just 1 lakh units in FY19–20. In order to increase its selection of CNG vehicles beyond the current 9 models, Maruti sold 2.35 lakh units between April 21 and February 22. In the upcoming fiscal year, it now expects a greater CNG share.

Key Companies in the CNG Compressor market include

• Ariel Corporation


• Atlas Copco


• PC Mc Kenzie C


• J-W Energy Company


• Bauer Compressors Inc.


• Wärtsilä


• CIMC Enric


• Kobelco Compressors America Inc.


• Elliott Company


• Associated Compressor Engineers


• C&B Pumps and Compressors LLC.


• Gas Compressor Consultants Inc


• GE Oil & Gas

CNG Compressor Industry Developments

July 2019: Private equipment company Arcline Investment Management announced the execution of an agreement with BHGE for the Baker Hughes reciprocating compression division. Compression and engine systems utilised in numerous applications, including natural gas gearbox, are manufactured and serviced by this division.

June 2019: Through their agreement, Burckhardt Compression Services and Zahroof Valves will make ZVI products available throughout the GCC nations. ZVI valves will be made available by Burckhardt throughout the region, along with the necessary installation, maintenance, and monitoring services.

CNG Compressor Market Segmentation

CNG Compressor Technology Outlook

• Positive Displacement


• Dynamic

CNG Compressor Application Outlook

• Industrial


• Residential


• Transportation

CNG Compressor Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America