ID: MRFR/E&P/5536-HCR | 111 Pages | Author: Chitranshi Jaiswal | June 2023
CNG Dispenser Market share is expected to be valued at a global figure of USD 255.5 million by the end of the forecast period in 2027.
The CNG dispensers market share is expected to be valued at a global figure of USD 255.5 million by the end of the forecast period in 2027. The rate of growth at which the market is expected to reach such a valuation stands at 9% from 2022-2030. The rising demand for CNG dispensers in the form of a solvent is like helping the market reach this predicted valuation.
CNG dispensers can be defined as substances that owe their derivation to both coal products and crude oil. Some CNG dispensers have wide use like toluene, benzene, alongside xylene. These are mostly used in a huge variety of consumer products that provide both personal and environmental advantages owing to major factors like their ability to enhance durability, safety improvisations, and anti-pollution properties. Also, CNG dispensers are not heavy and have comfortable use. The main reason for its popularity is its wide acceptability, acceptability and demand is the lightweight design that backs it well.
The arrival and sudden outbreak of the pandemic in the form of a healthcare emergency worldwide has accelerated many changes in the functioning of businesses and also has affected the ability of the units to manufacture and produce as per the CNG dispenser market demand. This has further brought a disrupted change in the supply chain mechanism and displaced people from their workplace and employment opportunities. Also, the target audience is moving from one place to another to safeguard themselves. Owing to the adversity of the situation, a temporary and permanent lockdown is imposed for people to stay at home. Also, there are many strict functional restrictions for the market players due to which the market is further having issues meeting the standardized demand prevailing in the market.
However, the global government is on the path to reviving the market operations and establishing a smooth flow during the forecast period of 2022-2030. Hence, they are increasing their budget allocated for the research and development of innovative uses of CNG dispensers across various regions, and industry vertices. It is being considered as an attempt to generate a huge demand from various ends that will help in normalizing the supply chain mechanism of the market. Also, the global market players that are functional across various global regions are working on product variations that will be launched on a global scale for the use of a mass audience.
The global petrochemical industry is expecting outstanding growth by the end of 2030 by reaching a global market valuation worth USD 651.1 billion. Petrochemicals can be recognized as CNG dispensers and hence, the opportunities available to petrochemicals will derive a major growth for xylene and benzene. Also, 51.23% of demand for CNG dispensers belongs to the paints and coating industry which will further help the market grow as per the prediction during the forecast period of 2022-2030.
The major factor restraining the growth of the CNG dispenser market during the ongoing period that ends in 2030 is the ease of transition to biofuels. Major players across the global market are investing in biofuel manufacturing, which makes it easier for the transition from liquid fuels to biofuels compared with natural gas, restraining the growth of natural gas vehicles.
Industrialization backed by the schemes and initiatives rolled by the governments of various economies has many growth opportunities lined up for the market. For instance, the Indian Government has rolled out the ‘Make in India’ scheme that will help commercial infrastructure growth in the international market. Many global market industries have gained many benefits from this. Also, a wide-scale demand has been initiated that will have a positive impact on the CNG dispenser market’s growth rate.
The building and construction sector uses CNG dispensers as one of the primary applications for architectural applications. The result of the population rise is striving for better commercial and residential infrastructure and automobiles. Regions like North America and the APAC region are becoming the epicenter of the growth of the paints industry as they are a part of the core industry functioning and this will enhance the demand by the end of 2030.
The CNG dispenser market has been divided all across the globe based on the type, application, end-user, and region.
The global CNG dispenser market has been divided all across the globe based on the region into the European region, North American region, Asia-Pacific region, Latin American region, and the Middle East and African region. The largest market share in the global market is held by the North American region owing to the increasing demand for automobiles. Also, the rising concerns related to the environment are fueling the global market growth during the ongoing period.
The APAC region is projected to enjoy the second-largest market share. The expansion of the automobile industry drives the market demand in this region. Also, positive growth has been observed in the spending capacity of people.
The most prominent major key players in the CNG dispenser market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the CNG dispenser market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the CNG dispenser all across the globe.
|Market Size||2030: Significant Value|
|CAGR||9% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Distribution|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Fortive (US), Dover (US), Tulsa Gas Technologies (India), Scheidt & Bachmann (US), Kraus (US), Compac (US), Bennett (US), Censtar (China), FTI International (Canada), Lanfeng (China), Sanki (China), Parker (US), Tatsuno (Japan), WEH (Germany)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||Low running cost of natural gas vehicles|
The CNG dispenser market is expected to grow at a higher CAGR of 9% in the global market.
A constantly rising income level is projected to be garnered by the market in the coming years.
Bennett (US), Censtar (China), Compac (US), and FTI International (Canada) are some of the few companies.
The largest market share in the CNG dispenser market is held by the North American region
The CNG dispenser market is expected to account for a higher market value of approximately USD 255.5 million by the end of the forecasted period
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