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The CNG Compressor market witnessed a valuation of USD 3.6 Billion in 2022, with a projected industry growth from USD 3.8 Billion in 2023 to USD 5.5 Billion by 2032, reflecting a compound annual growth rate (CAGR) of 5.10% during the forecast period (2023 - 2032). The market's expansion is fueled by increasing demand attributed to the adoption of variable-speed systems, low maintenance costs, efficient operation, retrofitting for existing systems, and energy-efficient compressors.
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The market is witnessing increased adoption of variable-speed systems, driven by factors such as low maintenance costs, efficient operation, and retrofitting for existing systems. This trend is contributing to the overall market growth.
The need for energy-efficient compressors is rising due to their effective operations. Leading companies like Ingersoll Rand Plc and Atlas Copco Inc. are developing next-generation systems with high-performance capabilities to stand out in the competitive market.
The popularity of natural gas as a fuel is growing due to its cleanliness and cost-effectiveness compared to other fossil fuels. This has led to an increased demand for CNG compressors, particularly in the context of green energy goals set by various countries.
Governments worldwide are supporting the use of Compressed Natural Gas (CNG) to reduce greenhouse gas emissions and improve air quality. This support, coupled with reasonable laws and regulations, is expected to drive the demand for CNG compressors.
Positive Displacement: Accounted for the largest revenue share in 2022, driven by widespread use in the manufacturing and oil and gas industries.
Dynamic: Represents another segment in the market technology landscape.
Industrial: Dominated the market in 2022, fueled by accelerated industrialization in developing nations and the need for sophisticated and energy-efficient compressors.
Residential: Represents a segment in the market application landscape.
Transportation: Another segment contributing to market growth.
North America: Dominated the market in 2022, driven by ongoing government investments in infrastructure expansion and quick industrialization. The U.S. and Canada were significant contributors.
Europe: Showed a healthy market share in 2022, with potential growth driven by increased investments in Eastern Europe. Germany held the largest market share in the region.
Asia Pacific: Anticipated to register significant growth, with China leading in market share and India experiencing the fastest growth.
Leading companies such as 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 investing in research and development, new product launches, and strategic activities to expand their footprint in a competitive market.
· In July 2019, Arcline Investment Management executed an agreement with BHGE for the Baker Hughes reciprocating compression division, contributing to the market's growth.
· In June 2019, Burckhardt Compression Services and Zahroof Valves partnered to make ZVI products available in the GCC nations, showcasing continuous developments in the industry.
· Positive Displacement
· Dynamic
· Industrial
· Residential
· Transportation
· North America
· US
· Canada
· Europe
· Germany
· France
· UK
· Italy
· Spain
· Rest of Europe
· Asia-Pacific
· China
· Japan
· India
· Australia
· South Korea
· Rest of Asia-Pacific
· Rest of the World
· Middle East
· Africa
· Latin America
· Market Size 2022: USD 3.6 Billion
· Market Size 2023: USD 3.8 Billion
· Market Size 2032: USD 5.5 Billion
· CAGR: 5.10% (2023-2032)
· Base Year: 2022
· Market Forecast Period: 2023-2032
· Historical Data: 2018- 2022
· Market Forecast Units: Value (USD Billion)
· Report Coverage: Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
· Segments Covered: Technology, Application, and Region
· Geographies Covered: North America, Europe, Asia Pacific, and the Rest of the World
· Countries Covered: The U.S., Canada, Germany, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
· Key Companies Profiled: 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
· Key Market Opportunities:
· New product launches and R&D amongst major key players.
· Key Market Dynamics:
· The growing adoption of variable-speed systems, low maintenance cost, effective operation, and retrofitting for existing systems and energy-efficient compressors are witnessing a surge in demand.
The CNG Compressor market witnessed a valuation of USD 3.6 Billion in 2022, with a projected industry growth from USD 3.8 Billion in 2023 to USD 5.5 Billion by 2032.
The global market is projected to grow at a CAGR of 5.10% during the forecast period, 2023-2032.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65552
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