Compressed natural gas or CNG, as it is often called, refers to ordinary gas under compression. It is unscented, plain and non-acidic. Automobiles can utilize ordinary gas in the latterÂs gaseous or liquid state. Majority of the automobiles utilize its gaseous state, squeezing it to pressures in excess of 3, 000 pounds for every square inch.
There are 3 kinds of wells that act as sources to the majority of natural gas. These are oil, natural gas-and-condensate and coal bed methane wells. When expelled, natural gas in its compressed state, combines with the atmosphere and turns combustible only while the mix is within the percentage of natural gas, ranging from five to fifteen.
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CNG is normally utilized across different parts of the globe to clean conveyance fuel. Utilizing CNG as a fuel, can cause considerably lower ejections from automobiles, as against gasoline and diesel. Governments of various nations in the world have ensured the abidance of stern directives to combat excessive ejection.
This has caused CNG to rise as one of the most feasible clean fuels. The quantity of CNG utilized in a nation totally depends on the number of automobiles driven on CNG in the same. The utilization of CNG as a conveyance fuel is rising steadily, owing to the expanding implementation of clean fuels by various governments.
The worldwide compressed natural gas market was worth more than USD 55 billion in 2013. It is estimated to rise from 2014 to 2020, at a CAGR of about 12 percent. The market is expected to achieve more than USD 125 billion by 2020. With a rise in the rate of manufacture of shale gas in the United States of America, prices of natural gas are low in the nation.
Other peripheral components, one of them being Panama CanalÂs further expansion, are also expected to execute a main role in the implementation of CNG. With China preparing for the commercial manufacture of shale gas by 2016, Asia Pacific is estimated to witness a descending pressure on the prices of gas. Natural gas prices around the globe are also expected to reduce in the future. The consumption size of CNG is likely to increase in the close future. The compressed natural gas market is segmented into end-users, sources and geographical regions. These aspects are discussed below.
The end-users sector of the compressed natural gas market is fragmented further into medium duty/heavy duty buses, light duty vehicles and medium duty/heavy duty trucks and others. The ÂothersÂ section includes vehicles with three wheels and those driven on CNG. These are used mainly in Latin America and Asia Pacific. Light duty vehicles made up for around 93 percent of the worldwide compressed natural gas market vehicles in 2013. However, they occupied only about 50 percent of the worldwide expenditure of CNG that year.
The market is fragmented on the basis of sources into non-associated gas, associated gas and unconventional methods.
Geographically, the global compressed natural gas market is fragmented into Europe, Asia Pacific, North America, South and Central America, the Middle East and Africa. Compressed Natural Gas Market Source: Grand View Research