The global CNG compressor aftermarket market was valued at almost USD 112 million in 2016 and is expected to surpass USD 125 million by 2021, says Technavio.
Technavio has published its latest industry research report on the global CNG compressor aftermarket market, under its engineering tools portfolio. This market analysis discusses the primary drivers and key developing trends and provides an analysis of key vendors like Ariel Corporation, Atlas Copco, BAUER Compressors, Clean Energy Compression, and Ingersoll Rand.
According to Anju Ajaykumar, a lead analyst for engineering tools research at Technavio, “The rising adoption of the natural gas vehicle will fuel the growth in the CNG compressor aftermarket. The use of NGVs offer benefits such as low operating cost and reduced vehicular emissions. The leading automotive manufacturers are focusing on launching more vehicles that run on natural gasses. The increase in the number of NGVs will increase the demand for CNG compressors in the global market.”
The increasing the adoption of NGVs in both passenger and commercial fleets will revolutionize the CNG compressor market. Key OEMs like GM, Ford, Fiat, Volvo, and Audi are offering light, medium, heavy vehicles, trains, and planes that are powered by natural gas. The economic advantages of NGVs over diesel and gasoline-powered vehicles will boost the demand for these automobiles in the global market.
Increase in alternative fuels
The increasing focus on alternative sustainable sources of fuel over fossil fuels will have a positive impact on the growth of the CNG compressor aftermarket. The introduction of upgraded biogas and biofuels help diversify the energy mix and reduce the dependency on petroleum products. Furthermore, these fuels can be produced locally and have the same chemical properties as that of natural gas, which can transport through the existing gas grid. These advantages will help in the development of the CNG compressor aftermarket.
Government support for NGV infrastructure
The growing natural gas infrastructure developments are driven by the various initiatives undertaken by the government bodies across the globe to reduce effects of climate change. In the US, the government provides around 30% tax credit for natural gas fueling equipment that has been installed between January 2015 and December 31, 2016. Additionally, various government bodies are also offering incentives such as subsidies for CNG to promote the construction of natural gas stations.
This industry report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the significant companies, containing their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities promoting this market.
An itemized analysis is accessible in the Technavio report titled, ‘Global CNG Compressor Aftermarket Market 2017-2021’. Technavio also customizes reports by additional provinces and specific segments upon request.
Other related reports:
- Global CNG Compressors Market 2016-2020
- Global Natural Gas Refueling Stations Market 2016-2020
- Global Natural Gas Pipeline Market 2016-2020
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