The CNG Compressors Market is estimated to be valued at US$ 3.46 billion in 2023 and is expected to exhibit a CAGR of 8% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
CNG (compressed natural gas) compressors are vital equipment used for compressing natural gas to increase its pressure and density, making it suitable for efficient transportation and storage. These compressors find extensive applications in various industries, including oil and gas, automotive, and power generation. Rising environmental concerns and the need to reduce greenhouse gas emissions have led to the increased adoption of natural gas as a clean and sustainable fuel alternative. CNG compressors play a crucial role in facilitating the transportation and storage of natural gas, thereby driving the growth of the CNG compressors market.
Key Takeaways:
The global CNG Compressors market is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period (2023-2030). This can be attributed to increasing environmental concerns and the need for clean energy solutions.
In terms of regional analysis, Asia Pacific is expected to be the fastest growing and dominating region in the CNG compressor market. This can be attributed to the rapid industrialization and urbanization in countries like China and India, as well as government initiatives to reduce pollution and promote clean energy.
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