Aug 04, 2022 (AB Digital via COMTEX) -- The global Hydrogen enriched-Compressed Natural Gas (HCNG) market size is expected to reach USD 307.7 Million in 2030 and register a steady revenue CAGR of 8.2% over the forecast period, according to latest analysis by Emergen Research. Steady HCNG market revenue growth can be attributed to various benefits the fuel additive offers. When it comes to performance, HCNG offers a lot of benefits over natural gas. According to research, as the hydrogen percentage rises, the brakes effective thermal efficiency rises as well. The reduction of brake-specific fuel consumption, reduction of cycle-to-cycle fluctuations, and improvement of thermal efficiency are further effects of the injection of hydrogen.
The study on the Global Hydrogen Enriched Compressed Natural Gas Market reveals important market trends in the industry. This intelligence report comprises analyses based on present-day events, historical data, and forecasts for the future. The research includes several industry forecasts for market size, revenue, production, CAGR, consumption, gross margin, diagrams, graphs, pie charts, price, and other significant parameters. The report provides a comprehensive analysis of the market's future trends and developments in addition to highlighting the main driving and restraint forces in this market. Additionally, it analyses the function of the major market participants in the sector, including their SWOT analysis, financial summary, and corporate overview.
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Some Key Highlights
On 26 July 2022, CNX Resources Corporation /zigman2/quotes/208647486/composite CNX -0.06% and Dynamis Power Solutions (Dynamis) announced an innovative ESG agreement to introduce the Appalachian Basin's first electric powered drilling system fueled entirely by on-site natural gas. CNX also announced that it has developed proprietary technology to produce compressed natural gas and hydrogen on-site, among other fuel alternatives. The partnership with Dynamis provides the ability to further transition the fuel mix to hydrogen-enriched natural gas to power the drilling rig and further reduce greenhouse gas emissions.
Fuel segment is expected to account for a relatively large revenue share over the forecast period. This can be attributed to its increasing adoption as an alternative fuel. Hydrogen mixed with natural gas, which is a viable substitute for pure fossil fuels, significantly lowers overall pollution emissions while enhancing engine performance. It has been proven that the fuel efficiency and emissions of HCNG-fueled spark ignition internal combustion engines are better than those of traditional gasoline engines. Furthermore, because natural gas is available in large quantities and hydrogen is renewable, HCNG is seen as a promising alternative fuel for extensive uses in spark ignition engines. Engine emissions of unburned hydrocarbon pollutants are reduced and combustion is accelerated by HCNG. Fuel efficiency of the engines is improved while fuel consumption is minimized by mixing CNG and hydrogen. Additionally, HCNG increases thermal efficiency and fuel economy.
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The report further studies the key companies operating in the industry and their company profiles, product portfolio, expansion strategies, and strategic alliances such as mergers and acquisitions, collaborations, and joint ventures, among others. It also offers insights into their market reach and global position, along with highlights about their achievements and financial standings.
Major Players/Manufacturers profiled in the report are:
Wilmar International Ltd., BASF SE, Eastman Chemical Company, Procter & Gamble, Cargill, Incorporated, Evonik Industries, Godrej Industries Limited, PTT Global Chemical Public Company Limited, Arizona Chemical, Emery Oleochemicals.
Emergen Research has segmented the global HCNG market on the basis of application, end-use, and region:
Application Outlook (Revenue, USD Billion; 2019-2030)
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Using secondary sources such as company websites, annual reports, press releases, financial data, investor presentations, articles, news, white papers, certified publications, and government publishing sources as a starting point for the research methodology used to estimate and forecast the size of the Global Hydrogen enriched Compressed Natural Gas Market. In addition, the research takes into account vendor offers in order to categorise the market.
Using this data, the research then calculates the size of the global Hydrogen enriched Compressed Natural Gas market using a bottom-up approach. Primary research included thorough interviews with senior executives, chief executive officers, and directors, as well as vice presidents (VPs) and managers to determine the size of the market. These categories and sub-segments were then confirmed and validated by secondary research. Data triangulation processes are then used to complete the total market engineering process and arrive at precise statistics for all segments and sub-segments
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Major Regions Covered in the Hydrogen enriched Compressed Natural Gas Market Report: