Global CNG, RNG, and Hydrogen Tanks Market, By Gas Type (Compressed Natural Gas (CNG), Renewable Natural Gas (RNG), Hydrogen), Material (Metal, Glass Fiber, Carbon Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel Tank, Transportation Tank), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global CNG, RNG, and Hydrogen Tanks Market
CNG, RNG, and hydrogen tanks market will reach an estimated valuation of USD 1.80 billion by 2028, while registering this growth at a rate of 8.20% for the forecast period of 2021 to 2028. CNG, RNG, and hydrogen tanks market report analyses the growth, which is currently being growing due to the increasing use of natural gas in automotive industry.
Renewable natural gas (RNG), also known as biomethane, is a pipeline-quality vehicle fuel generated by anaerobic digestion from organic materials, such as waste from landfills and livestock. Compressed natural gas is a fuel which can be used instead of petrol, diesel and liquefied petroleum gas (LPG). The combustion of CNG produces less undesirable gases than the fuels mentioned above.
The growing demand for demand for CNG, hydrogen, and RNG tanks across the globe, rising environmental awareness to increase natural gas demand, increasing tax incentives for CNG vehicles and infrastructure, rising demand of the product as they are durable, cheaper, and most importantly eco-friendly, increasing adoption of improved manufacturing technology for tanks are some of the major as well as vital factors which will likely to augment the growth of the CNG, RNG, and hydrogen tanks market in the projected timeframe of 2021-2028. On the other hand, rising emergence of lightweight composite material CNG cylinders along with increasing development of low-weight transportation tanks which will further contribute by generating massive opportunities that will lead to the growth of the CNG, RNG, and hydrogen tanks market in the above mentioned projected timeframe.
Limited availability of hydrogen and CNG refuelling infrastructure in developed economies along with high cost of composite material tanks and regulatory approvals which will likely to act as market restraints factor for the growth of the CNG, RNG, and hydrogen tanks in the above mentioned projected timeframe. Prevalence of well-established infrastructure for electric cars along with fluctuating oil prices on CNG, RNG, and hydrogen tanks which will become the biggest and foremost challenge for the growth of the market.
This CNG, RNG, and hydrogen tanks market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on CNG, RNG, and hydrogen tanks market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global CNG, RNG, and Hydrogen Tanks Market Scope and Market Size
CNG, RNG, and hydrogen tanks market is segmented on the basis of gas type, material, tank type and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of gas type, the CNG, RNG, and hydrogen tanks market is segmented into compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen.
- Based on material, the CNG, RNG, and hydrogen tanks market is segmented into metal, glass fiber, and carbon fiber.
- On the basis of tank type, the CNG, RNG, and hydrogen tanks market is segmented into type 1, type 2, type 3, and type 4.
- CNG, RNG, and hydrogen tanks market is segmented in terms of market value, volume, market opportunities, and niches into multiple applications. The application segment for CNG, RNG, and hydrogen tanks market includes fuel tank, and transportation tank. Fuel tank has been further segmented into light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles.
CNG, RNG, and Hydrogen Tanks Market Country Level Analysis
CNG, RNG, and hydrogen tanks market is analysed and market size, volume information is provided by country, gas type, material, tank type and application as referenced above.
The countries covered in the CNG, RNG and hydrogen tanks market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the CNG, RNG and hydrogen tanks market due to the increasing adoption of advanced manufacturing technology along with prevalence of well-established CNG infrastructure in the region. Europe region is expected to hold the largest growth rate due to the presence of various upgraded operating biogas plants in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and CNG, RNG and Hydrogen Tanks Market Share Analysis
CNG, RNG and hydrogen tanks market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to CNG, RNG and hydrogen tanks market.
The major players covered in the CNG, RNG and hydrogen tanks market report are Worthington Industries, Inc.; Luxfer Gas Cylinders; Hexagon Composites ASA; Quantum Fuel Systems LLC.; EKC; Praxair S.T. Technology, Inc.; AVANCO GmbH; Beijing Tianhai Industry co.,Ltd.; Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd; FABER INDUSTRIE SPA; Ullit; Agility Fuel Solutions; Rama Cylinders Private Limited Mumbai India.; JPM Group; SAHUWALA CYLINDERS (P) LIMITED; Euro India Cylinders Limited; Cevotec GmbH; NPROXX; Steelhead Composites, INC.; Jiangsu Qiulin Special Equipment; among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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