CNG, RNG, and Hydrogen Tanks Market Size is anticipated to reach at a CAGR of 8.5% during the forecast period

 

The CNG, RNG, and hydrogen tanks market is anticipated to grow at a CAGR of 8.5% during the course of the forecast period.

Specialized tanks are utilised to store and transport hydrogen as well as CNG, RNG, and these gases. These tanks have a high level of endurance and are manufactured from many materials, including glass, metal, and carbon. These tanks are used in many applications and are more affordable and environmentally favourable. Depending on the material used during manufacturing, CNG, RNG, and hydrogen tanks can be divided into different tank kinds.

 

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COVID-19 IMPACT

Due to the global fall in sales of natural gas and fuel cell electric vehicles, the COVID-19 epidemic had a detrimental impact on the market for CNG, RNG, and hydrogen tanks. During the middle of 2021, COVID-19's effects began to worsen, and as predicted by the pre-COVID scenario, demand for CNG, RNG, and hydrogen tanks slowly increased. Also, by the end of 2021, the market is anticipated to stabilise at a sluggish rate before beginning to rise quickly in 2022.

GROWTH DRIVERS

The increasing government initiatives emphasising the adoption of clean fuel combined with the growing stringent environmental regulations enforced by various governments on automotive manufacturers to boost the uptake of alternative fuel sources and the escalating developments in the global fueling infrastructure are the primary driving forces behind the rising demand for alternative fuel vehicles around the world, the increase in the number of natural and fuel cell electric vehicles, and the rise in government initiatives emphasising the adoption of clean fuel.

A significant increase in the use of natural gas has also been seen in the automotive sector. Government investments in the growth and development of the transportation industry are also driving manufacturers to prioritise the creation of light-weight cargo tanks. This is assisting in boosting the demand for CNG-driven vehicles, the increased demand for hydrogen-powered vehicles that are similar to electric vehicles, and the introduction of several advanced tools for the development of hydrogen tanks, all of which are significantly boosting the growth of the global markets for CNG, RNG, and hydrogen tanks.

 

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CNG, RNG, AND HYDROGEN TANKS MARKET SEGMENTATION

By Gas Type

·         Compressed Natural Gas (CNG)

·         Hydrogen

·         Renewable Natural Gas (RNG)

 

By Material Type

·         Metal

·         Carbon Fiber

·         Glass Fiber

 

By Application

·         Fuel

·         Transportation

 

By Region

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

KEY COMPANIES IN CNG, RNG, AND HYDROGEN TANKS MARKET

·         JPM Group

·         Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.

·         Agility Fuel Solutions

·         Worthington Industries Inc.

·         Hexagon Composites ASA

·         Quantum Fuel Systems LLC

·         Praxair Technologies Inc.

·         Faber Industrie Spa

·         Alternative Fuels Data Center

·         Doosan Mobility Innovation

·         Everest Kanto Cylinders Ltd.

·         Avanco Group

·         Nproxx

·         Cenergy Solutions

·         Rama Cylinders Private Limited

·         Sahuwala Cylinders Ltd.

·         Cevotec GmbH

·         Steelhead Composites Inc.

·         Euro India Cylinders Ltd.

·         Other Players

 

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