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(Transportation-News.com, August 19, 2021 ) The Report "CNG RNG and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material type (Metal, Carbon, Glass), Tank Type (Type 1, Type 2, Type 3, Type 4), By Application (Fuel, Transportaion), and Region - Global Forecast to 2026" MarketsandMarkets: The global CNG, RNG, and Hydrogen Tanks Market size is projected to reach USD 3.2billion by 2026, registering a CAGR of 9.2% from 2021 to 2026.
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The global CNG, RNG, and hydrogen tanks market is expected to grow from USD 2.1billion in 2021 to USD 3.2 billion by 2026, at a CAGR of 9.2% during the forecast period.Government initiatives emphasizing on adoption of clean fuel and growth in number natural and fuel cell electric vehicles are expected to drive the market.
Browse more than 100 market data tables with more than 50 figures and an in-depth TOC on the report, “CNG, RNG, and Hydrogen Tanks Market - Global Forecast to 2026”. Early buyers will receive 10% customization for the report.
CNG tanks comprisea major share in terms of value and volume.
CNG tanks dominated the global market as CNG has been adopted worldwide by light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles as the fuel is cheaper, cleaner, and more efficient than traditional fuels used in vehicles. It is also odorless and has the potential to reduce carbon monoxide emissions by roughly 80% compared to traditional gasoline fuel. Furthermore, CNG does not pose any danger of contaminating ground water since the fuel is non-toxic. The presence of well-developed CNG infrastructure, government incentives, and increasing number of NGVs is driving the market for CNG tanks. .
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Metal-based tanks account for the largest market share in the global CNG, RNG, and hydrogen tanks marketin terms of value and volume.
Metal-based tanks accounted for the largest share in 2020 due to high demand from APAC countries. The technology for making metal-based tank 1type is well established and these tanks are in operation for a long period. Further metal-based tanks are widely used in the APAC, MEA , and Latin America due to low-cost. They have high demand from countries such as China, India, Pakistan, Thailand, Brazil, Argentina, Iran, Colombia, and Uzbekistan. In the Europe and North America, carbon fiber based CNG, RNG, and hydrogen tansk are getting more popularity due to reduced weight and more gas carrying capacity.
Type 1dominates the globalCNG, RNG,and hydrogen tanks market in terms of value and volume
Type 1 tanks are metal based and the most preferred type of tank, globally. Various metals (steel, aluminum, and metal alloys) are used in the manufacturing of CNG, RNG, and hydrogen tanks. The metal used in CNG, RNG, and hydrogen tanks increases the weight of the CNG, RNG, and hydrogen cylinders, but at the same time it provides adequate protection to the cylinders. Some of the active market players are Everest Kanto Cylinders Ltd. (India). Praxair Ttechnologies Inc. (U.S.), Faber Industries S.P.A (Italy), and Worthington Industries (U.S.).
Fuel tank applicationdominates the market in the global CNG, RNG, and hydrogen tanks marketduring the forecast period in terms of value and volume.
CNG, RNG, and hydrogen are widely used in fuel tank application. The CNG, RNG, and hydrogen based fuel tanks are an alternatesolution for automobiles running on petrol and diesel. Various advantages of CNG, RNG, and hydrogen fuel tanks, such as being extremely durable, cheaper, with lower emission of CO2, has increased the demand for these fuel tanks in the automotive industry. The natural gas fuel tank-driven vehicles are cheaper compared to diesel-driven cars. These tanks are widely used in light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles.
APAC is expected to account for the largest market share in the CNG, RNG, and hydrogen tanks market
APAC accounted for the largest share in the CNG, RNG, and hydrogen tanks market in 2020 in terms of value and volume. This is because of the high industrial growth in countries, such as China, India, Pakistan, and Thailand. Governments in APAC countries are focusing on increasing the use of alternative fuels and reducing emissions in cities, which is expected to help grow the CNG, RNG, and hydrogen tanks market in the region. Natural gas plays a significant role in APAC countries because it is a cleaner as well as an economical source of energy as compared to gasoline, diesel, or other fuels. In Soutth Korea and Japan, the governments have adopted a road map to build themselves as hydrogen economy, which are expected to drive the hydrogen tanks market.
Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US), Everest Kanto Cylinders Ltd. (Mumbai), Praxair Technologies Inc. (US), Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Lianyungang ZhongfuLianzhong Composites Group Co. Ltd. (China), Faber IndustrieSpA (Italy), are some of the key players in the CNG, RNG, and hydrogen tanks market..These players have takendifferent organic and inorganic developmental strategiesover the past five years.
Study Coverage:
This report covers the market for CNG, RNG, and hydrogen tanksand forecasts the market size till 2026. The report includes market segmentation by gas type, by material type, by tank type, application, and region. It also provides company profiles and competitive strategies adopted by the major market players in the CNG, RNG, and hydrogen tanks market.
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Mr. Aashish Mehra
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