The global CNG,
RNG, and hydrogen tanks market is projected to expand at a CAGR of 8.5% during
the forecast period.
CNG, RNG, and
hydrogen tanks are specialized tanks used for storing and transporting these
gases and also hydrogen. These tanks are made from different materials
including carbon, metal and glass and offer high durability. These tanks are
cheaper and eco-friendly are utilized in diverse applications. CNG, RNG, and
hydrogen tanks can be categorized into tank types, depending on the material
used at the time of manufacturing.
outbreak negatively affected the demand for CNG, RNG, and hydrogen tanks across
the globe as a direct result of the decline in sales of natural gas and fuel
cell electric vehicles. However, the impact of COVID-19 deteriorated by the mid
of 2021 and the demand for CNG, RNG, and hydrogen tanks rose slowly as per the
pre-covid scenario. Further, the market is expected to witness stabilization at
a slow rate by the end of 2021 and then grow rapidly by the initial phase of
Factors such as
the burgeoning demand for alternative fuel vehicles across the globe; the
surging number of natural and fuel cell electric vehicles; the rising government
initiatives emphasizing on the adoption of clean fuel coupled 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 primarily
driving the growth of the global CNG, RNG, and hydrogen tanks market.
automotive industry has been observing an enormous rise in the application of
natural gas. The government investments for the development and the expansion
of transportation sector operations are also encouraging the manufacturers to emphasize
on the production of low-weight cargo tanks. This is aiding in bolstering the
demand for CNG-driven vehicles, the enhanced demand for hydrogen-powered cars
which are similar to electric cars, and the advent of several advanced tools
for the development of hydrogen tanks, which, in turn is tremendously
augmenting the global market growth for CNG, RNG, and hydrogen tanks.
other factors such as the introduction of low weight transportation tanks, the rising
governmental support in the form of tax incentives & subsidiaries and the
enforcement of stricter CO2 emission norms by several governments across
different regions across the globe are expected to further create ample growth
opportunities for the global CNG, RNG, and hydrogen tanks market during the
factors such as the presence of stringent government rules and regulations, the
high cost associated with composite material tanks, the need for regulatory
approvals, and fluctuation in prices of oil in RNG, hydrogen, and CNG tanks are
expected to restrain the growth of the market to a certain extent during the
CNG, RNG, AND
HYDROGEN TANKS MARKET SEGMENTATION
By Gas Type
Compressed Natural Gas (CNG)
Renewable Natural Gas (RNG)
Middle East and Africa
Based on gas
type, the compressed natural gas (CNG) led the global CNG, RNG, and hydrogen
tanks market in 2020. The segment is anticipated to further continue with its
lead in the market during the forecast period owing to the proliferating
awareness about CNG gas and the advantages of CNG gas over hydrogen gas in fuel
tanks and transportation. On the other hand, the hydrogen segment is projected
to register the highest CAGR in the market during the forecast period.
material type, the metal segment dominated the global CNG, RNG, and hydrogen
tanks market in 2020. The segment is predicted to further retain its dominance
in the market during the forecast period. The segment’s growth can be
attributed to the various advantages associated with metal tanks such as
fatigue resistance, high durability, stiffness, and toughness and the
comparatively cheaper and well-established technologies for the production of
metal-based CNG, RNG, and hydrogen tanks.
The Asia-Pacific region accounted for the largest share of the global
metal-based CNG, RNG, and hydrogen tanks market in 2020 followed by Europe,
North America and the Latin American region. The region is projected to
maintain its lead and also emerge as the fastest growing regional market for CNG,
RNG and hydrogen tanks during the forecast period. The growth of the market in
the region can be attributed to the escalating sales of vehicles in the region,
the expansion of various industries in the major nations present in the region,
the surging demand for CNG tanks and its growing
consumption in various applications in the region, the increasing emphasis of the
governments on the reduction of air pollution by promoting the usage of natural
gas vehicles, the reduction of harmful emissions and the proliferating use of
energy-efficient products in the region. The easy availability of low-cost raw
materials and cheap labor in India and China, and the development of CNG tank
manufacturing technology are also expected to bolster the growth of the market
in the region during the forecast period. The major contributors in the region
include India, China, Pakistan, Japan and Thailand.
IN CNG, RNG, AND HYDROGEN TANKS MARKET
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.
Rama Cylinders Private Limited
Sahuwala Cylinders Ltd.
Steelhead Composites Inc.
Euro India Cylinders Ltd.