A new report on the global CNG, RNG, and hydrogen tanks market has been recently published by Report Ocean. The study is titled “Global CNG, RNG, and Hydrogen Tanks Market Size study, by Gas Type (CNG, RNG, and Hydrogen), Material Type (Metal, Carbon, and Glass), Application (Fuel and Transportation) and Regional Forecasts 2020-2027” and presents a detailed assessment of this market on the basis of its past performance and future prospects. It has also taken key market segments into consideration to offer deep insights into this market.
As per the study, the worldwide market for CNG, RNG, and hydrogen tanks is driven by the rising demand for alternative fuel vehicles, such as CNG, RNG, and hydrogen. Another significant factor that has been propelling this market is the increase in stringent environmental regulations, enforced by various governments on automotive manufacturers to increase the uptake of alternative fuel sources. The increasing governmental support for the uptake of these fuels in form of tax incentives and subsidiaries is also boosting the market growth. The market reached US$1.53 bn in 2019. The market is anticipated to rise at an exponential CAGR of over 8.10% during the forecast period from 2020 to 2027, says the study.
Further, the enforcement of stricter CO2 emission norms by various governments is projected to boost the market in the near future. However, the high cost of composite material tanks and the need for regulatory approvals may obstruct the market’s growth trajectory in the years to come. Nonetheless, the advent of low weight transportation tanks will open new revenue streams for market players in the long run, states the report.
The research report has presented a regional assessment of the global market for CNG, RNG, and hydrogen tanks. It has considered Asia Pacific, North America, Europe, Latin America, and the Rest of the World as the key regional categories of this market. Among these, North America has surfaced as the leading regional market, thanks to the presence of prominent players in this region. It is anticipated to retain its position over the next few years.
Asia Pacific is also expected to showcase a strong growth over the period of the forecast. The presence low-cost raw materials and cheap labor in Asian countries, such as India and China, is attracting manufacturers, which is projected to reflect positively on the Asia Pacific market for CNG, RNG, and hydrogen tanks, states the market study.
Impact of Covid 19 on Global CNG, RNG, and Hydrogen Tanks Market
Due to the Covid 19 pandemic, the focus has completely shifted to the healthcare and the pharmaceutical industries and related markets, while impacting many other markets, including the global market for CNG, RNG, and hydrogen tanks. A number of governments imposed strict lockdown in their respective economies, leading to stoppage of manufacturing processes and disruption of supply chain systems. This affected the production of these tanks and, consequently, the overall market. However, with situation getting under control, the market is likely to return to its normal self soon.
The global CNG, RNG, and hydrogen tanks market is segmented into:
By Gas Type
- Compressed Natural Gas (CNG)
- Renewable natural Gas (RNG)
By Material Type
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Worthington Industries, Inc.
- Luxfer Group
- Hexagon Composites ASA
- Quantum Fuel Systems LLC
- Everest Kanto Cylinders Ltd
- Praxair Technologies Inc.
- Avanco Group
- Xinyi Beijing Tianhai Industry Co. Ltd.
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd
- Faber Industrie SpA
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