CNG Tanks Market:
Executive Summary
As stated by a report, the global CNG tanks market is likely to grow in a profound manner. Compressed Natural Gas (CNG) Cylinders are made using the cylinder shape with a semi-spherical shape covering each end. CNG is an environment friendly fuel which emits much lesser harmful pollutants as compared to fossil fuels which in turn is helpful in reducing the concentration of contaminants in the air.
Meanwhile, the exploration and production of gasoline and diesel are destructive in nature and results in posing threat to the environment, and to the humans as well. However, natural gas is considered as an alternate fuel for reducing the carbon emissions and slows down global warming as well. The benefits offered by CNG are enhancing the global CNG tanks market as well.
Moreover, surge in demand for natural gas in the automotive industry and increasing environmental awareness are some other factors that are driving the market growth. Further, growing adoption of lightweight composite CNG cylinder will also create significant growth opportunity in the market in the coming years. However, higher cost of composites tank along with strict regulatory approvals might hamper the market growth in the coming years.
Global CNG Tanks Market is valued at approximately USD 779.6 million in 2018 and is anticipated to grow with a healthy growth rate of more than 6.80% over the forecast period 2019-2026.
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Market Key Player
Worthington Industries, Luxfer Group, Hexagon Composites ASA, Quantum Fuel Systems Technologies Worldwide Inc., Everest Kanto Cylinders Ltd., Praxair Technologies Inc., Avanco Group, Beijing Tianhai Industry Co. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Faber Industrie S.P.A
Market Segmentation
The global market for CNG tanks has been segregated into vehicle type and raw material. Based on the vehicle type, the market has been segmented into Light Duty Vehicles, Medium Duty Vehicles and Heavy Duty Vehicles. Based on raw material, the market has been segmented into Metal Material, Glass Fiber Composites Raw Materials and Carbon Fiber Composites Raw Materials.
Detailed Regional Analysis
The global market of the CNG tanks has been analysed across United States, Europe, India, Japan, China, and Southeast Asia. The Asia Pacific CNG Tanks market is showing remarkable growth mainly due to increasing prices of gasoline and diesel coupled with feasible automotive industry. The region is showing higher demand for CNG tanks majorly due to the growing fleet of alternative fuel powered vehicles, as well as increasing number of CNG refuelling stations. The North America market is also anticipated to reflect highest growth rate during the coming years mainly due to growing environmental concern and regulations that are creating would lucrative growth prospects for the CNG Tanks market across the entire region.
Competitive Landscape
The growing demand of CNG tanks is inspiring leading players operating in the market to come up with innovative designs that can seek attention for more consumers. Also, in order to cater to untapped market, key players might enter into more partnerships and agreements, or mergers and acquisitions with the local vendors to have maximum opportunity of the existing market.
The global CNG Cylinders market competition by top manufacturers, with production, price, and revenue is discussed in detail in the report.
Continuous…
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