Pune, April 26, 2023 (GLOBE NEWSWIRE) -- SNS Insider reports says that "The CNG, RNG, and Hydrogen Tanks Market was valued at USD 2.59 billion in 2022, and it is projected to reach USD 6.56 billion by 2030, with a compound annual growth rate (CAGR) of 12.3% during the forecast period from 2023 to 2030".
Market Report Scope
CNG, RNG, and hydrogen tanks are all used for storing and transporting different types of clean fuels. CNG stands for Compressed Natural Gas, which is a fossil fuel alternative made by compressing natural gas to reduce its volume for easier transportation. It is used in vehicles as a cleaner-burning fuel, reducing emissions and air pollution. RNG, on the other hand, stands for Renewable Natural Gas, which is produced by capturing methane emissions from organic waste and landfill sites.
Market Analysis
The global demand for CNG, RNG, and hydrogen tanks is on the rise, driven by a growing awareness of the environmental benefits of natural gas and the increasing adoption of improved manufacturing technologies. These tanks are gaining popularity due to their durability, affordability, and most importantly, their eco-friendliness. Tax incentives for CNG vehicles and infrastructure are also contributing to the growth of CNG, RNG, and hydrogen tanks market. The need for sustainable and eco-friendly energy sources is becoming increasingly apparent, and natural gas is emerging as a viable solution.
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Impact of Recession
During a recession, businesses and consumers may be more focused on reducing costs and may be less willing to invest in new technologies or alternative fuel solutions. This could result in a slowdown in the adoption of CNG, RNG, and hydrogen tanks, as businesses and consumers may be more likely to stick with traditional fossil fuels that are cheaper and more widely available. However, the increasing focus on sustainability and reducing greenhouse gas emissions may continue to drive demand for clean fuel solutions, even during a recession. This could lead to continued growth in the adoption of CNG, RNG, and hydrogen tanks, as businesses and consumers seek to reduce their carbon footprint and meet sustainability goals.
Key Regional Development
The CNG, RNG, and hydrogen tanks market is experiencing significant growth globally. One of the leading regions in this market is the Asia-Pacific, which is dominating due to the increasing adoption of advanced manufacturing technology, coupled with the well-established CNG infrastructure in the region. This dominance is driven by the rapid industrialization and urbanization taking place in countries like China and India. On the other hand, the Europe region is expected to hold the largest growth rate due to the presence of various upgraded operating biogas plants.
Key Takeaway from CNG, RNG, and Hydrogen Tanks Market Study
- The Compressed Natural Gas (CNG) segment is expected to dominate the market in the coming years. CNG is a popular alternative fuel for transportation, particularly in commercial fleets, due to its lower cost and reduced emissions compared to traditional fossil fuels.
- The fuel tank segment is set to dominate the market as the demand for cleaner and more sustainable energy sources continues to rise. With a growing focus on reducing greenhouse gas emissions and combating climate change, the use of compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen as alternative fuels has gained traction in recent years.
Recent Developments Related to CNG, RNG, and Hydrogen Tanks Market
- Hexagon Purus, a global leader in composite high-pressure gas storage and transportation solutions, has recently announced the opening of a new manufacturing facility in the United States. This state-of-the-art facility will specialize in the production of composite hydrogen tanks, which are an essential component in the emerging hydrogen fuel cell industry.
- Superior Plus, a leading North American energy distribution and marketing company, has announced its acquisition of Certarus, a provider of compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen distribution services.
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CNG, RNG, and Hydrogen Tanks Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 2.59 Billion |
| Market Size by 2030 | US$ 6.56 Billion |
| CAGR | CAGR of 12.3% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • By Gas Type (Compressed Natural Gas (CNG), Hydrogen, Renewable Natural Gas (RNG)) • By Material Type (Metal, Carbon Fiber, Glass Fiber) • By Tank Type (Type 1, Type 2, Type 3, Type 4) • By Application (Fuel Tank, Transportation Tank) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Hexagon Composites ASA, Everest Kanto Cylinders Ltd.., Worthington Industries, Inc., Luxfer Group, Faber Industrie SpA, and other players. |
| Market Driver | • Providing more tax breaks for CNG cars and infrastructure |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.CNG, RNG, and Hydrogen Tanks Market Segment, By Gas Type
9.CNG, RNG, and Hydrogen Tanks Market Segment, By Material Type
10.CNG, RNG, and Hydrogen Tanks Market Segment, By Tank Type
11.CNG, RNG, and Hydrogen Tanks Market Segment, By Application
12. Regional Analysis
13. Company Profile
14.Competitive Landscape
15. Conclusion
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