The global CNG, RNG, and hydrogen tanks market size is projected to grow from USD 1.8 billion in 2020 to USD 2.7 billion by 2025, at a compound annual growth rate (CAGR) of 8.1% between 2020 and 2025

News provided by

Sep 21, 2020, 09:30 ET

NEW YORK, Sept. 21, 2020 /PRNewswire/ --

The CNG, RNG, and hydrogen tanks market is projected to register a CAGR of 8.1% during the forecast period.

Read the full report: https://www.reportlinker.com/p05972473/?utm_source=PRN

The global CNG, RNG, and hydrogen tanks market size is projected to grow from USD 1.8 billion in 2020 to USD 2.7 billion by 2025, at a compound annual growth rate (CAGR) of 8.1% between 2020 and 2025. CNG, RNG, and hydrogen tanks are durable, cheaper, and most importantly eco-friendly. It is used in various applications in the fuel tank, and transportation tank. CNG, RNG, and hydrogen tanks can be majorly classified into tank types, depending on the material used during manufacturing. However, the negative impact of the COVID-19 pandemic on the automotive industry has affected the CNG, RNG, and hydrogen tanks market adversely.

RNG gas is the fastest-growing segment in the CNG, RNG, and hydrogen tanks market in terms of both value and volume.
RNG gas is projected to register the highest CAGR in terms of value between 2020 and 2025.RNG can be used as a transportation fuel in the form of compressed natural gas (CNG) or liquefied natural gas (LNG).

RNG is qualified advanced biofuel under the Renewable Fuel Standard.RNG is widely used in the transportation and fuel applications.

Europe has the presence of various upgraded operating biogas plants, 195 in Germany, 92 in UK, 70 in Sweden, 44 in France, and 34 in Netherlands.

Metal is the largest material type of CNG, RNG, and hydrogen tanks in terms of value and volume.

Various metals (steel, aluminum, and metal alloys) are used in manufacturing of CNG, RNG, and hydrogen tanks.Steel is used in Type 1, Type 2 & Type 3 cylinders.

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. For metal and metal-lined cylinders, the life cycle of these depends on the rate of fatigue crack growth
Type 1 tank is the largest used tank type of CNG, RNG, and hydrogen tanks in terms of both value and volume.
Type 1 CNG, RNG, and hydrogen tanks are entirely made from metal made either from steel or aluminum and are designed in the shape of cylinders.These cylinders are seamless steel cylinders are used for the storage of CNG, RNG, and hydrogen on vehicles.

The production cost for Type 1 CNG, RNG, and hydrogen cylinders tank is comparatively lower which makes these cylinders affordable and cost-effective.

Fuel tank is the largest application of CNG, RNG, and hydrogen tanks in terms of both value and volume.

CNG, RNG, and hydrogen are widely used in fuel tank application.The fuel tank is an alternative fuel for the automobiles running on petrol and diesel.

The various advantages of CNG, RNG, and hydrogen fuel tank being extremely durable, cheaper, emission of lesser CO2 has increased the demand for these fuel tanks in automotive industry.The natural gas fuel tank driven vehicles are cheaper compared to the diesel driven cars.

The fuel tanks These tanks are widely used in Light-duty vehicles, Medium-duty vehicles, and Heavy-duty vehicles.

APAC is the leading CNG, RNG, and hydrogen tanks market in terms of both value and volume.

APAC is the largest CNG, RNG, and hydrogen tanks market in terms of both value and volume.The growth of the CNG, RNG, and hydrogen tanks market in APAC is driven by its increasing consumption in various applications, such as transportation tanks, and fuel tanks.

This is because of the high industrial growth in countries, such as China, India, Pakistan, and Thailand.China has become the largest consumer of CNG, RNG, and hydrogen tanks in the automobile sector and is expected to strengthen its position further.

The high focus of Indian and Chinese government on reducing air pollution by promoting the use of natural gas vehicles is driving the growth of the CNG, RNG, and hydrogen tanks market in these countries.APAC governments are focusing on increasing the use of alternative fuels and reducing emissions in cities, which is expected to help in the growth CNG, RNG, and hydrogen tanks market in the region.

The key reason for this growth includes the demand for.
This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:
• By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
• By Designation- C Level- 50%, Director Level- 20%, and Others- 30%
• By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, Latin America-5%, Middle East & Africa (MEA)-10%,

The report provides a comprehensive analysis of company profiles listed below:
• Worthington Industries, Inc. (US),
• Luxfer Group (UK),
• Hexagon Composites ASA (Norway),
• Quantum Fuel Systems LLC. (US),
• Everest Kanto Cylinders Ltd. (India),
• Praxair Technologies Inc. (US),
• Avanco Group (Germany),
• Xinyi Beijing Tianhai Industry Co. Ltd. (China),
• Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China),
• Faber Industrie SpA (Italy),

Research Coverage
This report covers the global CNG, RNG, and hydrogen tanks market and forecasts the market size until 2025.It includes the following market segmentation – gas type(CNG, RNG, hydrogen), material (metal, carbon fiber, glass fiber), tank type (type 1, type 2, type 3, type 4), application (fuel tank, transportation tank) and Region (Europe, North America, APAC, Latin America, and MEA).

Porter's Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global CNG, RNG, and hydrogen tanks market.

Key benefits of buying the report:

The report is expected to help market leaders/new entrants in this market in the following ways:
1. This report segments the global CNG, RNG, and hydrogen tanks market comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
2. The report helps stakeholders understand the pulse of the CNG, RNG, and hydrogen tanks market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, contract, expansion and acquisition.

Reasons to buy the report:
The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall CNG, RNG, and hydrogen tanks market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.

Read the full report: https://www.reportlinker.com/p05972473/?utm_source=PRN

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001