CNG, RNG, and Hydrogen Tanks Market Size and Segment 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), by Regions and Global Forecast 2022-2028
This press release was orginally distributed by SBWire
Pune, Maharashtra — (SBWIRE) — 08/02/2022 — Market Overview, Definition, and Statistics
Renewable natural gas (RNG), commonly known as bio-methane, is a refined, pipeline-grade biofuel made from organic materials like animal manure and landfill garbage through the anaerobic digestion process. In place of gasoline, diesel fuel, and liquefied petroleum gas (LPG), compressed natural gas is utilized as a fuel because it creates fewer harmful gases overall, is lighter than air, and spreads out quickly when released. Hydrogen, CNG, and RNG tanks are more affordable, more durable, and environmentally benign. Depending on the material used during manufacturing, they can be broadly categorized into tank kinds and employed in a variety of applications.
As per the recent report by SNS Insider, the CNG, RNG, and hydrogen tanks market is expected to cross USD 4.60 billion by 2028, with a CAGR of 12.3% during the forecast period of 2022–2028.
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Drivers, Restraints, Opportunities, and Challenges
The government’s investments in the growth and development of the transportation industry are also encouraging manufacturers to concentrate on making low-weight cargo tanks. This is leading to an increase in the demand for vehicles that run on compressed natural gas, an increase in the demand for hydrogen-powered vehicles that resemble electric vehicles, and the introduction of a number of cutting-edge tools for the creation of hydrogen tanks, all of which are actively boosting the growth of the CNG, RNG, and hydrogen tanks market.
Increasing activities would not only aid in emissions reduction and air quality improvement, but they would also boost the economy and create jobs. More drivers will be encouraged to switch to CNG if it is made more accessible and economical to do so, which will aid in lowering reliance on oil. This is accelerating the market expansion for CNG, RNG, and hydrogen tanks. Additionally, other elements include growing governmental support in the form of tax incentives and subsidiaries, the implementation of higher CO2 emission standards by different governments, and the introduction of low weight transportation tanks all contribute to the market’s expansion.
Impact of the COVID-19 Pandemic
As a result of the reduction in sales of natural gas and fuel cell electric vehicles, the COVID-19 epidemic has currently had a negative impact on the demand for CNG, RNG, and hydrogen tanks all over the world. Having said that, COVID-19’s effects are predicted to worsen by the middle of 2021, and the demand for CNG, RNG, and hydrogen tanks is anticipated to grow gradually in line with the pre-COVID scenario. This is expected to assist stabilize the industry and propel it forward at a rapid rate.
By Gas Type:
1.Compressed Natural Gas (CNG)
3.Renewable Natural Gas (RNG)
By Material Type:
By Tank Type:
In terms of value and volume, Type 1 tanks dominate CNG, RNG, and hydrogen tanks market globally. Metal-based Type 1 tanks are the most popular type of tank worldwide. Tanks of Type 1 are frequently used in light-duty vehicles.
With the rising number of CNG, RNG, and hydrogen-powered cars worldwide, the fuel tank application is also anticipated to experience the highest increase during the projection period.
In the Asia Pacific CNG, RNG, and hydrogen tanks market, the demand for compressed natural gas (CNG) is anticipated to increase. More and more automobiles in developed and developing nations are being powered by natural gas, which has a lower carbon footprint than gasoline and diesel. CNG may play a significant role in this transformation by offering a cleaner and cheaper choice for automobiles. Many nations in the region are looking to electrify their transportation sector in order to reduce emissions and improve air quality.
Competitive Landscape Outlook
Some of the prominent companies present in the CNG, RNG, and hydrogen tanks market are Luxfer Group, Hexagon Composites ASA, Faber Industrie SpA, Everest Kanto Cylinders Ltd.., and Worthington Industries, Inc.
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Head of Business Development & Strategy
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Source: Financial Content