Press release
CNG, RNG, And Hydrogen Tanks Market Size, Share, Revenue, Trends And Drivers For 2024-2033
CNG, RNG, And Hydrogen Tanks Market
The Business Research Company presents an extensive market research report on the CNG, RNG, And Hydrogen Tanks Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The cng, rng, and hydrogen tanks market size has grown rapidly in recent years. It will grow from $2.14 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to cost competitiveness and economic viability, energy security concerns, infrastructure development, transportation sector adoption, shift towards renewable energy.
The cng, rng, and hydrogen tanks market size is expected to see rapid growth in the next few years. It will grow to $3.55 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to green energy policies and regulations, government initiatives and subsidies, rising awareness of climate change and sustainability, expansion in transportation sector adoption. Major trends in the forecast period include innovation in tank technology, strategic collaborations, environmental regulations and sustainability goals, government support and incentives, technological advancements in storage.
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Key Market Players:
Major companies operating in the cng, rng, and hydrogen tanks market report are Worthington Industries Inc., Rama Cylinders Private Limited, Luxfer Group, Hexagon Composites ASA, Everest Kanto Cylinders Ltd., Quantum Fuel Systems LLC, Sahuwala Cylinders Ltd., Avanco Group, Beijing Tianhai Industry Co. Ltd., Agility Fuel Solutions, Steelhead Composites Inc., NPROXX B.V., Ullit SA, Doosan Mobility Innovation Co. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Faber Industrie SpA, Praxair Technologies Inc., Xinyi Beijing Tianhai Industry Co. Ltd., CIMC ENRIC Holdings Limited, FIBA Technologies Inc., CNG Cylinders International, Natural Gas Vehicle Coalition, NGV Motori S p A, Cenergy Solutions, Infinite Cylinders Limited, Taiyo Nippon Sanso Corporation, VPS Group, OMNI CNG Systems LLC, Winkelmann Group, Luxshare Precision Co. Ltd.
Market Drivers:
The government initiatives to adopt clean fuel are driving the CNG, RNG, and hydrogen tank market. Clean fuel refers to a fuel that has been treated with ethanol to produce fewer greenhouse gas emissions. Alternative energy sources and cleaner fuels are needed around the world. Compressed natural gas is a suitable fuel alternative to meet the demand and accelerate decarbonization; several governments are cutting out subsidies and launching sustainable energy initiatives. Due to this government initiative, there is a surge in demand for CNG transportation and storage tanks. For instance, in February 2022, according to a press release published by Russian Government, they are implementing two energy initiatives called clean energy and new nuclear energy as a part of the strategic objectives endorsed to help the country's socioeconomic development. Therefore, government initiatives for adopting clean fuel are driving the CNG, RNG, and hydrogen tanks market.
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https://www.thebusinessresearchcompany.com/report/cng-rng-and-hydrogen-tanks-global-market-report
The cng, rng, and hydrogen tanks market covered in this report is segmented -
1) By Gas Type: Compressed Natural Gas (CNG), Hydrogen, Renewable Natural Gas (RNG)
2) By Material Type: Metal, Carbon Fiber, Glass Fiber
3) By Tank Type: Type 1, Type 2, Type 3, Type 4
4) By Application: Fuel Tank, Transportation Tank
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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