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Global CNG, RNG, And Hydrogen Tanks Market Comprehensive Study: Forecasted Market Size And Growth Rate | Worthington Industries Inc., Rama Cylinders Private Limited, Luxfer Group, Hexagon Composites ASA
CNG, RNG, And Hydrogen Tanks Market Characteristics
The Business Research Company offers in-depth market insights through CNG, RNG, And Hydrogen Tanks Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Government-Led Clean Fuel Initiatives Propel Growth In The Cng, Rng, And Hydrogen Tank Market
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.
Competitive Landscape:
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.
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Top Trend - Innovations Transforming The Cng, Rng, And Hydrogen Tanks Market
Product innovations are a key trend gaining popularity in the CNG, RNG, and hydrogen tanks market. Major companies operating in the market are advancing toward developing next-generation fully automated production lines for CHG/CNG tanks. Such innovations in the production line of CNG and RNG tanks will enhance the liner preparation station, visual inspection and buffer station, automated resin mixing, and delivery system of fuel and tankers. For instance, in January 2023, Hexagon Agility Inc., a US-based provider of clean and renewable natural gas solutions, launched TITAN 450 modules for transportation of compressed and renewable natural gas (CNG/RNG) throughout North America. It is uniquely designed to enable customers to deliver more gas with fewer trips, which lowers operational costs. Almost 500,000 standard cubic feet of CNG or RNG can be transported safely in a 40-foot module. Building on the tried-and-true simplicity and dependability of TITAN, the new product uses the most recent advancements in Type 4 composite cylinder technology and high-strength frame design.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. CNG, RNG, And Hydrogen Tanks Market Characteristics
3. CNG, RNG, And Hydrogen Tanks Market Trends And Strategies
4. CNG, RNG, And Hydrogen Tanks Market - Macro Economic Scenario
5. CNG, RNG, And Hydrogen Tanks Market Size And Growth
…..
27. CNG, RNG, And Hydrogen Tanks Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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