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CNG, RNG, And Hydrogen Tanks Market Size, Insights, Growth Rate, Trends Analysis And Forecast To 2033
CNG, RNG, And Hydrogen Tanks Market Share
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According to The Business Research Company's, 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 Drivers and Trends:
The growing demand for natural gas is expected to propel the growth of the CNG, RNG, and hydrogen tanks market going forward. Natural gas is a volatile mixture of gases that is mostly composed of methane (CH4) but can also contain trace amounts of other higher alkanes, nitrogen, hydrogen sulfide (H2S), helium (He), and carbon dioxide. CNG, RNG, and hydrogen tanks are all used to store and transport natural gas using an advanced, lightweight compressed gas storage tank. For instance, in March 2023, according to the Energy Information Administration, a US-based government agency responsible for collecting energy data, the US natural gas consumption increased by 5% from 2021 to reach 88.5 billion cubic feet per day (Bcf/d). Therefore, the growing demand for natural gas is driving the growth of 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.
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Major Key Players of the Market:
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.
CNG, RNG, And Hydrogen Tanks Market 2024 Key Insights:
• 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%.
• Government-Led Clean Fuel Initiatives Propel Growth In The Cng, Rng, And Hydrogen Tank Market
• Innovations Transforming The Cng, Rng, And Hydrogen Tanks Market
• Asia-Pacific was the largest region in the CNG, RNG and Hydrogen market in 2023
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