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CNG, RNG, And Hydrogen Tanks Market Poised for 10 % Growth, Set to Hit $3.9 Billion by 2029
CNG, RNG, And Hydrogen Tanks Market
The adoption of clean fuel due to governmental initiatives is propelling the market of tanks for CNG, RNG, and hydrogen. Clean fuel is a term referring to any fuel that has undergone ethanol treatment resulting in decreased emissions of greenhouse gases. The global demand for alternative energy sources and cleaner fuels is growing. Compressed natural gas serves as a fitting substitute to meet this demand and fast-track decarbonization. This is encouraging several governments to phase out subsidies and kickstart projects promoting sustainable energy. This shift in government policies is augmenting the demand for transportation and storage tanks for CNG. For with, the Russian Government announced two energy ventures, 'clean energy' and 'new nuclear energy', in a press release in February 2022. These ventures form part of the strategic objectives approved to facilitate the socioeconomic progress of the nation. This explains why the market for CNG, RNG, and hydrogen tanks is being significantly influenced by the government's shift towards the adoption of clean fuel.
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What Is the projected market size and growth rate for the cng, rng, and hydrogen tanks market?
In recent years, the market size for CNG, RNG, and hydrogen tanks has seen significant expansion. Its growth is projected to increase from $2.36 billion in 2024 to $2.62 billion in 2025, with an compound annual growth rate (CAGR) of 11.0%. Factors contributing to the growth during the historic period include cost competitiveness and economic viability, concerns about energy security, infrastructure development, adoption in the transportation sector, and a shift in favor of renewable energy.
Expectations suggest that the market size for CNG, RNG, and hydrogen tanks will witness a substantial expansion in the upcoming years, potentially growing to $3.88 billion by 2029 at a compound annual growth rate (CAGR) of 10.3%. Various factors, such as environmentally friendly energy policies and regulations, government actions and grants, an increased understanding of the implications of climate change and sustainability, and wider acceptance in the transportation sector, are driving this growth forecast. Key trends for the forecast period are technological innovation in tank design, strategic partnership, environmental rules and sustainability objectives, governmental backing and incentives, and advancements in storage technology.
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What new trends are reshaping the cng, rng, and hydrogen tanks market and its opportunities?
Product advancements are emerging as a pivotal trend in the CNG, RNG, and hydrogen tanks industry. Major firms in this sector are progressing towards the creation of fully automated production lines for CHG/CNG tanks of the future. These advancements in the fabrication of CNG and RNG tanks will improve elements such as the liner preparation station, visual scrutiny and buffer station, automated resin blending, as well as the fuel and tanker delivery system. As an example, Hexagon Agility Inc., an American company providing clean and renewable natural gas solutions, introduced the TITAN 450 modules in January 2023 for transporting CNG/RNG across North America. It has a unique design that facilitates customers to transport more gas with fewer trips, thus reducing operational expenses. A 40-foot module can safely transport nearly 500,000 standard cubic feet of CNG or RNG. The new product is an improvement on the proven simplicity and reliability of TITAN, incorporating the latest advances in Type 4 composite cylinder technology and robust frame design.
What major market segments define the scope and growth of the cng, rng, and hydrogen tanks market?
The CNG, RNG, and hydrogen tanks market size has grown rapidly in recent years. It will grow from $2.36 billion in 2024 to $2.62 billion in 2025 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.
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Which region dominates the cng, rng, and hydrogen tanks market?
Asia-Pacific was the largest region in the CNG, RNG and Hydrogen market in 2024. The regions covered in the CNG, RNG, and hydrogen tanks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the cng, rng, and hydrogen tanks industry growth?
Major companies operating in the CNG, RNG, and hydrogen tanks market 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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What Is Covered In The CNG, RNG, And Hydrogen Tanks Global Market Report?
• Market Size Forecast: Examine the cng, rng, and hydrogen tanks market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cng, rng, and hydrogen tanks market for a structured understanding.
• Key Players Overview: Analyze major players in the cng, rng, and hydrogen tanks market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cng, rng, and hydrogen tanks market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cng, rng, and hydrogen tanks market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cng, rng, and hydrogen tanks market.
• Industry Challenges: Identify potential risks and obstacles affecting the cng, rng, and hydrogen tanks market.
• Competitive Landscape: Review strategic developments in the cng, rng, and hydrogen tanks market, including expansions, agreements, and new product launches.
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