The CNG, RNG, and Hydrogen Tanks market report represents gathered information about a market within an industry or various industries. The CNG, RNG, and Hydrogen Tanks market report includes analysis in terms of both quantitative and qualitative data with a forecast period of the report extending from 2024 to 2030. The market is prepared to take into consideration various factors such as Product pricing, Product or services penetration at both country and regional levels, Country GDP, market dynamics of parent market & child markets, End application industries, major players, consumer buying behavior, economic, political, social scenarios of countries, many others. The report is divided into various segments to offer a detailed analysis of the market from every possible aspect of the market.
The CNG, RNG, and Hydrogen Tanks market size was estimated at USD 2.76 billion in 2023 and is projected to reach USD 5.56 billion in 2030 at a CAGR of 10.51% during the forecast period 2023-2030.
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CNG, RNG and Hydrogen tanks are types of fuel storage containers used in different alternative fuel vehicles. Compressed Natural Gas (CNG) is a compressed form of natural gas, primarily composed of methane. CNG tanks are used to store and transport natural gas in vehicles. These tanks are typically made in vehicles. These tanks are typically made of high-strength materials, such as carbon fibre or metal, to withstand the high pressure required to compress the gas. CNG is considered a cleaner alternative to conventional gasoline and diesel, as it produces fewer emissions when burned.
Renewable Natural Gas (RNG), also known as biomethane, is a type of natural gas produced from renewable sources like organic waste, landfills, or wastewater treatment plants. Like CNG tanks, RNG tanks store and transport this renewable gas for uses in vehicles. The tanks used for storing RNG are similar to those used for CNG, as both gases have similar properties and require high-pressure storage.
Key Findings:
Based on Gas Type, the market is bifurcated into Compressed Natural Gas (CNG), Renewable Natural Gas (RNG), Hydrogen. CNG tanks dominate the market in this segment both in value and in volume.
Based on Material, the market is segmented into metal, glass fibre, carbon fibre. Metal dominated the market in this segment.
Based on tank type, the market is segmented into type 1, type 2, type 3, type 4. Type 1 dominated the market in this segment due to well established and cost-effective manufacturing process.
The CNG, RNG, and Hydrogen Tanks market is also divided into various regions such as:
· North America,
· Europe,
· Asia-Pacific,
· South America, and
· Middle East and Africa.
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Competitive Landscape of CNG, RNG, and Hydrogen Tanks market
· Worthington Industries, Inc
· Luxfer Gas Cylinders
· Hexagon Composites ASA
· Quantum Fuel Systems LLC.
· EKC
· Praxair S.T. Technology, Inc.
· AVANCO GmbH
· Beijing Tianhai Industry co.,Ltd.
· Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd
· FABER INDUSTRIE SPA
· Ullit SA
· Agility Fuel Solutions
· JPM Group
· Sahuwala Cylinders (P) Limited
· Euro India Cylinders Limited
· Cevotec GmbH
· NPROXX B.V.
· Steelhead Composites, INC.
· Jiangsu Qiulin Special Equipment
· Rama Cylinders Private Limited and More
Recent Developments
· In May 2023, Luxfer group introduced a new type of type 4 hydrogen cylinder. The G-Stor Go H2 features a proven boss-to-liner interface that results in minimal permeation and is a certified, cost-effective hydrogen storage solution ideal for fuel cell transit buses, heavy-duty trucks, vans, bulk gas transport, boats, and trains.
· In January 2023, Hexagon Purus inaugurated a new hydrogen cylinder manufacturing facility in Westminster, Maryland, USA. The manufacturing facility has an annual production capacity of 10,000 cylinders for heavy-duty vehicle applications and is expected to employ up to 150 skilled workers.
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