Product Code: RP-ID-10336526 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Industrial Automation & Equipment |
Report ID: 10336526
Market Overview:
Global CNG, RNG, and Hydrogen Tanks Market Size study, by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon, Glass), Application (Fuel, Transportation) and Regional Forecasts 2020-2027
Global CNG, RNG, and Hydrogen Tanks Market is valued approximately USD 1.53 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.10 % over the forecast period 2020-2027. The Tanks used to store and transport various gases such as CNG, RNG, Hydrogen are made from materials such as Metals, Carbon, Glass. The demand for alternative fuel vehicles, such as CNG, RNG, and hydrogen fuels, is expected to drive the market growth. Further, the increasing stringent environmental regulations force the automotive manufacturers to adopt alternative fuel sources fueling the market growth. Also, increasing governmental support for adoption of these fuels in form of tax incentives and subsidiaries drives the market growth. For Instance: in May 2019, the State of Oklahoma, US revised and approved its legislation for the tax credits related to CNG vehicles and their fueling. The tax period was extended from 1st January 2020 to December 31st, 2027. Also, In December 2019 the Indian Oil Ministry announced a cut in the GST on CNG Vehicles from 28% to 5% with an aim to increase the adoption of Gas vehicles driving the market growth. Further, tightening CO2 emission reduction targets further fuel the market growth. However, high cost of composite material tanks and regulatory approvals impedes the growth of the market over the forecast period of 2020-2027. Although, development of Low weight transportation tanks presents a lucrative opportunity for the market.
The regional analysis of global CNG, RNG, and Hydrogen Tanks market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, rising population would create lucrative growth prospects for the CNG, RNG, and Hydrogen Tanks market across Asia-Pacific region.
Major market player included in this report are:
Worthington Industries, Inc.
Luxfer Group
Hexagon Composites ASA
Quantum Fuel Systems LLC
Everest Kanto Cylinders Ltd
Praxair Technologies Inc.
Avanco Group
Xinyi Beijing Tianhai Industry Co. Ltd.
Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd
Faber Industrie SpA
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Gas Type:
Compressed Natural Gas (CNG)
Renewable natural Gas (RNG)
Hydrogen
By Material Type:
Metal
Carbon
Glass
By Application:
Fuel
Transportation
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global CNG, RNG, and Hydrogen Tanks Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Worthington Industries, Inc.
Luxfer Group
Hexagon Composites ASA
Quantum Fuel Systems LLC
Everest Kanto Cylinders Ltd
Praxair Technologies Inc.
Avanco Group
Xinyi Beijing Tianhai Industry Co. Ltd.
Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd
Faber Industrie SpA
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