How Has The CNG, RNG, And Hydrogen Tanks Market Size Evolved In Recent Years?
The cng, rng, and hydrogen tanks market has seen considerable growth due to a variety of factors.
• 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.
What Is The Forecast For The CNG, RNG, And Hydrogen Tanks Market Size Evolve over the Forecast Period?
The CNG, RNG, And Hydrogen Tanks market is expected to maintain its strong growth trajectory in upcoming years.
• 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.
What Are The Essential Drivers Behind The Growth Of The 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.
How Is The Global CNG, RNG, And Hydrogen Tanks Market Divided Into Key Segments?
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
Subsegments:
1) By Compressed Natural Gas (CNG): Onboard Storage Tanks, Stationary Storage Tanks
2) By Hydrogen: High-Pressure Tanks, Low-Pressure Tanks
3) By Renewable Natural Gas (RNG): Onboard Storage Tanks, Stationary Storage Tanks
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What Trends Are Reshaping The Future Of The CNG, RNG, And Hydrogen Tanks Market?
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.
Who Are the Key Players In The CNG, RNG, And Hydrogen Tanks Market?
Major companies operating in the CNG
• RNG
• and hydrogen tanks market include:
• 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.
What Are The Regional Insights Into 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.
