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CNG, RNG, And Hydrogen Tanks Market is Anticipated to Expand upto $3.83 Billion in 2029
CNG, RNG, And Hydrogen Tanks
What Is the Forecasted Market Growth Rate of the CNG, RNG, And Hydrogen Tanks Industry?
The market size for CNG, RNG, and hydrogen tanks has experienced swift expansion in the last few years. Projected growth suggests it will rise from $2.36 billion in 2024 to $2.6 billion in 2025, with a compound annual growth rate (CAGR) of 10.3%. Factors such as cost effectiveness, economic feasibility, concerns over energy security, development of infrastructure, adoption within the transportation sector, and a transition towards renewable energy are all reasons for the market's growth in the recent historical period.
How Will the CNG, RNG, And Hydrogen Tanks Market Size Evolve From 2025 to 2029?
The market for CNG, RNG, and hydrogen tanks is projected to witness a swift expansion over the upcoming years, reaching a value of approximately $3.83 billion in 2029, with a compound annual growth rate (CAGR) of 10.2%. The anticipated growth during this forecast period could be due to factors such as environmental policies and regulations, government support systems and grants, increasing understanding of climate change and the need for sustainability, as well as the broadening adoption in the transit sector. Key tendencies projected during this time frame include advancements in tank technology, strategic partnerships, adherence to environmental regulations and sustainability objectives, government backing, and notable advancements in storage technology.
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What Are the Main Growth Drivers in the CNG, RNG, And Hydrogen Tanks Market Today?
Initiatives by the government to adopt clean fuel are propelling the CNG, RNG, and hydrogen tank market. Clean fuel is a term for a fuel that has undergone treatment with ethanol to minimize greenhouse gas emissions. Alternative forms of energy and cleaner fuels are in demand worldwide. Compressed natural gas is fitting substitute fuel to meet this demand and expedite decarbonization. Consequently, various governments are eliminating subsidies and initiating sustainable energy programs. This government-driven initiative has led to an increased demand for CNG transport and storage tanks. For example, in February 2022, the Russian Government announced two energy initiatives known as clean energy and new nuclear energy, to aid in their socioeconomic development, as per a press release. Therefore, the adoption of clean fuels driven by government initiatives is fueling the CNG, RNG, and hydrogen tanks market.
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Which CNG, RNG, And Hydrogen Tanks Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate CNG, RNG, And Hydrogen Tanks Industry Growth?
"In the CNG, RNG, and hydrogen tanks market, a leading trend being observed is the focus on product innovations. Top companies in the market are pushing towards creating innovative, fully automated production lines specifically for CHG/CNG tanks. This kind of innovation in the manufacture of CNG and RNG tanks will improve the liner preparation station, visual checking and buffer station, automated resin mixing, as well as the delivery system for fuel and tankers. Take for example Hexagon Agility Inc., a US-based company that provides green and renewable natural gas solutions. In January 2023, they introduced their TITAN 450 modules for the distribution of both compressed and renewable natural gas (CNG/RNG) across North America. This design provides the unique ability for customers to transport more gas in fewer journeys, consequently reducing their operational expenses. Approximately 500,000 standard cubic feet of CNG or RNG can be securely transported in a 40-foot module. Leaning into the proven simplicity and reliability of TITAN, this new product incorporates the latest developments in Type 4 composite cylinder technology along with a highly-durable frame design."
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Which Companies Hold the Largest Market Share in the CNG, RNG, And Hydrogen Tanks Sector?
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.
Where Is the CNG, RNG, And Hydrogen Tanks Market Experiencing the Highest Growth?
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.
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