The research report with top-level information is a key benefit that provides qualitative and quantitative factors of the CNG, RNG and Hydrogen Tanks Market. In this research survey, the features that have powered and reserved the market’s growth is also included in this market report. The research outline also contains the primary industry’s pattern and the international market’s projected volume based on the provincial estimation. Moreover, it also, gives details of a portion of the complete industry, new turns of events, and the effect of domestic and constrained market players, examines openings as far as arising income pockets, changes in market strategies, product confirmations, key choices, product dispatches, landscape extensions, and mechanical developments and possessions in the market.
Market Overview
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.
Hydrogen tanks store hydrogen gas, which is used as a fuel source in fuel cell vehicles. These tanks are designed to withstand high pressures, as hydrogen needs to be compressed to a high density to provide enough energy for vehicles. Hydrogen tanks are made from materials such as carbon fibre-reinforced composites, aluminium, or steel, depending on the required pressure and safety considerations. Fuel cell vehicles use hydrogen from these tanks to generate electricity, which powers the electric motor to propel the vehicle. The only emission from hydrogen fuel cell vehicles is water vapour, making them a promising zero-emission alternative in transportation.
The market is segmented based on gas type into compressed natural gas (CNG), renewable natural gas (RNG), hydrogen, based on material into metal, glass fibre, carbon fibre, based on tank type into type 1, type 2, type 3, type 4, and based on region into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The growth of the market is being driven by the increasing demand for alternative fuel, growing adoption of natural gas vehicles and rising government regulations on emissions.
The COVID – 19 pandemic has had a significant impact on the CNG, RNG and Hydrogen tanks market. The pandemic caused a decrease in the demand for natural gas vehicles, as people stayed at home due to lockdown. Moreover, disruption in the supply chain made it difficult for companies to obtain CNG, RNG and Hydrogen tanks. This led to higher prices for these tanks and made it difficult for some businesses to meet demand.
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. This can be attributed to the increased awareness and preference for CNG gas compared to other options. In addition to this, CNG is considered less hazardous for fuel and transportation tanks compared to hydrogen gas.
• Based on Material, the market is segmented into metal, glass fibre, carbon fibre. Metal dominated the market in this segment. This can be attributed to the fact that the technology needed to manufacture metal-based tanks is already well established and economically more viable. Metal-based tanks provide exceptional durability, high stiffness, toughness and resistance to fatigue.
• 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. However, type 4 tank is expected to grow rapidly during the forecast period, due to lightweight construction, increased storage capacity and increased storage features.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is estimated to account for the largest market share during the forecast period. In Asia Pacific, the booming demand for alternative fuel automobiles and strong economic growth in emerging economies such as China, India and Thailand are driving the growth of the market in the region.
Regional Analysis
Asia Pacific to Dominate the Market
• Asia Pacific is estimated to account for the largest market share during the forecast period. This can be attributed to the increased demand for CNG tanks in the region. Moreover, the well-established CNG tank manufacturing technology and infrastructure are contributing to the growth of the market in the region.
• In addition to that, developing a market for hydrogen-powered vehicles is a top priority for nations like Japan and South Korea. This is estimated to increase the demand for hydrogen storage tanks in the region.
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Competitive Landscape
• 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
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.
Reasons to Acquire
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• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
Delvens Industry Expert's Standpoint
The CNG, RNG and Hydrogen Tanks market is expected to grow during the forecast period. This growth can be attributed to factors such as increasing demand for alternative fuel, increasing support from government in order to reduce emission. Moreover, technological advancements are expected to drive the growth of the market further during the forecast period as these advancements are making CNG, RNG and hydrogen tanks more efficient and affordable, which is increasing the demand for these tanks.
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