Insights Into The CNG, RNG, And Hydrogen Tanks Market’s Growth Opportunities Through 2023-2032 – Includes CNG, RNG, And Hydrogen Tanks Market Forecast
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The government initiatives to adopt clean fuel are expected to drive innovation in CNG, RNG, and hydrogen tanks manufacturing, thus driving the market during the forecast period.
The global CNG, RNG, and hydrogen tanks market is expected to grow from $1.93 billion in 2022 to $2.14 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The CNG, RNG and Hydrogen tanks market size is expected to reach $3.13 billion in 2027 at a CAGR of 9.9%.
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- By Gas Type: Compressed Natural Gas (CNG), Hydrogen, Renewable Natural Gas (RNG)
- By Material Type: Metal, Carbon Fiber, Glass Fiber
- By Tank Type: Type 1, Type 2, Type 3, Type 4
- By Application: Fuel Tank, Transportation Tank
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global CNG, RNG, and hydrogen tanks market in 2021.
Major Market Players 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.
Technological advancements are a key trend gaining popularity in the CNG, RNG, and hydrogen tanks market. Major companies operating in the market are advancing toward developing next-generation fully-automated production lines for CHG/CNG tanks. Such technological advancement in the production line of CNG and RNG tanks will enhance the liner preparation station, visual inspection and buffer station, automated resin mixing, and delivery system of fuel and tankers. For instance, in March 2020, Mikrosam, a Macedonia-based provider of factory automation for composite manufacturing, launched a new automation capability for compressed hydrogen (CHG) and compressed natural gas tanks filament winding (CNG). Mikrosam’s multi-spindle filament winding (FW) machines are outfitted with new cutting-edge automation systems that enable programmed and continuous control of the pressure inside the tank liners during each winding layer.
The CNG, RNG, And Hydrogen Tanks Global Market Report 2023 provides a CNG, RNG, and hydrogen tanks market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The CNG, RNG, and hydrogen tanks market forecast analyzes CNG, RNG, and hydrogen tanks market size, CNG, RNG, and hydrogen tanks market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
CNG, RNG, and hydrogen tanks refers to trucks intended for the transfer of high-pressure gases. These tanks and trucks are primarily used to carry gases to a substation or other sites.
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