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The CNG, RNG, and hydrogen tanks market has seen rapid growth, expanding from $2.14 billion in 2023 to $2.37 billion in 2024, with a CAGR of 11.0%. This growth is attributed to factors such as cost competitiveness, energy security concerns, and infrastructure development. Looking ahead, the market is expected to continue its rapid expansion, reaching $3.55 billion by 2028, with a CAGR of 10.6%.

Surging Natural Gas Demand Driving Growth

The growing demand for natural gas is expected to propel the growth of the CNG, RNG, and hydrogen tanks market. Natural gas is a volatile mixture of gases mostly composed of methane, used for storage and transportation using advanced, lightweight compressed gas storage tanks. For instance, the US natural gas consumption increased by 5% in 2023, reaching 88.5 billion cubic feet per day.

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Technological Innovations Transforming the Market

Product innovations are a key trend in the CNG, RNG, and hydrogen tanks market. Companies are developing next-generation fully automated production lines for CHG/CNG tanks, enhancing the liner preparation station, visual inspection, and resin mixing. Hexagon Agility Inc. launched TITAN 450 modules for transportation of CNG/RNG throughout North America, enabling customers to deliver more gas with fewer trips.

Major Players and Recent Acquisitions

Key players in the market include Worthington Industries Inc., Hexagon Composites ASA, Everest Kanto Cylinders Ltd., and Quantum Fuel Systems LLC. Worthington Industries Inc. acquired PTEC Pressure Technology GmbH, enhancing its portfolio and expanding its system capabilities.

Market Segmentation and Regional Insights

The market is segmented by gas type, material type, tank type, and application. Gas types include Compressed Natural Gas (CNG), Hydrogen, and Renewable Natural Gas (RNG). Material types include Metal, Carbon Fiber, and Glass Fiber. Tank types include Type 1, Type 2, Type 3, and Type 4. Applications include Fuel Tank and Transportation Tank. Asia-Pacific was the largest region in the CNG, RNG, and hydrogen tanks market in 2023.

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The CNG, RNG, And Hydrogen Tanks Global Market Report 2024 provides an overviewof the CNG, RNG, and hydrogen tanks market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The CNG, RNG, and hydrogen tanks market forecast analyzesCNG, RNG, and hydrogen tanksmarket size, CNG, RNG, and hydrogen tanks market share,leading competitor and their market positions.

The Table Of Content For The CNG, RNG, And Hydrogen Tanks Market Include:
1. CNG, RNG, And Hydrogen Tanks Market Executive Summary
2. CNG, RNG, And Hydrogen Tanks Market Segments
3. CNG, RNG, And Hydrogen Tanks Market Size And CNG, RNG, And Hydrogen Tanks Market Growth Rate
4. Key CNG, RNG, And Hydrogen Tanks Market Trends
5. Major CNG, RNG, And Hydrogen Tanks Market Drivers
……
25. Key Mergers And Acquisitions In The CNG, RNG, And Hydrogen Tanks Market
26. Top CNG, RNG, And Hydrogen Tanks Companies
27. CNG, RNG, And Hydrogen Tanks Market Opportunities And Strategies
28. CNG, RNG, And Hydrogen Tanks Market, Conclusions And Recommendations
29. Appendix

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