About CNG, RNG & Hydrogen Tanks
CNG, RNG and Hydrogen tanks are types of fuel storage containers used in different alternative fuel vehicles. CNG and RNG tanks are used to store natural gas that can be used as a fuel, while Hydrogen Tanks are used to store hydrogen fuel that can be used in fuel cells. CNG tanks are widely adopted in light-duty vehicles by several automotive manufacturers globally as they are economical in the long run and emit less greenhouse gases as compared to petrol or diesel. Also, the CNG infrastructure for refueling vehicles is well-developed in many countries. These factors coupled with government initiatives for adopting clean fuel are also driving the CNG tanks market. The CNG, RNG, and Hydrogen Tanks market can grow. It's important to note that the pace of growth will depend on various factors, including the continued development of technologies, supportive government policies, and evolving consumer preferences.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CNG, RNG and hydrogen tanks market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to CNG, RNG and hydrogen tanks market. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global CNG, RNG & Hydrogen Tanks market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Worthington Industries, Inc. (United States), Luxfer Group (United Kingdom), Hexagon Composites ASA (Norway), Apollo Global Management, Inc. (United States), Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Everest Kanto Cylinders Ltd. (India), Faber Industrie SpA (Italy), Kelley Leasing Partners, LLC (United States) and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Fa ca Nacional de Motores (Brazil), Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Scorpius Space Launch Company (United States) and BMW AG (Germany).
Segmentation Overview
AMA Research has segmented the market of Global CNG, RNG & Hydrogen Tanks market by Type (Compressed Natural Gas (CNG), Renewable Natural Gas (RNG) and Hydrogen), Application (Automotive & Transportation, Industrial, Energy & Power and Others) and Region.
On the basis of geography, the market of CNG, RNG & Hydrogen Tanks has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Tank Type, the sub-segment i.e. High Pressure will boost the CNG, RNG & Hydrogen Tanks market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Capacity, the sub-segment i.e. Less than 250 Liters will boost the CNG, RNG & Hydrogen Tanks market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material Type, the sub-segment i.e. Metals will boost the CNG, RNG & Hydrogen Tanks market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The increasing adoption of alternative fuel vehicles
Market Growth Drivers:
Growing popularity of natural gas vehicles and Increased tax incentives for CNG Vehicles
Challenges:
High Cost of composite tanks
Restraints:
Limited refueling stations.
Opportunities:
Development of low weight transportation tanks and Advancements in hydrogen technology
Market Leaders and their expansionary development strategies
In November 2203, Apollo-managed funds has acquired Kelley Leasing Partners, a compressed gas and cryogenic liquid transportation equipment leasing company serving hydrogen, helium and CNG customers across industrial gas, utility and virtual pipeline end markets. In connection with the acquisition, Apollo Funds and CATEC have launched Hydria, a high-growth compressed gas platform providing equipment and services supporting the CNG, RNG, helium and hydrogen value chain with over-the-road transport, storage and leasing capabilities. Apollo Funds are the majority owner of Hydria.
In May 2023, Scorpius Space Launched its all-composite, cryogenic, high-pressure tanks incorporating the company’s anti-slosh baffle technology innovation. The company offers carbon-fiber anti-slosh baffles integrated to the interior walls of propellant tanks, enabling rocket designs that use the propellant tanks as primary load bearing elements of the vehicle.
Key Target Audience
Vehicle Manufacturers, Market & Research Organization, Potential Investors, Government & Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.