About CNG Tank
Methane makes up the majority of CNG (compressed natural gas). It is an odorless and non-corrosive fuel that burns cleanly. CNG Tanks are a type of fuel that can replace gasoline, diesel, and propane LPG. It is a more cost-effective automobile fuel option. CNG tanks are storage devices for compressed natural gas (CNG), which is utilized as a transportation fleet alternative to gasoline. CNG vehicles are vehicles that run on compressed natural gas and are stored at room temperature in tanks made of various materials. Because of its smaller weight, CNG combustion decreases pollutants and enhances vehicle performance in city crowds, and it is pushed by authorities to solve traffic congestion. The future of the global CNG tank market is attractive with opportunities in various end-use industries, including automotive and bulk transportation. The major drivers for market growth are the increasing number of natural gas vehicles (NGVs) and the lower cost of natural gas than gasoline and diesel.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.8% |
The market is fragmented by numerous numbers of key players applying various techniques due to the high demand for CNG in developing countries. Regional market players are competing on the basis of price differentiation and services. Increasing R&D investment in fuel technology engines by automobile manufacturers is projected to open up new gates for market participants. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global CNG Tank 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.
Hexagon Composites ASA (Norway), Luxfer Group (United Kingdom), Everest Kanto Cylinders Ltd. (India), Praxair Technologies Inc. (United States), Avanco Group (Germany), Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd (China), Worthington Industries (United States) and Quantum Fuel Systems Technologies Worldwide Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Sinomatech, Beijing Tianhai Industry, Rama Cylinders, Faber Industrie, Praxair Technologies, CIMC ENRIC and Fiba Technologies.
Segmentation Overview
AMA Research has segmented the market of Global CNG Tank market by Type (Metal, Glass Fiber and Carbon Fiber) and Region.
On the basis of geography, the market of CNG Tank 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 CNG Station, the sub-segment i.e. Fast-fill stations will boost the CNG Tank market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. Light Duty will boost the CNG Tank market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Source, the sub-segment i.e. Associated Gas will boost the CNG Tank market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Innovation Aimed at Improving Manufacturing Process
Market Growth Drivers:
Growing Use of Natural Resources in the Automotive Industry, Increasing Environmental Awareness and The rise in Disposable Income
Challenges:
Larger Space Requirement to Store the Fuel
Restraints:
High Initial Costs Associated with the Installations and Limited Fuelling Stations in Developing Countries
Opportunities:
Emergence of Lightweight Composite CNG Cylinders and Potential Growth in Emerging Countries
Market Leaders and their expansionary development strategies
On 25th February 2022, Everest Kanto Cylinder said that the board its wholly-owned subsidiary EKC International FZE has given its in-principle approval for setting up a CNG cylinder production facility in Egypt. This facility would be set up in the form of a joint venture with a local Egyptian partner with the majority holding being with EKC FZE.
On 29 March 2021, Hexagon Composites business company Hexagon Ability bagged an order for CNG trucks from global logistics delivery company Ups. This order will lead to the establishment of sustainable fleets in the environmental and economic sense.
Key Target Audience
Governments And Non-Governmental Agencies, CNG Distributors, Fuel Exploration And Processing Industries, Fleet Operators 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.