How Has the CNG, RNG, and Hydrogen Tanks Market Evolved and What Is Its Future Growth Potential?
Riding on the waves of cost competitiveness, economic viability, energy security concerns, infrastructure development, and transportation sector adoption, the CNG, RNG, and hydrogen tanks market size has recently seen rapid growth. It is forecasted to raise its stakes from $2.36 billion in 2024 to $2.62 billion in 2025, marking an impressive compound annual growth rate (CAGR) of 11.0%.
The market size is set for a robust expansion in the coming years, growing to $3.88 billion in 2029 at a compound annual growth rate (CAGR) of 10.3%. The growth can be attributed to green energy policies and regulations, government initiatives and subsidies, rising awareness of climate change and sustainability, and expansion in the transportation sector.
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What Is Driving the CNG, RNG, and Hydrogen Tanks Market?
Government initiatives to adopt clean fuel are propelling growth in the CNG, RNG, and hydrogen tanks market. As the world grows more environment conscious, alternative energy sources and cleaner fuels are now a worldwide necessity. Compressed natural gas, a cleaner and greener fuel alternative, is aiding decarbonization. This surge in demand for cleaner fuels and the consequent need for CNG transportation and storage tanks are all fueling the growth in the market.
Can You List the Major Segments Within the Global CNG, RNG, and Hydrogen Tanks Market?
1) By Gas Type: Compressed Natural Gas (CNG), Hydrogen, Renewable Natural Gas (RNG)
2) By Material Type: Metal, Carbon Fiber, Glass Fiber
3) By Tank Type: Type 1, Type 2, Type 3, Type 4
4) By Application: Fuel Tank, Transportation Tank
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Which Companies Are Charting the Course in the CNG, RNG, and Hydrogen Tanks Market?
Major companies leading the way in the market include Worthington Industries Inc., Rama Cylinders Private Limited, Luxfer Group, Hexagon Composites ASA, Everest Kanto Cylinders Ltd., Quantum Fuel Systems LLC, and others. These players are making significant contributions to industry growth, advancing the market with their strategic initiatives and technological prowess.
What Are the Emerging Trends in the CNG, RNG, and Hydrogen Tanks Market?
Product innovations are spearheading the latest trends in the CNG, RNG, and hydrogen tanks market. Companies are now progressing towards developing next-generation fully automated production lines for CHG/CNG tanks. These advancements will enhance the liner preparation station, visual inspection and buffer station, and automated resin mixing and delivery system of fuel and tankers.
Which Region Leads the Global CNG, RNG, and Hydrogen Tanks Market?
Asia-Pacific held the dominant position in the CNG, RNG and Hydrogen market in 2024. The report also covers other regions including Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The CNG, RNG, And Hydrogen Tanks Market Report 2025 Offer?
The CNG, RNG, and hydrogen tanks market research report provides global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. CNG, RNG, and hydrogen tanks refer to trucks intended for the transfer of high-pressure gases, primarily used to carry gases to a substation or other sites.
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