CNG, RNG, and Hydrogen Tanks Global Market Report 2024

The global CNG, RNG, and hydrogen tanks market has grown rapidly in recent years. It will grow from $2.14 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The historical growth in CNG, RNG, and hydrogen tanks can be attributed to factors such as cost competitiveness and economic viability, concerns related to energy security, ongoing infrastructure development, increased adoption in the transportation sector, and a broader shift towards renewable energy sources.

The global CNG, RNG, and hydrogen tanks market is expected to see rapid growth in the next few years. It will grow to $3.55 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The forecasted growth in CNG, RNG, and hydrogen tanks is expected to be driven by factors such as the implementation of green energy policies and regulations, government initiatives and subsidies supporting sustainable energy, increasing awareness of climate change and sustainability issues, and a continued expansion of adoption in the transportation sector. Key trends in the forecast period include ongoing innovation in tank technology, strategic collaborations within the industry, adherence to environmental regulations and sustainability goals, government support and incentives, as well as technological advancements in storage solutions.

Government initiatives aimed at adopting cleaner fuels are serving as a driving force for the CNG, RNG, and hydrogen tank market. Clean fuel, treated with ethanol to reduce greenhouse gas emissions, is becoming a global necessity. Governments worldwide are embracing sustainable energy initiatives and withdrawing subsidies to accelerate decarbonization. Notably, the Russian government's strategic objectives, including clean energy and new nuclear energy initiatives, exemplify this trend, fostering socioeconomic development. The surge in demand for CNG transportation and storage tanks is a direct result of these impactful government initiatives, as reported in a February 2022 press release.

The escalating demand for natural gas is anticipated to fuel the growth of the CNG, RNG, and hydrogen tanks market. Natural gas, primarily composed of methane, is a sought-after energy source. CNG, RNG, and hydrogen tanks play a crucial role in storing and transporting natural gas efficiently. Statistics from the Energy Information Administration reveal a 5% increase in US natural gas consumption in March 2023, reaching 88.5 billion cubic feet per day. This robust demand for natural gas is a significant driver propelling the growth of the CNG, RNG, and hydrogen tanks market.

A notable trend in the CNG, RNG, and hydrogen tanks market is the emphasis on product innovations. Key industry players are investing in advanced, fully automated production lines for CHG/CNG tanks. These innovations are geared towards enhancing various production line aspects, including liner preparation, visual inspection, buffer stations, and automated resin mixing and delivery systems. Hexagon Agility Inc., a major player, exemplifies this trend with the launch of TITAN 450 modules in January 2023. These modules, designed for compressed and renewable natural gas transportation, reflect a commitment to operational efficiency and reduced costs, accommodating almost 500,000 standard cubic feet of CNG or RNG in a 40-foot module.

Major companies in the CNG, RNG, and hydrogen tanks market are strategically developing innovative products, such as hydrogen tanks, to meet customer needs reliably. Hydrogen tanks, designed to store hydrogen safely, are constructed from high-strength materials like carbon fiber composites or aluminum. Quantum Fuel Systems LLC introduced a next-generation Hydrogen Fuel Storage System in May 2023, featuring lightweight, resilient Type 4 hydrogen tanks that comply with industry safety and quality standards. The system, with its aerodynamic design, automotive-grade controller, and straightforward integration, demonstrates a commitment to advancing hydrogen storage solutions.

In January 2021, Worthington Industries Inc., a prominent US-based industrial manufacturing company, successfully completed the acquisition of PTEC Pressure Technology GmbH. The financial details of the transaction remain undisclosed. This strategic acquisition has empowered Worthington Industries Inc. with access to the extensive systems portfolio of PTEC Pressure Technology GmbH. The integration of PTEC's capabilities positions Worthington Industries Inc. to deliver more comprehensive solutions to its customers and enhance the overall capabilities of its system offerings. PTEC Pressure Technology GmbH, headquartered in Germany, specializes in the manufacturing and design of valves and components tailored for high-pressure applications in hydrogen and compressed natural gas (CNG) storage, transport, and onboard fuelling systems. The acquisition aligns with Worthington Industries Inc.'s commitment to expanding its market presence and providing innovative solutions to meet evolving industry demands.

Major companies operating in the cng, rng, and hydrogen tanks market report are Worthington Industries Inc., Rama Cylinders Private Limited, Luxfer Group, Hexagon Composites ASA, Everest Kanto Cylinders Ltd., Quantum Fuel Systems LLC, Sahuwala Cylinders Ltd., Avanco Group, Beijing Tianhai Industry Co. Ltd., Agility Fuel Solutions, Steelhead Composites Inc., NPROXX B.V., Ullit SA, Doosan Mobility Innovation Co. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Faber Industrie SpA, Praxair Technologies Inc., Xinyi Beijing Tianhai Industry Co. Ltd., CIMC ENRIC Holdings Limited, FIBA Technologies Inc., CNG Cylinders International, Natural Gas Vehicle Coalition, NGV Motori S p A, Cenergy Solutions, Infinite Cylinders Limited, Taiyo Nippon Sanso Corporation, VPS Group, OMNI CNG Systems LLC, Winkelmann Group, and Luxshare Precision Co. Ltd.

Asia-Pacific was the largest region in the CNG, RNG and Hydrogen market in 2023. The regions covered in the cng, rng, and hydrogen tanks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cng, rng, and hydrogen tanks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary gases associated with CNG, RNG, and hydrogen tanks include Compressed Natural Gas (CNG), hydrogen, and Renewable Natural Gas (RNG). Compressed Natural Gas (CNG) is natural gas under pressure, characterized by being clear, odorless, and non-corrosive. CNG presents significant fuel savings compared to gasoline and serves as a viable alternative to liquid fuels. CNG tanks, used for storage and transportation, are categorized into four types (Types 1-4). The main materials utilized are metal, carbon fiber, and glass fiber, with tank types including Type 1, Type 2, Type 3, and Type 4. These tanks find applications in fuel storage and transportation.

This report provides CNG, RNG, and hydrogen tanks market statistics, including CNG, RNG, and hydrogen tanks industry global market size, regional shares, competitors with a CNG, RNG, and hydrogen tanks market share, detailed CNG, RNG, and hydrogen tanks market segments, market trends and opportunities, and any further data you may need to thrive in the CNG, RNG, and hydrogen tanks industry. This CNG, RNG, and hydrogen tanks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The CNG, RNG, and hydrogen tanks market consists of sales of tanks including fuel tanks for light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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