CNG, RNG, and Hydrogen Tanks Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

The global CNG, RNG, and hydrogen tanks market is projected to expand at a CAGR of 8.5% during the forecast period.

CNG, RNG, and hydrogen tanks are specialized tanks used for storing and transporting these gases and also hydrogen. These tanks are made from different materials including carbon, metal and glass and offer high durability. These tanks are cheaper and eco-friendly are utilized in diverse applications. CNG, RNG, and hydrogen tanks can be categorized into tank types, depending on the material used at the time of manufacturing.

COVID-19 IMPACT

The COVID-19 outbreak negatively affected the demand for CNG, RNG, and hydrogen tanks across the globe as a direct result of the decline in sales of natural gas and fuel cell electric vehicles. However, the impact of COVID-19 deteriorated by the mid of 2021 and the demand for CNG, RNG, and hydrogen tanks rose slowly as per the pre-covid scenario. Further, the market is expected to witness stabilization at a slow rate by the end of 2021 and then grow rapidly by the initial phase of 2022.

GROWTH DRIVERS

Factors such as the burgeoning demand for alternative fuel vehicles across the globe; the surging number of natural and fuel cell electric vehicles; the rising government initiatives emphasizing on the adoption of clean fuel coupled with the growing stringent environmental regulations enforced by various governments on automotive manufacturers to boost the uptake of alternative fuel sources and the escalating developments in the global fueling infrastructure are primarily driving the growth of the global CNG, RNG, and hydrogen tanks market.

Additionally, the automotive industry has been observing an enormous rise in the application of natural gas. The government investments for the development and the expansion of transportation sector operations are also encouraging the manufacturers to emphasize on the production of low-weight cargo tanks. This is aiding in bolstering the demand for CNG-driven vehicles, the enhanced demand for hydrogen-powered cars which are similar to electric cars, and the advent of several advanced tools for the development of hydrogen tanks, which, in turn is tremendously augmenting the global market growth for CNG, RNG, and hydrogen tanks.

Furthermore, other factors such as the introduction of low weight transportation tanks, the rising governmental support in the form of tax incentives & subsidiaries and the enforcement of stricter CO2 emission norms by several governments across different regions across the globe are expected to further create ample growth opportunities for the global CNG, RNG, and hydrogen tanks market during the forecast period.

However, factors such as the presence of stringent government rules and regulations, the high cost associated with composite material tanks, the need for regulatory approvals, and fluctuation in prices of oil in RNG, hydrogen, and CNG tanks are expected to restrain the growth of the market to a certain extent during the forecast period.

CNG, RNG, AND HYDROGEN TANKS MARKET SEGMENTATION

By Gas Type

·         Compressed Natural Gas (CNG)

·         Hydrogen

·         Renewable Natural Gas (RNG)

By Material Type

·         Metal

·         Carbon Fiber

·         Glass Fiber

By Application

·         Fuel

·         Transportation

By Region

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Based on gas type, the compressed natural gas (CNG) led the global CNG, RNG, and hydrogen tanks market in 2020. The segment is anticipated to further continue with its lead in the market during the forecast period owing to the proliferating awareness about CNG gas and the advantages of CNG gas over hydrogen gas in fuel tanks and transportation. On the other hand, the hydrogen segment is projected to register the highest CAGR in the market during the forecast period.

Based on material type, the metal segment dominated the global CNG, RNG, and hydrogen tanks market in 2020. The segment is predicted to further retain its dominance in the market during the forecast period. The segment’s growth can be attributed to the various advantages associated with metal tanks such as fatigue resistance, high durability, stiffness, and toughness and the comparatively cheaper and well-established technologies for the production of metal-based CNG, RNG, and hydrogen tanks.

REGIONAL OUTLOOK

The Asia-Pacific region accounted for the largest share of the global metal-based CNG, RNG, and hydrogen tanks market in 2020 followed by Europe, North America and the Latin American region. The region is projected to maintain its lead and also emerge as the fastest growing regional market for CNG, RNG and hydrogen tanks during the forecast period. The growth of the market in the region can be attributed to the escalating sales of vehicles in the region, the expansion of various industries in the major nations present in the region, the surging demand for CNG tanks and its growing consumption in various applications in the region, the increasing emphasis of the governments on the reduction of air pollution by promoting the usage of natural gas vehicles, the reduction of harmful emissions and the proliferating use of energy-efficient products in the region. The easy availability of low-cost raw materials and cheap labor in India and China, and the development of CNG tank manufacturing technology are also expected to bolster the growth of the market in the region during the forecast period. The major contributors in the region include India, China, Pakistan, Japan and Thailand.

KEY COMPANIES IN CNG, RNG, AND HYDROGEN TANKS MARKET

·         JPM Group

·         Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.

·         Agility Fuel Solutions

·         Worthington Industries Inc.

·         Hexagon Composites ASA

·         Quantum Fuel Systems LLC

·         Praxair Technologies Inc.

·         Faber Industrie Spa

·         Alternative Fuels Data Center

·         Doosan Mobility Innovation

·         Everest Kanto Cylinders Ltd.

·         Avanco Group

·         Nproxx

·         Cenergy Solutions

·         Rama Cylinders Private Limited

·         Sahuwala Cylinders Ltd.

·         Cevotec GmbH

·         Steelhead Composites Inc.

·         Euro India Cylinders Ltd.

·         Other Players