CNG Tanks Market Size to Reach US$ 3.5 bn in 2026

USA - English

• India - English

RAIPUR, India, Feb. 16, 2022 /PRNewswire/ -- Stratview Research, a leading market research firm has launched a report on the CNG Tanks Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.

Click Here to get the free sample pdf: https://www.stratviewresearch.com/Request-Sample/2396/CNG-tanks-market.html#form

How is the Report Helpful?

The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.

Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.

What are the Top Market Drivers?

According to the report, the CNG Tanks market is driven by a host of factors, some of which are noted below:

• The demand for natural gas-powered vehicles is burgeoning worldwide. 
• The availability of low-cost natural gas compared to gasoline and diesel and rising environmental concerns.

The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.

CNG Tanks Market Segmentation:

Stratview Research has segmented the market in the following 3 ways which fulfill the market data needs of multiple stakeholders across the industry value chain.

• Application Type (Transportation {Cars, Light-duty Vehicles, Buses, and Truck} and Gas Carrier & Storage) 
• Vessel Type (Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel)
• Region (North America, Europe, Asia-Pacific, and Rest of the World). 

CNG Tanks Market Insights

Market Trends by Application Type:

Based on the application type, the CNG tanks market is segmented as transportation and gas carrier & storage.

Transportation is further segmented into cars, light-duty vehicles, buses, and trucks Transportation is expected to remain the largest as well as the fastest-growing application type in the market during the forecast period, owing to the increasing demand for CNG-fueled vehicles across regions.

CNG vehicles offer lower transportation costs than ICE vehicles. Type-I remains the most dominant vessel type in the transportation segment, propelled by its well-proven track record paired with its lowest cost.

Market Trends by Vessel Type:

Based on the vessel type, the market is segmented as type I, type II, type III, and type IV.

Due to its low cost and high demand from major countries of the Asia-Pacific region, type I is expected to remain the dominant pressure vessel type during the forecast period.

On contrary to this, type IV is expected to be the fastest-growing pressure vessel type in the market during the forecast period due to its lightweight, increased fuel efficiency, and low maintenance cost. There is a relatively high dominance of type-IV vessels in North America and Europe.

Which region offers the best opportunity and growth?

In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for CNG tanks during the forecast period. Major Asian countries, China, India, Korea, and Japan, are the manufacturing powerhouses of automobiles. These countries are also the major producers as well as procurers of CNG-powered vehicles.

Currently, type-I vessels unanimously dominate the Asian market; however, there has been a transition from type-I to composite, especially type-III and type-IV vessels in China, Japan, and Korea. Indian remains one of the biggest markets for type-I vessels in the years to come.

COVID-19 Impact on the CNG Tanks Market

COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.

To know more about the covid-19 impact, get a free sample report, here:

https://www.stratviewresearch.com/Request-Sample/2396/CNG-tanks-market.html#form

Who are the Top Market Players?

After a thorough analysis of the market, the experts have listed few key players and discussed company profiles of below-given players -

• Hexagon Composites ASA
• Beijing Tianhai Industry Co., Ltd.
• Worthington Industries, Inc.
• Faber Industrie SPA
• Cylinders Holding a.s.
• Everest Kanto Cylinder Ltd.
• Luxfer Holdings PLC
• Sinoma Science & Technology Co., Ltd.
• CIMC ENRIC (CIMC ENRIC Holdings Limited)
• Grupo Mat
• Quantum Fuel Systems LLC

What deliverables will you get in this report?

-  In-depth analysis of the CNG Tanks Market.

-  Detailed market segmentation.

-  Competitive-landscape analysis.

-  Historical, present, and future market size analysis.

-  Industry trends, technologies, and advancements.

-  Growth and operation strategies adopted by key players.

-  Potential segments/regions offering promising growth.

-  Geographical presence of the key players.

Related reports which might be useful:

1. North American FRP Tank Market 

2. Carbon Composite Hydrogen Tanks Market

About us

Stratview Research is a global market research firm that offers reliable market reports, market entry strategies, strategic growth consulting, and more. The market experts compile high-quality market information to help users obtain granular level clarity on current business trends and expected future developments. Stratview Research also offers customisation of the reports. Reach out to the analysts to customize the given report according to your priority/requirement.

Stratview Research has also launched 'Composights', an online portal that offers free thought leadership reports, whitepapers, market report synopsis, and much more for Composites and allied industries, worth US$ 20,000 every year.

Click here to sign up (No costs involved): https://www.stratviewresearch.com/composights/sign-in

Connect with the team at –

Stratview Research
E-mail: [email protected] 
Direct: +1-313-307-4176

SOURCE Stratview Research

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED