Compressed Natural Gas (CNG) Tank Market to Grow with a CAGR of 7.19% through 2028
Increasing adoption of natural gas vehicles and
technological advancements are likely to drive the market in the forecast
period.
According to TechSci Research report, “Compressed
Natural Gas (CNG) Tank Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Compressed
Natural Gas (CNG) Tank Market stood at USD 960.10 million in 2022 and is
anticipated to grow with a CAGR of 7.19% in the forecast period.
One of the
primary drivers of the global Compressed Natural Gas (CNG) tank market is the
increasing awareness of environmental concerns and the pursuit of emissions
reduction goals. As the world grapples with the consequences of climate change
and air pollution, governments, industries, and individuals are seeking cleaner
and more sustainable energy solutions. CNG, composed mainly of methane, is
recognized as a cleaner-burning alternative to traditional fossil fuels like
gasoline and diesel. When burned, it emits fewer greenhouse gases and
pollutants, contributing to improved air quality and reduced carbon emissions.
This aligns with global efforts to combat climate change and meet emissions
reduction targets outlined in international agreements like the Paris
Agreement. Governments around the world are implementing policies and
regulations that incentivize the adoption of CNG-powered vehicles and
industrial processes as part of their broader sustainability strategies. These
policies include tax incentives, emissions standards, and subsidies for CNG
technology adoption. As a result, the demand for CNG tanks has surged as they
are essential components for storing and delivering compressed natural gas to
vehicles and applications, driving growth in the CNG tank market.
Another
significant driver of the global CNG tank market is the potential for cost
savings and economic advantages associated with CNG as a fuel source. CNG is
often more affordable than gasoline or diesel, making it an attractive option
for both individual vehicle owners and commercial fleet operators. The
cost-effectiveness of CNG is particularly appealing in industries that rely
heavily on transportation and require large volumes of fuel, such as logistics,
public transportation, and long-haul trucking. Commercial vehicle operators can
achieve substantial fuel cost savings by transitioning to CNG-powered fleets. Additionally,
CNG is known for its price stability compared to the volatility of oil prices.
This stability offers businesses and consumers predictability in fuel costs,
allowing for better budgeting and financial planning. Furthermore, governments
may provide financial incentives, such as tax breaks and grants, to encourage
the adoption of CNG technology. These incentives further enhance the economic
advantages of CNG adoption, driving more industries and individuals to invest
in CNG-powered vehicles and the associated CNG tanks.
In conclusion,
the global CNG tank market benefits from two major drivers: the increasing
emphasis on environmental concerns and emissions reduction goals, which prompt
governments and industries to promote cleaner fuel alternatives like CNG, and
the economic advantages and cost savings associated with CNG adoption, particularly
for commercial and industrial applications. These drivers, together with
supportive policies, are propelling the growth of the CNG tank market as it
continues to establish itself as a sustainable and cost-effective energy
storage solution.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Compressed Natural Gas (CNG) Tank Market.”
The Global Compressed Natural Gas (CNG) Tank Market is
segmented into type, application and region.Based on type, The Glass Fiber Composites segment
had the largest market share in 2022 & expected to maintain it in the
forecast period. Glass fiber composites are generally more cost-effective to
manufacture compared to carbon fiber composites. This cost advantage is a crucial
factor, especially in commercial and industrial applications where cost control
is a primary concern. Fleet operators and businesses often prioritize cost
savings, making glass fiber composites an attractive choice for CNG tanks. Glass
fiber composites are known for their durability and safety characteristics.
They offer excellent impact resistance and can withstand harsh environmental
conditions and mechanical stress, making them suitable for heavy-duty and
industrial applications. Safety is paramount in industries like transportation,
where CNG tanks must meet stringent safety standards. Glass fiber composite CNG
tanks are well-established and have a track record of compliance with industry
and regulatory standards. This trust in their performance and safety features
contributes to their dominance in the market. Regulatory bodies often have
strict requirements for CNG tank materials, and glass fiber composites meet
these standards reliably. Glass fiber composites have a history of reliable
performance in the CNG tank market. Manufacturers and customers have confidence
in their ability to maintain gas integrity, ensuring that CNG is stored safely
and securely. This reliability is especially important in applications where
any failure could have significant consequences. Glass fiber composites can be
tailored to meet a wide range of application requirements, from large,
heavy-duty vehicle tanks to smaller, portable containers. Their versatility
allows them to serve various industries, including transportation,
manufacturing, and natural gas distribution. The mass production of glass fiber
composites is well-established, allowing for cost-effective manufacturing at
scale. This is crucial in meeting the demands of commercial fleets and
industries that require a significant number of CNG tanks.
Based on application,
The Passenger segment
had the largest market share in 2022 and is projected to experience rapid
growth during the forecast period. Many individual consumers prioritize clean
and environmentally friendly transportation options. CNG is perceived as a
cleaner alternative to gasoline and diesel, as it produces fewer emissions when
burned. This aligns with growing environmental consciousness and the desire to
reduce one's carbon footprint.
CNG is often more
cost-effective than traditional fuels, making it an attractive option for
cost-conscious consumers. The lower operating costs associated with CNG-powered
passenger vehicles, especially in regions with favorable pricing and
incentives, make them an economically appealing choice.
Numerous governments around
the world actively promote the use of CNG in passenger vehicles through
incentives, subsidies, and supportive policies. These measures can include tax
breaks, rebates, reduced vehicle registration fees, and access to carpool lanes
for CNG-powered vehicles. In regions where air quality and emissions reduction
are top priorities, governments may offer additional incentives to encourage
the adoption of CNG passenger vehicles as part of broader sustainability and
clean transportation initiatives.
Major companies operating in the Global Compressed
Natural Gas (CNG) Tank Market are:
- National
Iranian Gas Company
- Indraprastha
Gas Limited
- ENGIE
SA
- Exxon
Mobil Corporation.
- BP p.l.c.
- TotalEnergies
- Chevron
Corporation
- Eni
S.p.A.
- ANGI
Energy Systems, Inc.
- TGT Fuel
Technologies India Pvt. Ltd
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“The Global Compressed Natural Gas (CNG) Tank market
is expected to rise in the upcoming years and register a significant CAGR
during the forecast period. The growth of the CNG tank market is driven by the
increasing adoption of natural gas as a transportation fuel, rising environmental
awareness, and government regulations to reduce greenhouse gas (GHG) emissions.
Natural gas is a cleaner-burning fuel than gasoline or diesel, and it produces
lower emissions of pollutants such as carbon monoxide, nitrogen oxides, and
particulate matter. This has led to increasing government support for the use
of natural gas vehicles, which has in turn boosted the demand for CNG tanks. Therefore,
the market of Compressed Natural Gas (CNG) Tank is expected to boost in the
upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Compressed Natural Gas (CNG) Tank Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented
By DWT (PSV below 3000 DWT, PSV above 3000 DWT), By Applications (Oil and Gas
Production, Offshore Construction, Military, Others), By Type (Cargo and
Support), By fuel, (Diesel, LNG, Electric, Hybrid), By Region, By Competition”, has evaluated
the future growth potential of Global Compressed Natural Gas (CNG) Tank Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions., The report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Compressed Natural Gas (CNG) Tank
Market.
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