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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