Stratview Research delivers key insights on the global CNG Tanks Market. According to Stratview Research, the market is segmented by Application Type (Transportation {Cars, Light-duty Vehicles, Buses, and Truck} and Gas Carrier & Storage), by Vessel Type (Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The report also covers the Covid impact on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.
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Market Insights
The CNG tanks market is expected to recover at a healthy CAGR of 5.8%, reaching a value of US$ 3.5 billion in 2026.
Market Segments' Analysis
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.
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.
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.
Key Players
The following are some of the key players in the CNG Tanks Market:
- 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
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for CNG Tanks Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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