CNG, RNG, and Hydrogen Tanks Market worth $3.4 billion by 2026 - Exclusive Report by MarketsandMarkets™
According to the new market research report "CNG, RNG, and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel, Transportation), and Region - Global Forecast to 2026", published by MarketsandMarkets™, is expected to grow from USD 2.1 billion in 2021 to USD 3.4 billion by 2026, at a CAGR of 9.8% during the forecast period. Government initiatives emphasizing on adoption of clean fuel and growth in number natural and fuel cell electric vehicles are expected to drive the market. PDF Download: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=222605141 Browse and in-depth TOC on "CNG, RNG, and Hydrogen Tanks Market" 264 - Tables 49 - Figures 235 - Pages View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/cng-rng-hydrogentanks-market-222605141.html CNG tanks comprise a major share in terms of value and volume. CNG tanks are widely adopted in light-duty vehicles by various automotive manufacturers globally as they are economical in the long run and emit lease greenhouse gases as compared to petrol or diesel. Also, the CNG infrastructure for refueling vehicles is well developed in many countries. These factors coupled with government initiatives for adopting clean fuel is also driving the CNG tanks market. However, due to pandemic COVID-19, the sales of CNG vehicles, hybrid CNGs, retrofitted CNG vehicles decreased leading to reduced demand for CNG tanks. This demand would surge with recovery in the automotive sector and increase in sales of all type of CNG vehicles. Metal-based tanks account for the largest market share in the global CNG, RNG, and hydrogen tanks market in terms of value and volume. Metal-based tanks are in operation for a long period now due to ease of manufacturing and low cost. Metal-based CNG tanks are widely used in APAC, MEA, and Latin America. They have high demand from countries such as China, India, Pakistan, Thailand, Brazil, Argentina, Iran, Colombia, and Uzbekistan. However, because of COVID-19, the demand for new meta-based tanks is reduced. However, in the Europe and North America, carbon fiber-based CNG, RNG, and hydrogen tanks are getting more popularity due to reduced weight and more gas carrying capacity. Type 1 dominates the global CNG, RNG, and hydrogen tanks market in terms of value and volume Type 1 tanks are metal-based and the most preferred type of tank, globally. Type 1 tanks are widely employed in the light light-duty vehicles. It is the heaviest tank by weight among all the tanks, as it is made entirely from metal, but at the same time, it is also the most economical tank. Some of the active market players are Everest Kanto Cylinders Ltd. (India). Praxair Ttechnologies Inc. (U.S.), Faber Industries S.P.A (Italy), and Worthington Industries (U.S.). Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=222605141 Fuel tank application dominates the market in the global CNG, RNG, and hydrogen tanks market during the forecast period in terms of value and volume.