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The global CNG tanks market, valued at $1.6 billion in 2021, is anticipated to reach $2.61 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 5.91% from 2022 to 2031.
The COVID-19 pandemic disrupted supply chains and production schedules in 2020 and early 2021, affecting the CNG tanks market due to shortages in essential raw materials like steel. The vaccination rollout gradually alleviated these challenges, enabling economic activities and travel to resume, subsequently boosting the demand for CNG tanks as vehicle commutation increased.
The decline in demand for petroleum products during the pandemic led to a decrease in crude oil prices, resulting in lower CNG costs. This, coupled with an increased focus on environmental sustainability, stimulated the demand for CNG vehicles, further driving the CNG tanks market's growth.
The CNG tanks market is segmented based on raw material, propulsion, vehicle type, type, and region. Raw materials include glass fiber composites, carbon fiber composites, and others. Propulsion options comprise petrol and diesel, while vehicle types include passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). Tank types are categorized as Type 1, Type 2, Type 3, and Type 4. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players in the CNG tanks market include Anhui Clean Energy Co., Ltd., Avanco GmbH, Hexagon Composites ASA, Praxair Technology, Inc., Quantum Fuel Systems LLC, and others.
The growth drivers for the CNG tanks market include the increasing adoption of natural gas in the automotive sector, rising environmental awareness, and demand from developing countries. However, challenges such as intense competition, high costs of composite tanks, and regulatory approvals may hinder market growth.
In the U.S., more than 175 thousand vehicles run on natural gas, contributing to reduced greenhouse gas emissions and higher fuel range. Additionally, governments worldwide are enforcing strict environmental regulations, leading to the development of alternative fuel-powered vehicles and increasing demand for CNG tanks.
The rise in environmental awareness, driven by concerns about air pollution and climate change, has led to a preference for natural gas-powered vehicles, which emit fewer harmful pollutants. Governments globally are imposing stringent emission norms, further boosting the demand for CNG vehicles and, consequently, the CNG tanks market.
The use of Adsorbed Natural Gas (ANG) storage technology, which eliminates the need for high-pressure cylinders, is noted as a potential challenge to the CNG tanks market, as it may impact demand for traditional CNG tanks.
Developing countries are witnessing a surge in demand for automobiles due to urbanization, increased industrial activity, and favorable government policies. As a cost-effective and environmentally friendly alternative to traditional fuels, CNG vehicles are gaining popularity in these regions, further propelling the demand for CNG tanks.
The report provides a comprehensive analysis of the CNG tanks market, covering market trends, key players, segmentation, application areas, and growth strategies. Stakeholders can utilize the information on drivers, restraints, opportunities, and Porter's five forces analysis to make informed business decisions and strengthen their networks. Major countries in each region are mapped based on their revenue contribution to the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65561
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