Compressed natural gas is abbreviated as CNG. Compressed natural gas is a petroleum-based fuel gas primarily made up of methane that has been compressed to less than 1% of its original volume at normal atmospheric pressure. CNG tanks are storage devices for compressed natural gas (CNG), used as a transportation fleet alternative to gasoline.
CNG Tanks Market Report Scope and Research Methodology:
The key objective of the report is to provide a comprehensive assessment of the CNG Tanks market, including major leading stakeholders in the CNG Tanks industry. The assessment clearly shows the forecasted market size and trends, as well as the historical and present status of the CNG Tanks market. The report provides information on the CNG Tanks market’s revenue, share, production and sales. The report also includes CNG Tanks market segment trends, investment and technology with the competitive landscape. It also includes the analysis of the regional as well as market segments, application areas and market growth strategies. An in-depth analysis of the market segmentation assists to determine the prevailing market opportunities and the major segments of the CNG Tanks market are further divided into sub-segments.
The report provides a qualitative and quantitative analysis of the CNG Tanks market from 2022 to 2029 to identify the prevailing market opportunity. Porter’s five forces analysis highlights the potency of the suppliers and buyers in the CNG Tanks industry to enable stakeholders to make profit-oriented business decisions and strengthen their buyer-supplier network. The CNG Tanks market study provides unique guidance in thoughtful details regarding the development factors and has used a top-down and bottom-up approach to keep it error-free and accurate. Extensive primary and secondary research methodologies have been used by SMR’s expert analysts to collect the data for the CNG Tanks market report.
CNG Tanks Market Overview
The CNG Tanks Market’s drivers, restraints, technical advancements, product developments, market opportunities, restrictions, growth strategies, and market prospects, as well as the forecast period, have been covered in the report in detail. The report offers an in-depth look at the CNG Tanks industry, including key figures such as CNG Tanks market size, market share, revenue growth, and CAGR for the forecast period (2021 to 2027).
CNG Tanks Market Size is expected to grow at a CAGR of 5.8% during the forecast period. The fast-food market is expected to reach US$ 3.53 Bn. in 2027 from US$ 2.52 Bn. in 2021.
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CNG Tanks Market Drivers:
Exploration and production of natural gas are increasing all over the world. Despite a recent slowing in growth, increased shale gas development in the United States is reshaping the natural gas industry. Compressed natural gas (CNG) is becoming a viable option for the automobile sector as gasoline and diesel fuel prices rise, natural gas costs fall, environmental concerns rise, and demand in Asia-Pacific grows.
CNG Tanks Market Segmentation:
The CNG tanks market is segmented based on Tank type into Cryogenic Tank, Tube Tailored tanks, Stationery Tank, and others. Because of its widespread and extensive use in the automotive industry, as well as its low acquisition cost, the Tailored tank is expected to dominate the most significant CNG tanks market.
CNG Tanks Market is segmented into Carbon Fiber, Steel, Aluminum Alloy, Metal Component, and Glass Fiber based on Composite Type. The Carbon Fiber composite is the lightest of any CNG volume, increasing the vehicle’s range, fuel efficiency, and payload. The study predicts that demand for Carbon Fiber Composites will increase over the forecast period of 2022-2027.
The market for CNG tanks is segmented into Commercial Vehicles and Passenger Vehicles based on Vehicle Type. This category includes large vehicles such as delivery trucks, heavy freight vehicles, buses, and other commercial gas vehicles. Because of the availability of commercial gas vehicles from original equipment manufacturers, the CNG ranks industry has experienced tremendous market growth.
CNG Tanks Market Key Players:
Faber Technologies (British Columbia, Canada)
Hexagon Composites ASA (Alesund, Norway)
Luxfer Gas Cylinder (California)
Quantam Fuel system technologies (California, United States)
Everest Kanto Cylinder (India)
Fiba technologies (Massachusetts)
Sinomatech (California, United States)
Worthington Industries (Ohio, United States)
Rama cylinders (Mumbai, India)
CIMC ENRIC (China)
Avanco Group (Herford, Germany)
Beijing Tianhai Industry (China)
CNG Tanks Market Regional Insights:
Major countries in each region are included in the report according to their revenue contribution to the CNG Tanks market. The study includes a region-wise detailed analysis of the CNG Tanks market. The regions are:
- North America
- Asia Pacific
- Europe
- Latin America
- the Middle East, and Africa
Key Questions answered in the CNG Tanks Market Report are:
- What are the sales, production, consumption, and import and export of CNG Tanks globally (North America, Europe, Asia-Pacific, South America, Middle East, and Africa)?
- Who are the major players in the CNG Tanks Industry on a worldwide scale?
- What is the state of business of CNG Tanks market players?
- What are the market opportunities and restraints for CNG Tanks suppliers in the CNG Tanks industry?
- Which application, end-user, or product category might be looking for new growth opportunities? What is each type’s and application’s CNG Tanks market share?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2027
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by segments with their sub-segments and Region
- Competitive Landscape – Top Key Players and Other Prominent Players
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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