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Renewable natural gas (RNG), also referred to as bio-methane, is a refined, advance pipeline-quality bio-fuel produced from organic materials such as waste from landfills and livestock; by the process of anaerobic digestion. Compressed natural gas is a fuel that is used in replacement of gasoline, diesel fuel and liquefied petroleum gas (LPG) as it produces lesser undesirable gases comparatively and also is lighter than air and disperses quickly when released.
There are specialized tanks used to store and transport these gases and also Hydrogen, which are made from different materials such as Metals, Carbon, Glass.
CNG, RNG, and hydrogen tanks offer durability, are cheaper, and also eco-friendly. They are used in diverse applications and can be majorly classified into tank types, depending on the material used at the time of manufacturing.
The global CNG, RNG, and hydrogen tanks market size is estimated to grow from USD 1.8 billion in 2020 to USD 2.7 billion by 2025, at a robust CAGR of 8.1%.
The growth of this market is attributed towards major relying factors including; the globally growing demand for alternative fuel vehicles, such as CNG, RNG, and hydrogen fuels, the growing government initiatives focusing on the adoption of clean fuel and growth in number of natural and fuel cell electric vehicles, the increase in stringent environmental regulations enforced by various governments on automotive manufacturers to increase the uptake of alternative fuel sources and the increasing developments in the worldwide fueling infrastructure etc.
Moreover, the automotive industry is currently witnessing a massive upsurge in the application of natural gas. With this, the government investments for the expansion and the development of transportation sector operations are also persuading the manufacturers to focus on the production of low-weight cargo tanks. This is resulting in the growing demand for compressed natural gas-driven vehicles, the increased demand for hydrogen-powered cars which are similar to electric cars, and the introduction of various advanced tools for the development of hydrogen tanks, which, in turn is proactively fueling the global market growth.
Furthermore, other factors such as the increasing governmental support in the form of tax incentives and subsidiaries, the enforcement of stricter CO2 emission norms by various governments, and the advent of low weight transportation tanks further propel the growth of this market.
However, factors such as the high cost of composite material tanks, the need for regulatory approvals, stringent government rules and regulations and fluctuation in prices of oil in RNG, hydrogen, and CNG tanks hinder the growth of this market.
At present, the COVID-19 outbreak has adversely affected the demand for CNG, RNG, and hydrogen tanks across the globe as a direct result of the decline in sales of natural gas and fuel cell electric vehicles. However, with that said, the impact of COVID-19 is said to deteriorate by the mid of 2021 and the demand CNG, RNG, and hydrogen tanks is projected to increase slowly as per the pre-covid scenario, which will start to stabilize the market and help the market take a new leap forward at a rapid rate.
CNG, RNG, AND HYDROGEN TANKS MARKET SEGMENTATION:
By Gas Type:
By Material Type:
The Asia-Pacific region is the largest and the fastest growing CNG, RNG and Hydrogen tanks market in terms of region and is also expected to continue to dominate in the next few years ahead. The growth in this region can be attributed to factors such as the high demand for CNG tanks and its increasing consumption in various applications in the region, the high industrial growth in the major countries present in the region, the high focus of governments on reducing air pollution by promoting the use of natural gas vehicles and reducing the reduction of harmful emissions in the region and the growing use of energy-efficient products. Also, other factors such as the availability of low-cost raw materials and cheap labor in Asian countries, such as India and China, the increasing sales of vehicles in the region and the development of CNG tank manufacturing technology also contribute significantly to the region’s market growth. The major contributors in the region include India, China, Japan, Pakistan and Thailand. This region is followed by Europe, North America and subsequently the Latin American region.
FEW KEY PLAYERS IN CNG, RNG, AND HYDROGEN TANKS MARKET:
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