Austin, Nov. 18, 2024 (GLOBE NEWSWIRE) -- The CNG, RNG, and Hydrogen Tanks Market Size Growth is projected to reach USD 19.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.9% from 2024 to 2032.
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Conductive Polymers Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.6 billion |
| Market Size by 2032 | USD 6.6 billion |
| CAGR | CAGR of 10.6% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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| Major Regions Covered |
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Key Drivers Influencing Market Growth
CNG, RNG, and hydrogen tanks market is primarily driven by the rising emphasis on curbing greenhouse gas emissions, supportive government regulations and technology advancements in fuel storage systems. This trend is necessary, driven by the positive transition to more efficient energy, from transportation to power generation to industrial manufacturing, all of which depend on well-managed storage and transportation of effective gases like CNG, RNG and hydrogen.
Increasing Adoption of CNG and RNG for Clean Transportation
Compressed Natural Gas (CNG) has long been used as a cleaner alternative to gasoline an,d diesel in the transportation sector. With its lower carbon emissions and cost-effectiveness, CNG has become a popular choice for buses, trucks, and even passenger vehicles. In addition, Renewable Natural Gas (RNG), which is derived from organic waste such as agricultural residues, landfills, and sewage, has gained significant traction due to its environmental benefits. It is considered a carbon-neutral fuel source, making it increasingly attractive for transportation and industrial applications.
Governments around the world, particularly in Europe, North America, and Asia, have introduced incentives and regulations encouraging the shift to CNG and RNG. For instance, the European Union has implemented a series of policies aimed at reducing carbon emissions, including tax breaks and subsidies for companies adopting CNG vehicles. Similarly, several U.S. states have introduced funding programs to support the adoption of CNG and RNG-powered fleets. These regulatory pushes are creating a steady demand for storage tanks that can safely hold and transport these gases, thereby boosting market growth.
Hydrogen as a Key Element in the Global Energy Transition
Hydrogen has emerged as a cornerstone of the global energy transition, with its potential to decarbonize sectors that are difficult to electrify, such as heavy transportation, industry, and power generation. Governments and industry leaders are increasingly investing in hydrogen infrastructure, including storage and transport solutions, as they recognize its role in achieving net-zero carbon goals.
Hydrogen tanks are essential for storing and transporting hydrogen safely. Advances in hydrogen tank technologies, particularly in the development of high-pressure tanks and liquid hydrogen storage systems, are making it easier and more cost-effective to deploy hydrogen-powered vehicles, including trucks, trains, and buses. Furthermore, hydrogen is gaining traction as a clean energy source for industrial applications, such as steel production and chemical manufacturing, where it can replace traditional fossil fuels. This growth in hydrogen adoption is driving demand for hydrogen storage tanks and fueling market expansion.
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Market Analysis by Gas Type
CNG held the largest market share in 2023, accounting for approximately 54% of the total market. This is primarily due to the established infrastructure and widespread use of CNG in the transportation sector. The use of CNG-powered vehicles, including buses, trucks, and passenger vehicles, has become common, particularly in regions like North America, Europe, and Asia, where governments are investing in CNG fueling stations.
Hydrogen is expected to witness significant growth in the coming years as it becomes a key element in global decarbonization efforts. Hydrogen-powered vehicles, such as buses, trucks, and even trains, are being deployed in regions with advanced infrastructure, particularly in Europe, Japan, and South Korea. The ongoing development of hydrogen storage and transportation solutions, such as high-pressure tanks and liquefied hydrogen storage systems, is expected to support this growth.
Market Analysis by Material Type
Metal type held the largest market share around 55% in 2023. as metals are strong, durable, provide great mechanical strength and endure high-pressure requirements. These tanks are typically made out of metal, most notably steel and aluminum, as they offer better structural integrity and can handle high-pressure storage of compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen to the tune of 3,000 psi or more. Also, metal tanks withstand mechanical impacts, corrosion (provided that they are treated and protected), and temperature differences, giving them a longer life and ensuring their reliability in extreme conditions. This further makes these automotive as well as industrial applications alluring by allowing the development of these tanks with desired characteristics, such as lightweight structures using aluminum or coated steels for corrosion resistance.
Regional Analysis
Asia Pacific held the largest market share for CNG, RNG, and hydrogen tanks in 2023, accounting for approximately 48% of the global market. The region’s dominance can be attributed to the rapid growth in the adoption of clean fuels and vehicles, particularly in countries like China, Japan, and India. Government policies and investments in green infrastructure are fueling the demand for CNG, RNG, and hydrogen tanks in these countries. Additionally, governments in the Asia Pacific region have implemented favorable policies, such as subsidies, infrastructure development for refueling stations, and incentives for clean energy projects, which have accelerated the adoption of CNG, RNG, and hydrogen technologies. Furthermore, Asia Pacific is home to major oil and gas producers, and the region’s commitment to transitioning toward more sustainable energy sources has led to significant investments in hydrogen production and storage technologies. This combination of regulatory support, infrastructure development, and growing awareness of environmental issues has solidified Asia Pacific's dominance in the CNG, RNG, and hydrogen tanks market.
Recent Developments
- In 2023, Hexagon Purus, launched a new range of hydrogen storage solutions for fuel cell electric vehicles (FCEVs). These tanks are designed to meet the rigorous demands of the automotive sector, offering lightweight, high-strength, and durable solutions for the storage of hydrogen at high pressures.
- In 2023, Japan’s Toyota Motor Corporation expanded its efforts to develop hydrogen-powered vehicles, unveiling a new series of fuel cell-powered trucks that utilize high-pressure hydrogen tanks for long-range capabilities.
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BENEFITS:
1 No. Of Pages: 350 Pages Report
2 Regions/Countries:
- North America (3 Countries)
- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
- Latin America (~5 Countries)
- Middle East & Africa (~5 Countries) (Include Israel)
3 ME Sheet: Market Estimation in Excel Format
4 Company Analysis:
- Major 16 companies covered in final report.
- Additional 5 companies will be covered as per client demand complimentary.
5 Statistical Insights and Trends Reporting:
- Vehicle Production and Sales Volumes, 2020-2032, by Region
- Emission Standards Compliance, by Region
- Vehicle Technology Adoption, by Region
- Consumer Preferences, by Region
6 Buying Options
- Single User License: USD 3350
- Enterprise User License: USD 5350
- Excel Data Sheet: USD 2350
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