Compressed natural gas tank market trends and forecasts

NEW YORK, Nov. 24, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of “CNG Tank Market: Trends, Opportunities and Competitive Analysis” report – https://www.reportlinker.com/p06362804/?utm_source=GNW

Compressed natural gas tank market trends and forecasts
The future of the CNG tank market looks promising with opportunities in automotive end use and bulk transportation. The global compressed natural gas tanker market is expected to reach an estimated value of $1.6 billion by 2027 at a CAGR of 7.0% from 2021 to 2027. The main drivers for market growth are increasing number of natural gas vehicles (NGVs) and decreasing cost of natural gas about gasoline. and diesel.

Emerging trends in the compressed natural gas tank market
Emerging trends, which have a direct impact on the dynamics of the industry, include the increase in the green fleet and the development of Type V tanks.

Compressed natural gas tank market by segment

The study includes the trend and forecasts for the global CNG storage tanks market by end-use industry, tank type, material consumption, and region as follows:

CNG tank market by end use [Value ($B) and Volume (‘000 units) shipment analysis for 2016 – 2027]:
• the cars
o Automotive Compressed Natural Gas Tank Market by vehicle type
o Automotive Compressed Natural Gas Tank Market by type of tank
Bulk transportation
o Compressed Natural Gas Tanks for Bulk Transportation Market by Tank Type

CNG Tank Market by Tank Type [Value ($B) and Volume (‘000 units) shipment analysis for 2016 – 2027]:
Type I
• The second type
• The third type
Fourth type

CNG Tank Market by Material Consumption [Value ($B) and Volume (‘000 units) shipment analysis for 2016 – 2027]:
• Compounds of fiberglass
• Carbon fiber composites
• Metal materials

CNG Tank Market by Region [Value ($B) and Volume (‘000 units) shipment analysis for 2016 – 2027]:
• North Amarica
• Europe
• Asia Pacific
Rest of the world
List of compressed natural gas tank companies
Firms compete in the market based on the quality of the product offered. Major players in this market are focusing on expanding their manufacturing facilities, R&D investments, infrastructure development, and capitalizing on integration opportunities across the value chain. Through these strategies, CNG tank companies meet growing demand, ensure competitive effectiveness, develop innovative products and technologies, reduce production costs, and expand their customer base. Some of the CNG tank companies described in this report include:
• Faber Industries LLC. a.
• ASA hexagonal compounds
• Luxor gas cylinder
• Beijing Tianhai Industrial Co., Ltd
• Worthington Cylinders GmbH
• Quantitative Fuel System Technologies
• Everest Kanto Cylinder Ltd
• Zhongyou Tongyong Luxi Natural Gas Equipment Co., Ltd
• FIBA ​​Technologies Inc.
• CIMC Enric Holdings Limited
• Sinoma Science & Technology (SuZhou). Ltd
CNG Tank Market Insight
• The analyst expects automobiles to remain the largest end-use industry and is also expected to witness the highest growth over the forecast period due to growth in the fleet of alternative fuel vehicles.
• The Type 1 CNG tank will remain the bulk during the forecast period due to its low cost and high demand from countries in the APAC and ROW regions that have large LNG fleets.
• The Asia Pacific region is expected to remain the largest region over the forecast period for CNG storage due to the growing fleet of alternative fuel vehicles, as well as the increasing number of CNG refueling stations.
CNG tank market features
• Market Size Estimates: Estimate the size of the CNG tankers market in terms of value (in USD) and volume (thousand units)
• Analysis of trends and forecasts: Market trends (2016-2021) and forecasts (2022-2027) by various sectors and regions.
• Segmentation analysis: market size by application, tank type, material consumption, and region
• Regional Analysis: Compressed Natural Gas Tankers Market Breakdown by North America, Europe, Asia Pacific, and Rest of the World.
• Growth Opportunities: Analyze growth opportunities in different applications, tank type, material consumption, and regions of the CNG Tanks market.
• Strategic analysis: This includes mergers and acquisitions, new product development, and the competitive landscape of the CNG Tanks market.
• Analysis of the competitive intensity of the industry based on Porter’s five forces model.
Instructions
Q 1. How big is the CNG tank market?
Answer: Global reservoirs of compressed natural gas are expected to reach $1.6 billion by 2027
Q 2. What is the expected growth of the compressed natural gas tank market?
Ans: The CNG tank market is expected to grow at a CAGR of 7.0% from 2021 to 2027.
Q 3. What are the key drivers influencing the growth of CNG Tanks Market?
Ans: The main drivers of market growth are the increasing number of Natural Gas Vehicles (NGVs) and the lower cost of natural gas compared to petrol and diesel.
Q4. What are the main applications or end use industries of the CNG storage tank?
Answer: Bulk transportation is the main application of CNG tank.
Q 5. What are the emerging trends in the CNG Tanks market?
Answer: Emerging trends that have a direct impact on the dynamics of the industry, the increase in the green fleet and the development of Type V tanks.
Q6. Who are the main CNG tank companies?

Answer: Some of the major manufacturers of CNG tanks are as follows:
• Faber Industries LLC. a.
• ASA hexagonal compounds
• Luxor gas cylinder
• Beijing Tianhai Industrial Co., Ltd
• Worthington Cylinders GmbH
• Quantitative Fuel System Technologies
• Everest Kanto Cylinder Ltd
• Zhongyou Tongyong Luxi Natural Gas Equipment Co., Ltd
• FIBA ​​Technologies Inc.
• CIMC Enric Holdings Limited
• Sinoma Science & Technology (SuZhou). Ltd
Q7. Which part of CNG tank products will be the largest in the future?
Answer: The analyst expects the Type 1 CNG tank to remain the largest segment during the forecast period due to its lower cost and higher demand from countries in the APAC and ROW regions that have a large NGV fleet.
Q8. In the CNG tank market, which area is expected to be the largest in the next five years?
Answer: Asia Pacific is expected to remain the largest region in the next five years
Q9. Do we receive customization in this report?
Answer: Yes, the analyzer provides 10% customization at no additional cost.

This report answers 11 key questions
Q1: What are some promising opportunities for high growth of the global CNG Tanks market by application (automotive and bulk transportation), tank type (Type I, Type II, Type III, and Type IV), material consumption (metal), and fiberglass composites , carbon fiber composites), and region (North America, Europe, Asia Pacific, and Rest of the World)?
Q2: Which sectors will grow the fastest and why?
Q3: Which areas will grow the fastest and why?
Q4 What are the main factors affecting market dynamics? What are the market drivers and challenges?
Q5: What are the business risks and threats to the market?
Q6: What are the emerging trends in this market and the reasons behind them?
Q7: What are the changing requirements of customers in the market?
Q8: What are the new developments in the market? What companies are driving these developments?
Q9: Who are the major players in this market? What strategic initiatives are being implemented by the key players to grow the business?
Q10: What are some competitive products and processes in this area and how big a threat do they pose to losing market share through material or product substitution?
Q11: What are the mergers and acquisitions activities that took place in the past five years in this market?
Read the full report: https://www.reportlinker.com/p06362804/?

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