CNG, RNG, and Hydrogen Tanks Market, by Gas Type (Compressed Natural Gas (CNG), Renewable Natural Gas (RNG), Hydrogen), Material (Metal, Glass Fibre, Carbon fibre), Tank Type (Type 1, Type 2, Type 3, Type 4), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The CNG, RNG, and Hydrogen Tanks market size was estimated at USD 2.76 billion in 2023 and is projected to reach USD 5.56 billion in 2030 at a CAGR of 10.51% during the forecast period 2023-2030.
CNG, RNG and Hydrogen tanks are types of fuel storage containers used in different alternative fuel vehicles. Compressed Natural Gas (CNG) is a compressed form of natural gas, primarily composed of methane. CNG tanks are used to store and transport natural gas in vehicles. These tanks are typically made in vehicles. These tanks are typically made of high-strength materials, such as carbon fibre or metal, to withstand the high pressure required to compress the gas. CNG is considered a cleaner alternative to conventional gasoline and diesel, as it produces fewer emissions when burned.
Renewable Natural Gas (RNG), also known as biomethane, is a type of natural gas produced from renewable sources like organic waste, landfills, or wastewater treatment plants. Like CNG tanks, RNG tanks store and transport this renewable gas for uses in vehicles. The tanks used for storing RNG are similar to those used for CNG, as both gases have similar properties and require high-pressure storage.
Hydrogen tanks store hydrogen gas, which is used as a fuel source in fuel cell vehicles. These tanks are designed to withstand high pressures, as hydrogen needs to be compressed to a high density to provide enough energy for vehicles. Hydrogen tanks are made from materials such as carbon fibre-reinforced composites, aluminium, or steel, depending on the required pressure and safety considerations. Fuel cell vehicles use hydrogen from these tanks to generate electricity, which powers the electric motor to propel the vehicle. The only emission from hydrogen fuel cell vehicles is water vapour, making them a promising zero-emission alternative in transportation.
The market is segmented based on gas type into compressed natural gas (CNG), renewable natural gas (RNG), hydrogen, based on material into metal, glass fibre, carbon fibre, based on tank type into type 1, type 2, type 3, type 4, and based on region into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The growth of the market is being driven by the increasing demand for alternative fuel, growing adoption of natural gas vehicles and rising government regulations on emissions.
The COVID – 19 pandemic has had a significant impact on the CNG, RNG and Hydrogen tanks market. The pandemic caused a decrease in the demand for natural gas vehicles, as people stayed at home due to lockdown. Moreover, disruption in the supply chain made it difficult for companies to obtain CNG, RNG and Hydrogen tanks. This led to higher prices for these tanks and made it difficult for some businesses to meet demand.
The CNG, RNG and Hydrogen Tanks market is expected to grow during the forecast period. This growth can be attributed to factors such as increasing demand for alternative fuel, increasing support from government in order to reduce emission. Moreover, technological advancements are expected to drive the growth of the market further during the forecast period as these advancements are making CNG, RNG and hydrogen tanks more efficient and affordable, which is increasing the demand for these tanks.
Asia Pacific to Dominate the Market