Market Research Report
Global CNG Tanks Market Size study, by Raw Material (Metal, Glass Fiber, Carbon Fiber), Vehicle Type (Light Duty, Medium Duty, Heavy Duty), and Regional Forecasts 2019-2026
|Published by||Bizwit Research & Consulting LLP||Product code||910616|
Delivery time: 2-3 business days
|Global CNG Tanks Market Size study, by Raw Material (Metal, Glass Fiber, Carbon Fiber), Vehicle Type (Light Duty, Medium Duty, Heavy Duty), and Regional Forecasts 2019-2026|
|Published: April 1, 2019||Content info:||
Global CNG Tanks Market is valued at approximately USD 779.6 million in 2018 and is anticipated to grow with a healthy growth rate of more than 6.80% over the forecast period 2019-2026.
Compressed Natural Gas (CNG) is an environment friendly fuel. Compressed natural gas emits less harmful pollutants as compared to fossil fuels, thereby, reducing the concentration of contaminants in the air. This is creating positive scenario in the adoption of CNG Cylinders/tanks. Further, the exploration and production of gasoline and diesel are destructive and also poses hazard to the environment, and human as well. Moreover, natural gas is considered as an alternate fuel for reduction of carbon emissions and decelerates global warming and reduces greenhouse gas emissions in the environment. Thus, growing adoption of CNG is driving the adoption of CNG tanks or cylinders demand. Growing demand for natural gas in the automotive industry, emerging economies coupled with increasing environmental awareness are key driving factors of the market growth. Further, growing adoption of lightweight composite CNG cylinder is expected to create significant growth opportunity in the market over the forecast period. However, high cost of composites tank coupled with strict regulatory approvals is expected to hamper the market growth over the forecast period.
The regional analysis of global CNG Tanks market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share owing to the growing gasoline and diesel fuel price coupled with feasible automotive industry. Whereas, North America is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as growing environmental concern and regulations would create lucrative growth prospects for the CNG Tanks market across North America.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below: