As per the recently published report by MarketsandMarkets™, The “CNG, RNG, and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel, Transportation), and Region – Global Forecasts to 2030″, is estimated at USD 2.5 billion in 2022 and is projected to reach USD 5.6 billion by 2030, at a CAGR of 10.7% from 2023 to 2030. The market is expected to be driven by government initiatives emphasizing clean fuel adoption and an increase in the number of natural and fuel-cell electric vehicles.
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- 280 Market data Tables
- 55 Figures
- 256 Pages and in-depth TOC on “CNG, RNG, and Hydrogen Tanks Market – Global Forecast to 2030”
This report also provides a comprehensive analysis of the companies listed below:
Major manufacturers in this market are based in North America and Europe. Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US), Everest Kanto Cylinders Ltd. (India), Praxair Technologies Inc. (US), Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China), and Faber Industrie SpA (Italy) are among a few leading players operating in the CNG, RNG, and hydrogen tanks market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the CNG, RNG, and hydrogen tanks market further.
Recent Developments in CNG, RNG, and Hydrogen Tanks Market Industry
- In May 2023, Luxfer Group has manufactured a new type 4 cylinder. The G-Stor Go H2 features a proven boss-to-liner interface that results in minimal permeation and is a certified, cost-effective hydrogen storage solution ideal for fuel cell transit buses, heavy-duty trucks, vans, bulk gas transport, boats, and trains.
- In January 2023, Hexagon purus opens a new hydrogen cylinder manufacturing facility in westminster, maryland, usa, with the annual production of up to 10,000 cylinders for heavy-duty vehicle applications and will employ up to 150 skilled workers. The new facility expands cylinder production capabilities and capacity and allows for further expansion by adding additional production equipment as demand for hydrogen storage cylinders continues to grow.
- In February 2021, Worthington industries manufactured Thermaguard hydrogen cylinders. ThermaGuard™ hydrogen cylinders are optimized to meet the unique needs of hydrogen fuel. Meticulously developed using Worthington’s aerospace-grade standards, ThermaGuard hydrogen cylinders are proven more efficient means of transporting and storing high-pressure hydrogen gas.
- In March 2021, Luxfer Group completed the acquisition of SCI (Structural Composites Industries, which is a business u of Worthington Industries). This acquisition is aimed to enhance the capabilities of the hydrogen and CNG gas businesses of Luxfer Group.
- In January 2021, Worthington Industries, Inc. announced the acquisition of PTEC Pressure Technology GmbH. This acquisition is expected to develop the system capabilities of Worthington Industries, Inc.