The CNG Tanks Cylinders Market reached US$ 1.7 billion in 2022. Demand in the CNG tank cylinders market is estimated to surpass US$ 1.8 billion in 2023.In the forecast period between 2023 and 2033, sales are poised to exhibit a 6.7% CAGR. Revenue is anticipated to surpass US$ 3.5 billion by the end of 2033.
CNG is often more cost-effective than gasoline or diesel, leading to increased adoption by fleet operators and commercial vehicles. This, in turn, is expected to drive demand for CNG tank cylinders through 2033.
CNG is domestically produced in different regions globally, reducing dependence on imported oil and enhancing energy security. This makes it an attractive option for energy generation for governments and businesses during the forecast period.
Growing awareness about reducing carbon emissions and transitioning to clean fuels drives the demand for CNG. It produces less greenhouse gas emissions than traditional fossil fuels and is a sustainable alternative.
Stringent emissions regulations and incentives for adopting alternative fuels encourage businesses and individuals to switch to CNG. This is a key factor boosting the market for CNG tank cylinders.
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Investments in CNG refuelling infrastructure are expanding, making it more convenient for consumers to switch to CNG-powered vehicles. Thereby driving the demand for CNG tank cylinders throughout the forecast period.
Rapid urbanization is leading to increased congestion and pollution in cities. CNG-powered vehicles are seen as a solution to mitigate these issues, driving demand for CNG tank cylinders. Innovations in cylinder design and materials are improving the safety and efficiency of CNG tanks cylinders, making them more appealing to consumers.
CNG is used in different industrial sectors, including manufacturing and power generation. This diverse demand contributes to the growth of the CNG tanks cylinders market. Large fleet operators are transitioning to CNG-powered vehicles due to the economic and environmental benefits, leading to higher demand for CNG tanks cylinders.
Governments and business are seeking to diversify their energy sources for transportation, and CNG is a viable option that contributes to this goal. Increasing awareness about the benefits of CNG as a clean alternative to conventional fuels is driving consumer interest and demand for CNG tanks cylinders.
Collaborations between automakers, gas companies, and technology providers are promoting the adoption of CNG vehicles and subsequently, CNG tanks cylinders. These factors are anticipated to help drive demand for CNG tanks cylinders in the global market through 2033.
Key Takeaways from CNG Tanks Cylinders Market Report:
- The global market is expected to reach a market valuation of US$ 3.5 billion by the end of 2033
- Sales of CNG tanks cylinders is expanding at a CAGR of 6.7% over the forecast period.
- The United States is projected to have a valuation of US$ 632.7 million by 2033 in the market for CNG tanks cylinders.
- China is projected to reach a market valuation of US$ 795.6 million by 2033.
- By material, the carbon fiber segment is estimated to have a value CAGR of 6.6% during the forecast period 2023 to 2033.
“Rising inclination towards clean energy options will likely fuel the demand for CNG tanks cylinder in the global market. Leading companies can concentrate on producing lightweight, strong, and high-capacity CNG cylinders as they continue to maintain high revenue-earning prospects.” – says a lead analyst at Future Market Insights (FMI)
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Competitive Landscape:
Key manufacturers offer customized solutions for various applications, such as automotive, industrial, and residential, to cater to diverse customer needs. They optimize production processes to reduce costs, making CNG cylinders more affordable for consumers.
A few companies present in the CNG Tanks Cylinders Market:
- The AVANCO Group is a market leader in creating, producing, and amplifying technological goods comprised of aluminum and fiber composites (carbon fiber and glass fiber). These, in particular, comprise lightweight tubular and prismatic components and tubes and profiles. The creation of technologically advanced solutions and their industrial manufacturing are the main goals of the whole value chain.
- Beijing Tianhai Industry Co., Ltd. manufactures gas transport and storage equipment. Products from the company include fuel tanks for hydrogen, composite cylinders for vehicles, and industrial gas cylinders. The products have several uses, including in the chemical and fire-fighting sectors.
Get More Valuable Insights
FMI has released an objective assessment of the global market, presenting past demand data from 2018 to 2022 and projecting forecast statistics for the 2023 to 2033 period.
The CNG tanks cylinders industry is segmented by material (carbon fiber, glass fiber, and metal), by vehicle type (light duty, medium duty, and heavy-duty) & region from 2023 to 2033.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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