CNG Tanks Market Projected to Reach $2.6 Billion by 2031, Driven by Growing Demand for Clean Energy Solutions | AMR

WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 16, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global CNG tanks market accrued revenue worth $1.5 billion in 2021, and will reach $2.6 billion by 2031, registering a CAGR of 5.9% from 2022 to 2031. The market research report offers a comprehensive analysis of oscillating industry trends, top segments, value chains, major investment business scenarios, regional landscape, and competitive space. The study is a major source of information for giant players, entrepreneurs, owners, and managers in creating new business plans for the future and taking steps to improve their market position. The report demonstrates an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving market.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/A17396

The prominent key factors that drive growth of the CNG tanks market are surge in adoption of natural gas in the automotive industry and rise in environmental awareness. Owing to ever-increasing oil prices, the low-cost of CNG is preferred in many countries. Moreover, the growth in energy requirement by various nations leads to the use of non-conventional fuel such as compressed natural gas, which drives the market. Owing to this, increase in government regulations to promote the usage of CNG as fuel in the transportation sector.

The report offers an in-depth division of the global CNG Tanks market based on Raw Material, Propulsion, Vehicle Type, Type, and Region. It provides an in-depth investigation of every segment and sub-segment in tables and figures through which consumers can get insights into market trends. The market report analysis aids organizations, investors, and entrepreneurs in knowing which sub-segments are to be explored for achieving massive growth in the ensuing years.

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐫𝐚𝐰 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥, the glass fiber composites raw materials segment contributed the largest market share in 2021, accounting for more than two-fifths of the overall share of the global CNG Tanks market. Moreover, this segment is predicted to retain its dominant status during the forecast timeline. Moreover, the glass fiber composites raw materials segment is slated to register the highest CAGR of nearly 6.4% from 2022 to 2031. The report also encompasses other segments such as carbon fiber composites raw materials and others.

𝐈𝐧 𝐭𝐞𝐫𝐦𝐬 𝐨𝐟 𝐩𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧, the petrol segment accounted for the highest share of the global market in 2021, contributing more than 90% of the overall share of the global CNG Tanks market. Moreover, this segment is predicted to contribute the highest market share by 2031. In addition, this same segment is anticipated to register the fastest growth with a CAGR of nearly 6.0% during the forecast timeframe. The report also includes other segments such as diesel.

🔰 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/cng-tanks-market/purchase-options

𝐎𝐧 𝐛𝐚𝐬𝐢𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐭𝐲𝐩𝐞, the passenger vehicles segment accounted for a major share of the global market in 2021, contributing more than four-fifths of the global CNG Tanks market share. Moreover, the segment is set to maintain its dominance during the forecast period. Furthermore, the same segment is anticipated to record the fastest CAGR of nearly 6.1% from 2022 to 2031.

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐫𝐞𝐠𝐢𝐨𝐧, Asia-Pacific contributed the largest market share in 2021, accounting for nearly one-third of the global CNG Tanks market share. The region is predicted to continue its market dominance by 2031. Moreover, the Asia-Pacific CNG Tanks market is set to register the fastest CAGR of 7.7% during the assessment period. The report also includes other regions such as LAMEA, North America, and Europe.

𝐌𝐚𝐣𝐨𝐫 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐂𝐍𝐆 𝐓𝐚𝐧𝐤𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞 Anhui Clean Energy Co., Ltd., Avanco GmbH, Beijing Tianhai Industry Co., Ltd., Everest Kanto Cylinders Limited, Faber Industrie S.P.A., FIBA Technologies, Inc., Hexagon Composites ASA, Indoruss Synergy Pvt. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Luxfer Holdings PLC, Maruti Koatsu Cylinders Ltd., NGV Technologies Inc., Plastic Omnium, Praxair Technology, Inc., Quantum Fuel Systems LLC, ULLIT, and Worthington Industries Inc.

The report evaluates these key participants in the global CNG Tanks industry. These participants have executed a slew of major business plans such as the extension of the consumer base, technology innovation, strategic partnerships, and collaborations for enhancing penetration of new technologies in the global markets and establishing strong market growth globally. The market study report helps in monitoring the performance of each segment along with examining the effect of new technology launches on the overall market earnings.

🔰 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A17396

KEY FINDINGS OF THE STUDY

By raw material, the glass fiber composites raw materials segment is expected to register a significant growth during the forecast period.
By propulsion, the petrol segment is projected to lead the global CNG tanks market.
By vehicle type, the passenger vehicles segment is projected to lead the global CNG tanks market.
By type, the type 2 CNG tanks segment is projected to lead the global CNG tanks market.
Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞:

https://www.alliedmarketresearch.com/aircraft-fuel-tank-market-A07096 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/automotive-fuel-tank-market-A08493 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/aircraft-external-fuel-tank-market-A09161 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/aircraft-internal-fuel-tank-market-A09163 - Global Opportunity Analysis and Industry Forecast, 2023-2032

David Correa
Allied Market Research
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