Compressed Natural Gas Tanks Market Size, Share, Growth, Trends, and Forecast by 2031

MARKET OVERVIEW

Compressed Natural Gas (CNG), is utilized as a substitute for gasoline by the transportation fleet, is stored in CNG tanks. CNG is kept at room temperature in tanks made of various materials and is used as a fuel in cars known as CNG vehicles. Because it is lighter than gasoline and emits less pollution, CNG combustion is encouraged by the government to combat pollution that is on the rise. It also improves how a vehicle operates in dense urban traffic.

MARKET SCOPE

The "Global Compressed Natural Gas Tanks Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the compressed natural gas tanks market with detailed market segmentation by raw material, vehicle type, and geography. The report provides key statistics on the market status of the leading compressed natural gas tanks market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•  Based on raw material, the market is segmented into metal, glass fiber, and carbon fiber.
  
•  Based on vehicle type, the market is segmented into light duty, medium duty, and heavy duty
  

MARKET DYNAMICS

Drivers:

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•  Increasing oil prices is driving the growth of the growth of the compressed natural gas tanks market.
  

Restraints:

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•  High cost of installation may hinder the growth of the compressed natural gas tanks market.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The compressed natural gas tanks market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social, and technological factors affecting the compressed natural gas tanks market in these regions.

IMPACT OF COVID-19 ON COMPRESSED NATURAL GAS TANKS MARKET

COVID-19 has severely affected the growth of the compressed natural gas tanks market. At the global level, disruptions in the supply of raw materials due to COVID 19 affected the compressed natural gas tanks market. However, the compressed natural gas tanks market is expected to grow in the forecast period.

MARKET PLAYERS

The report covers key developments in the compressed natural gas tanks market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of the business and customer base of market players. The market players from the compressed natural gas tanks market are anticipated to have lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the compressed natural gas tanks market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•  AVANCO GmbH
  
•  Beijing Tianhai Industry co.,Ltd.
  
•  FABER INDUSTRIE SPA
  
•  Hexagon Composites ASA
  
•  Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
  
•  Luxfer Holdings PLC
  
•  Praxair Technology, Inc.
  
•  Quantum Fuel Systems LLC.
  
•  ULLIT
  
•  Worthington Industries, Inc.
  

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

Compressed Natural Gas Tanks Report Scope