Rising Global Demand for Clean Energy: CNG, RNG, and Hydrogen Tanks Market on the Up
Key Ideas
- The market for CNG, RNG, and hydrogen tanks is projected to grow at a CAGR of 11.0% from 2024 to 2025, driven by environmental concerns and technological advancements.
- Government initiatives worldwide to adopt clean fuels are a major driver for the increased demand for CNG transportation and storage tanks.
- Key players in the market include Worthington Industries Inc., Luxfer Group, and Hexagon Composites ASA, among others.
- Major trends in the market involve innovation in tank technology, strategic collaborations, and advancements in storage, supported by government incentives and environmental regulations.
The CNG, RNG, and hydrogen tanks market is experiencing significant growth propelled by a surge in global demand for clean energy solutions. The market size is forecasted to increase from $2.36 billion in 2024 to $2.62 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 11.0%. This growth is attributed to factors such as cost competitiveness, energy security concerns, and a shift towards renewable energy sources. Over the next few years, the market is expected to reach $3.88 billion in 2029 at a CAGR of 10.3%, driven by green energy policies, government initiatives, and an increased focus on sustainability.
The rise in demand for clean fuels like compressed natural gas (CNG) is leading governments to cut subsidies and launch sustainable energy initiatives, further boosting the need for CNG transportation and storage tanks. Key players driving this market growth include Worthington Industries Inc., Luxfer Group, and Hexagon Composites ASA, among others. Major trends in the market involve innovation in tank technology, strategic collaborations, and advancements in storage, supported by government incentives and environmental regulations.
The market is segmented by gas type (CNG, hydrogen, RNG), material type (metal, carbon fiber, glass fiber), tank type (Type 1, Type 2, Type 3, Type 4), and application (fuel tank, transportation tank). Asia-Pacific led the market in 2024, with regions like Western and Eastern Europe, North and South America, the Middle East, and Africa also contributing to the market's growth. Companies can access detailed insights through market reports that analyze market size, segmentation, key player focus, growth trends, challenges, and competitive developments.
Topics
South America
Clean Energy
Industry Insights
Government Initiatives
Technological Advancements
Key Players
Market Growth
Environmental Regulations
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