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The compressed natural gas (CNG) tank/cylinder market is projected to reach $1,563.23 million by 2020, growing at a CAGR of 9.65%. The exploration and production of natural gas is growing globally. Although, growth rate has slowed down since the past few years, growing shale gas exploration in the U.S. is changing the shape of natural gas industry. The rising gasoline and diesel fuel prices, lower cost of natural gas, increasing environmental concern, and growing demand in Asia-Pacific is making compressed natural gas (CNG) a feasible option for the automotive industry. This growing demand for CNG is also, subsequently, driving the CNG tanks market. In 2013, the total natural gas vehicles (NGV) population was around 21 million. This is expected to grow at a CAGR of about 9% between 2015 and 2020. Owners of long haul vehicles are finding it increasingly beneficial to shift to CNG from diesel fuel.
With developments in technology recently, CNG tanks/cylinders are now available in different types such as Type 1, Type 2, Type 3 and Type 4. CNG tanks/cylinders are produced and manufactured by using various materials such as metals, glass fiber and carbon fiber. The major challenges in the CNG tanks market are limited availability of refueling infrastructure, rising prices of raw material, and high price of composite tanks. Frequent research and development of products is very necessary for companies to sustain their competitive position in the market.
This study estimates the global market for CNG tanks by the end of 2020. This market research study provides detailed qualitative and quantitative analysis of the global CNG tanks market. The report also provides a comprehensive review of the drivers, restraints, opportunities, winning imperatives, challenges, and key issues of the market. The market is segmented and forecasted for various regions including North America, Europe, Asia-Pacific, and Rest of the World (RoW). The market value and units for major countries in each of the regions are also covered in the report.
The report has also been segmented the CNG tanks/cylinders market on the basis of vehicle type. This report segments the automotive industry as light duty vehicles (LDVs), medium duty vehicles (MDVs), and heavy duty vehicles (HDVs). All these segments have been discussed in detail in the report.
Various secondary sources such as encyclopedia, directories, and databases have been used to identify and collect information useful for this extensive commercial study of CNG tanks market. The primary sources include experts from related industries and selected suppliers who were interviewed to obtain and verify critical information as well as to assess the future prospects of the CNG tanks market.
The key market players in the CNG tanks market are profiled in detail along with their recent developments and the competitive scenario of the top market players has been discussed in detail. Key market participants include Hexagon Composites ASA (Norway), Luxfer Group (the U.K), Worthington Industries (the U.S.), Quantum Fuel Systems Technologies Worldwide Inc. (the U.S.), and others.
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: This research report categorizes the global market for CNG tanks on the basis of raw material, type, vehicle type, and region and presents a forecast units and revenue growth. It further analyzes the trends in each of the submarkets.
On the basis of raw material: The Global CNG tanks market is segmented into three categories:
On the basis of type: The CNG tanks market is segmented into the following sub categories:
On the basis of vehicle type: The CNG tanks market is further segmented into the following sub categories:
On the basis of region: The global CNG tanks market is segmented into following four regions:
A vehicle engine which uses compressed natural gas (CNG) as fuel is termed as a CNG vehicle. Internal combustion engines running on CNG are well-proven technologies and work similarly to conventional fuel-powered spark ignition engines. CNG is mostly used in spark-ignition engines for bi-fueled vehicles (vehicles operating on more than one fuel type). CNG is also gaining wide-scale usage in compression-ignition engines based vehicle such as light duty vehicles (LDVs), medium duty vehicles (MDVs) and heavy-duty vehicles (HDVs).
The global CNG tanks/cylinders market has witnessed a strong growth in the past few years and is expected to continue so in the coming years. This growth is attributed to the increasing demand for natural gas vehicles, increasing production and exploration of natural gas, and emergence of composite CNG tanks/cylinders. The increasing demand for CNG tanks/cylinders is majorly from emerging Asia-Pacific countries such as China, India, and Pakistan. There is a wide gap in the prices of oil and natural gas in the region. Moreover, high dependency on imported fuel and increasing environmental concerns are also driving the market.
Currently, Asia-Pacific is the largest consumer of CNG tanks/cylinders, followed by RoW, Europe, and North America. Among all the countries in the Asia-Pacific region, China is the biggest consumer of CNG tanks/cylinder. The region is also at the forefront in terms of consumption of Type 1 CNG tanks. On the other hand, North America is projected to be the fastest growing region and it holds a significant share in the overall composites CNG cylinders market.
CNG vehicles are gaining penetration in developing countries. This can be attributed to low-cost of CNG as against the rising prices of other transportation fuels. In addition CNG operated vehicles are considered as a greener alternative to petroleum operated vehicles. The bi-fuel options offered by CNG vehicles make them one of the preferred choices amongst user.. Moreover cost benefits of CNG coupled with significant carbon emission reduction is expected to increase the CNG market globally.
The important CNG tanks/cylinders manufacturers include Hexagon Composites ASA (Norway), Luxfer Group (the U.K), Everest Kanto Cylinders Ltd. (India), Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd (China), Worthington Industries (the U.S.), Quantum Fuel Systems Technologies Worldwide Inc. (the U.S.) and others.
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