The report “CNG, RNG, and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel, Transportation), and Region – Global Forecasts to 2030″, is estimated at USD 2.5 billion in 2022 and is projected to reach USD 5.6 billion by 2030, at a CAGR of 10.7% from 2023 to 2030. The market is expected to be driven by government initiatives emphasizing clean fuel adoption and an increase in the number of natural and fuel-cell electric vehicles.
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• 280 Market data Tables
• 55 Figures
• 256 Pages and in-depth TOC on “CNG, RNG, and Hydrogen Tanks Market – Global Forecast to 2030″
Some of the prominent key players are:
- Worthington Industries, Inc. (US)
- Luxfer Group (UK)
- Hexagon Composites ASA (Norway)
- Quantum Fuel Systems LLC. (US)
- Everest Kanto Cylinders Ltd. (India)
- Praxair Technologies Inc. (US)
- Avanco Group (Germany)
- Xinyi Beijing Tianhai Industry Co. Ltd. (China)
Opportunities: Development of low-weight transportation tanks
As both use electric motors to move the wheels, hydrogen-powered vehicles, and electric cars have certain similarities. The main contrast, though, is in how they store their energy. While hydrogen cars store electricity in the form of hydrogen that is then turned into electrical power using a fuel cell, electric cars rely on traditional batteries. At the moment, the price of storage tanks for hydrogen automobiles is still high, which makes their widespread adoption difficult. The cost of these tanks, which range from USD 4,000 to 4,500 for a 5-kg capacity, dramatically raises the price of the entire car. Current research is focused on creating lightweight Class 4-cylinder carbon fiber tanks that minimize costs by lowering gas storage pressure to address this issue. The Luxfer Group (UK), lljin (South Korea), Quantum Fuel System Technologies (US), and Hexagon Lincoln (US) are well-known producers of hydrogen storage tanks for automobiles.
