DataM IntelligenceGlobal Compressed Natural Gas (CNG) Tanks/Cylinders Market" is expected to reach a CAGR of 9.1% during the forecast period 2022-2029.Market Overview
Fuel is most usually saved onboard automobiles in high-strain cylinders as compressed natural gas. CNG is compressed right into an excessive-stress cylinder, commonly around 250 bar. The weight of onboard CNG cylinders may have a wide variety of significance. To include the excessive-pressure gas, CNG cylinders should be structurally sturdy. Compressed natural fuel cylinders are to be had in various sorts and sizes to fit exceptional packages.
The market is predicted to achieve a widespread boom because of strict rules on diesel-operated cars, growing worries concerning GHG, and authorities' assistance with the usage of LNG motors. Light-responsibility vehicles are normally ready with committed or bi-gasoline structures, at the same time as heavy-duty automobiles use dual-gasoline structures. CNG vehicles save herbal fuel in tanks that stay in a gaseous country. Typically, CNG cylinders have a lifestyle of 15 to 20 years, as decided via the ANSI NGV2 general.
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Market Dynamics
The market is expected to boost with rising sales of LNG vehicles as an alternative to diesel-based vehicles.
Rising sales of LNG vehicles as an alternative to diesel-based vehicles
Various nations fight in opposition to climate trade globally by putting formidable objectives to reduce GHG emissions. EU has set a binding target to lessen emissions by using 40 % below 1990 levels until 2030. Road transport is one of the maximum influential fossil gas-established segments of national economies across the EU.
Oil dependency at the shipping area makes it the unmarried largest supply of GHG emissions in Europe. Road delivery is responsible for approximately 73 % of total delivery GHG emissions, as Europe’s more than 308.3 million road motors are over 95 % reliant on oil-primarily based fuels. At the identical time, there is a huge scope of low emission opportunity fuels for vehicles that could lessen the oil dependence of the transport region and lower GHG in avenue shipping. Today, over 2 million herbal gas cars are in use all around the EU, which may be subsidized by a community of 4041 CNG and LNG fueling stations.
Replacing petrol motors with CNG cars can reduce energy use by way of approximately 10% of the petrol equivalent. With growing gas expenses and electric powered motors prohibitively highly-priced for the majority, the public turns to vehicles jogging on reasonably-priced alternative fuel, which includes compressed herbal fuel.
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Market Segmentation:
By Type
l Type 1
l Type 2
l Type 3
l Type 4
By Material
l Steel
l Glass Fiber
l Carbon Fiber
l Aluminum
l Others
By Vehicle
l Light Duty
l Medium Duty
l Heavy Duty
Competitive Landscape
The global compressed natural gas (CNG) tanks/cylinders market is moderately competitive and has witnessed new entrants due to the rising sales of CNG vehicles. Major players in the market include Hexagon Agility, Worthington Industries, 3M, Luxfer Group, Cobham Limited, Quantum Fuel Systems Technologies, CNG United, REL Inc, Time Technoplast Ltd, Steelhead Composites and others. The players in the market are known to incorporate numerous market strategies to achieve growth in the global compressed natural gas (CNG) tanks/cylinders market; these include product launches, expansion and partnerships.
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