Lucintel’s latest market report analyzed that global CNG tank provides attractive opportunities in automotive and bulk transportation applications. The Global CNG tank market is expected to reach $1.0 billion by 2025 with a CAGR of 0.9%. In this market, automotive is the largest segment by application, whereas type I is largest by tank type. The increase in green fleet and development of type V tanks provides strategic growth path in this market.
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Based on applications, the global CNG tank market is segmented into automotive and bulk transportation. The automotive segment accounted for the largest share of the market in 2020 and is expected to register the highest CAGR during the forecast period due to expected growth in the fleet of alternative fuel powered vehicles is the major driving factor that is likely to spur growth for this segment over the forecast period.
Browse in-depth TOC on “Global CNG Tank Market”
68 – Tables
95 – Figures
136 – Pages
The Global CNG Tank Market is marked by the presence of several big and small players. Some of the prominent players offering global CNG tank include Hexagon Composites ASA, Luxfer Gas Cylinder, Worthington Cylinders, Faber Industries S.p.A., and Everest Kanto Cylinder Ltd.
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