CNG, GNR and Hydrogen Tank Market Benefits from Reliability

The global push for e-mobility and the rampant depletion of fossil fuel reserves have forced renewable fuel alternatives like compressed natural gas (CNG), renewable natural gas (RNG) and hydrogen gas to take the lead. traditional gasoline and related fuels over the past decade. . CNG is in particularly high demand due to its cheaper price profile than diesel and gasoline. Being less expensive than gasoline, CNG is generally not subject to price fluctuations. Additionally, CNG tanks ensure a constant supply of fuel and eliminate the need for special maintenance unlike gasoline and diesel. A new study coming soon from Fairfield Market Research. The report aims to reveal how the market potential of CNG, RNG and Hydrogen would improve the outlook of the global CNG, RNG and Hydrogen tanks market.

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Favorable regulatory framework to foster market growth

With several governments around the world announcing incentives for the use of CNG vehicles, the demand for CNG tanks is expected to increase. Rising R&D around CNG technology and other alternative fuels is also likely to drive the growth of the CNG, RNG and hydrogen tank market in the future. There has been a growing effort to increase the convenience and affordability of switching to CNG, which should encourage CNG adoption, thus pushing the progress of the domestic energy market. The market for CNG, RNG and hydrogen tanks will therefore receive a strong boost from this anticipated scenario.

Industry is witnessing a shift to CNG

As the cost of CNG is about half that of gasoline and the resulting emissions are also almost 3 times less in the case of the former, rising gasoline prices have created a breeding ground for market expansion of CNG, GNR and hydrogen tanks. While CNG has seen rapid growing adoption for buses, taxis and government fleets, the cost of conversion also tends to pay for itself within the next 5-6 years due to reduced fuel costs. However, CNG tanks require a lot of space and the infrastructure is still underdeveloped. This remains a long-standing challenge with regard to the adoption of CNG in the future. On the other hand, Asia-Pacific markets have observed a growing trend, namely the conversion of gasoline vehicles to CNG vehicles. A growing number of consumers are also considering switching to CNG in response to rising gasoline prices. This is expected to boost the market growth in the region.

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Asia-Pacific takes a prominent place in the CNG space

The demand for CNG as a preferred alternative fuel has seen a continuous upward trend across the Asian subcontinent. The Asia-Pacific fleet management system has recently generated remarkable demand for CNG as a viable alternative fuel. With the rise of natural gas in the automotive industry, fleet managers have recently become interested in the low operating costs of CNG-powered cars. A more interesting and desirable factor is the reduction of carbon emissions. In the region’s accelerated journey towards e-mobility, CNG is seen as one of the key enablers. With major countries in the region targeting electrification of their transport systems, CNG consumption is expected to increase in the future. Rising investment in CNG infrastructure development by Asian leaders like China, Thailand, India, and Indonesia further indicates an opportunity in the market for CNG, RNG, and hydrogen tanks in all of Asia-Pacific.

Vendor Landscape – Global CNG, RNG and Hydrogen Tanks Market

Some of the major companies driving competition in the global CNG, RNG and Hydrogen Tanks market would be covered in the competitive analysis section of the report. Hexagon Composites ASA, Luxfer Group, Faber Industrie, SpA, Everest Kanto Cylinders Ltd., Worthington Industries, Inc. are some of the brands that would be profiled to reveal their strategic and financial information.

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