Compressed Natural Gas (CNG) Cylinders Market was valued at USD 3.5 Billion in 2022 and is projected to reach USD 5.9 Billion by 2030, growing at a CAGR of 7.2% from 2024 to 2030.
The global Compressed Natural Gas (CNG) cylinders market was valued at approximately USD 8.7 billion in 2022, reflecting a notable growth trajectory. The market is anticipated to expand at a compound annual growth rate (CAGR) of around 6.4% from 2023 to 2030. This growth is primarily driven by increasing environmental awareness and stringent emission regulations encouraging the adoption of CNG as a cleaner alternative to gasoline and diesel. Additionally, advancements in cylinder technology and rising investments in the infrastructure for CNG refueling stations are contributing to the market’s expansion.
Opportunity analysis indicates significant growth potential in emerging markets, particularly in Asia-Pacific and Latin America, where rising urbanization and industrialization are boosting demand for CNG-powered vehicles. Governments in these regions are also implementing supportive policies and incentives to promote CNG usage. The market's opportunity landscape is further enhanced by the growing trend of retrofitting existing vehicles with CNG systems and the expanding availability of CNG infrastructure. These factors are expected to drive substantial growth in the market over the coming years.
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Sinomatech
Everest Kanto Cylinders
Worthington Industries
Luxfer Group
Hexagon Composites
Beijing Tianhai Industry
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Compressed Natural Gas (CNG) Cylinders Market
Application I
Application II
Application III
Based on Types the Market is categorized into Below types that held the largest Compressed Natural Gas (CNG) Cylinders market share In 2023.
Type 1
Type 2
Type 3
Type 4
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Compressed Natural Gas (CNG) Cylinders Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Compressed Natural Gas (CNG) Cylinders Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Compressed Natural Gas (CNG) Cylinders Market, By Type
6. Global Compressed Natural Gas (CNG) Cylinders Market, By Application
7. Global Compressed Natural Gas (CNG) Cylinders Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Compressed Natural Gas (CNG) Cylinders Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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