United States Compressed Natural Gas CNG Tanks Market was valued at USD 0.9 Billion in 2022 and is projected to reach USD 1.5 Billion by 2030, growing at a CAGR of 7.2% from 2024 to 2030.
The US Compressed Natural Gas (CNG) Tanks Market is gaining momentum due to the increasing demand for alternative energy solutions and the rising shift towards cleaner fuels. As industries seek to reduce their carbon footprints, CNG has emerged as a viable option for a range of applications, including transportation and industrial operations. The market is growing steadily as more companies and sectors adopt CNG as a preferred fuel due to its environmental benefits and cost-effectiveness.
CNG tanks, primarily used in vehicles and industrial equipment, are essential in storing natural gas at high pressure for easy and efficient use. The US CNG tanks market can be divided into different types based on their structure, including Type I, Type II, Type III, and Type IV tanks. Type I tanks are made from steel, Type II tanks are composite overwrapped with steel, Type III tanks are composite overwrapped with aluminum, and Type IV tanks are made entirely from composite materials. The choice of CNG tank depends on factors such as vehicle type, storage requirements, and safety standards.
The demand for CNG tanks is growing in the transportation sector, with a significant push from fleet operators and transit authorities seeking to convert their vehicles to run on cleaner fuels. This is in line with government regulations and policies that incentivize the use of alternative fuels to reduce air pollution. Moreover, industries such as agriculture, mining, and manufacturing are adopting CNG tanks to power machinery and vehicles, further driving market growth.
In addition to transportation, CNG is gaining popularity as a fuel for power generation, heating, and industrial applications. Companies in sectors like manufacturing are turning to CNG-powered systems to reduce operational costs and enhance energy efficiency. As industries increasingly recognize the long-term environmental and economic advantages of CNG, the demand for CNG tanks is expected to rise significantly.
The US CNG tanks market is also influenced by technological advancements in tank manufacturing. Innovations in tank design and materials are enhancing the safety, durability, and efficiency of CNG storage solutions. As manufacturers invest in research and development, the market is poised to see even greater growth, driven by increased industrial and consumer adoption of CNG as a preferred fuel.
Industries from various sectors are investing heavily in CNG infrastructure, further expanding the market's reach. As more companies adopt CNG-powered systems for their operations, the need for high-quality, durable, and safe CNG tanks will continue to rise, ensuring the long-term success of the market.
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Luxfer Group
Hexagon Composites
Worthington Industries
3M
CNGUnited
GO NATURAL CNG
Quantum Fuel Systems Technologies Worldwide
R CNG
Wise Gas
Everest Kanto Cylinders
Faber Industries
Avanco Group
Ullit
BeiJing TianHai Industry
LianYunGang ZhongFu LianZhong Composites Group
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 US Compressed Natural Gas CNG Tanks Market
Type 1: Metal Tanks
Type 2: Metal-Liner Composite Tanks
Type 3: Fully Composite Tanks
Type 4: Plastic-Liner Composite Tanks
Low-Pressure Tanks (up to 2000 psi)
Medium-Pressure Tanks (2000-3000 psi)
High-Pressure Tanks (above 3000 psi)
Transportation
Industrial
Residential
Automotive
Oil and Gas
Energy and Power
Public Transportation
Vertical CNG Tanks
Horizontal CNG Tanks
Modular CNG Tanks
US (United States, US 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 US Compressed Natural Gas CNG Tanks 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. US Compressed Natural Gas CNG Tanks Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US Compressed Natural Gas CNG Tanks Market, By Type
6. US Compressed Natural Gas CNG Tanks Market, By Application
7. US Compressed Natural Gas CNG Tanks Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US Compressed Natural Gas CNG Tanks Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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