Global CNG Tank Market to Reach USD 1.3 Bn by 2022, Predicts Lucintel in Its In-Demand Report Available at MarketPublishers.com14 Aug 2017 • by Natalie Aster
LONDON – The CNG tank market has promising future with lucrative opportunities emerging in the bulk transportation and automotive applications. Through 2022, the world’s CNG tank market is projected to increase at a 5.1% CAGR to climb to the value of USD 1.3 billion. The key market growth drivers comprise escalating number of natural gas vehicles (NGVs) and also lower cost of natural gas (if compared with gasoline or diesel). Noteworthy trends that have a direct impact on the CNG tank market dynamics include the uptake in green fleet and ongoing development of type V tanks.
The automotive industry is the key application segment for CNG tanks. Though 2022, the automotive application is predicted to remain the largest both in term of value and volume. Growth in this application segment will likely be spurred by the increasing fleet of alternative fuel powered vehicles.
Amid different types of tanks, type I tank is anticipated to be the biggest segment owing to its lower cost along with strong demand from the APAC and ROW regions, which boast large NGV fleets.
Asia-Pacific is poised to continue holding the leading position in the global CNG tank market through 2022. This regional CNG tank market is likely to enjoy the highest growth rates propelled by the increasing fleet of alternative fuel powered vehicles and the rising number of CNG refueling stations.
Lucintel’s in-demand research report “Growth Opportunities in the Global CNG Tank Market” traces light on the world’s CNG tank market scenario, examines the major market growth influencing forces, investigates the situation across the main segments and regional markets as well as provides access to reliable updates statistics. Furthermore, this study contains an insightful overview of the top market trends, identifies the key challenges and opportunities, includes an unbiased strategic analysis with details on the recent business activities in the market, describes the competitive environment and discloses data on the leading market participants. A future outlook for the CNG tank market through 2022 is al at hand in this study.
Visit the Lucintel page to find many other in-demand reports created by this publisher.