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The global CNG tank market looks attractive with opportunities in automotive and bulk transportation applications. The global CNG tank market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $1.0 billion by 2025 with a CAGR of 1% to 2% from 2020 to 2025. The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and lower cost of natural gas than gasoline and diesel.
Emerging trends, which have a direct impact on the dynamics of the industry, include the increase in green fleet and development of type V tanks.
A total of 95 figures / charts and 68 tables are provided in this 136-page report to help in your business decisions. Sample figures with some insights are shown below. To learn the scope of, benefits, companies researched and other details of this CNG tank industry report, download the report brochure.
In this market, automotive is the largest application of global CNG tank, whereas metal is largest in material type. Growth in various segments of the CNG tank market are given below:
CNG Tank Market by Segments