Due to government encouragement for use of alternative fuels, growth in fuelling infrastructure, strict environmental restrictions, and demand for alternative fuel vehicles like hydrogen fuels, RNG, and CNG is predicted to expand the transportation industry. COVID-19, on the other hand, has lowered demand for CNG, RNG, and hydrogen tanks, since natural and fuel cell car sales have decreased as a result of COVID-19.
Hydrogen-powered automobiles are comparable to electric automobiles. They have electric motors that operate the wheels in the same way as an electric car does, but their batteries are different. Electric power is stored in a traditional battery in an electric car, however in a hydrogen automobile, electricity is deposited in the form of hydrogen and transformed into electricity in a device known as a fuel cell. At present, the cost of automotive storage tanks is too expensive, limiting their utilization. A 5-kg tank for a car costs roughly US$ 4,000-4,500, which is a significant price increase over the automobile's overall cost. The development of Class 4-cylinder tanks built of lightweight carbon fiber is now under way, with the cost of the tanks being reduced by decreasing the pressure of the gas held.
This study from Transparency Market Research (TMR) provides a complete insight of the global CNG, RNG, and hydrogen tanks market. It provides well-researched data on a variety of market aspects in order to provide useful business input for profit generation.
These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites industry. The study includes an in-depth competitive analysis of these key players in the CNG, RNG, and hydrogen tanks market, with their company profiles, recent developments, and key market strategies.
The noted players that are operational in the global CNG, RNG, and hydrogen tanks market are Faber Industrie, SpA, Worthington Industries, Inc., Everest Kanto Cylinders Ltd., Hexagon Composites ASA, Xinyi Beijing Tianhai Industry Co. Ltd., and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
Below-mentioned market trends and opportunities mark the global CNG, RNG, and hydrogen tanks market:
In several locations, including North America and Asia Pacific, tax advantages have been enhanced or extended. For example, in May 2019, the state of Oklahoma's government reviewed and authorized its legislation on tax incentives for compressed natural gas (CNG) cars and refueling. The tax was extended until December 31, 2027, beginning January 1, 2020. This is likely to ensure that Oklahoma continues to lead the country in promoting natural gas as the greatest fuel option for cars. This is likely to increase demand for the product of the company while also helping to keep the environment clean by focusing on the cars with the maximum mileage and worst emissions. This is also likely to benefit the state and its people economically. Furthermore, in December 2019, the Indian Oil Ministry reduced the GST on CNG cars from 28 % to 5%, thereby assisting the government in promoting the use of of gas vehicles. The primary motivation for nations to increase tax incentives is to cut emissions carbon dioxide (CO2), as natural gas emits 25% less CO2 per unit of energy generated than gasoline. As a result, the demand for CNG tanks is expanding.
Due to well-developed CNG infrastructures and rising usage of CNG cars, nations like Thailand, Pakistan, India, and China have a significant need for CNG tanks. Countries like South Korea and Japan, on the other hand, are concentrating their efforts on expanding the market for hydrogen-powered vehicles. These nations' governments have approved a plan to develop a hydrogen economy, which is anticipated to drive the global CNG, RNG, and hydrogen tanks market.