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Global CNG, RNG, and Hydrogen Tanks Market: Overview

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.

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Global CNG, RNG, and Hydrogen Tanks Market: Notable Developments

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.

Global CNG, RNG, and Hydrogen Tanks Market: Key Trends

Below-mentioned market trends and opportunities mark the global CNG, RNG, and hydrogen tanks market:

Increasing Governmental Emphasis on Reducing Harmful Emissions to Drive Market Growth

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.

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Global CNG, RNG, and Hydrogen Tanks Market: Geographical Analysis

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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Cng Rng And Hydrogen Tanks Market