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CNG Tanks Market Is Expected To Reach USD 3.53 Billion By 2027 At A CAGR Of 5.8 Percent.

Stellar Market Research has published a report on the CNG Tanks Market that provides a detailed analysis for the forecast period of 2021 to 2027. 

The report comprises thorough insights into the market for industry stakeholders which includes an interpretation of complex market data in simple language, the industry’s historical and current state, along with estimated market size and trends. The report explores all segments of the industry, with a focus on significant players e.g. market leaders, followers, and new entrants. The report covers a detailed PESTLE analysis for different countries. A clear representation of the competitive landscape of key players by products and services, revenue, financial position, portfolio, growth strategies, and regional presence in the CNG Tanks market make the report an investor’s guide.

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CNG is an abbreviation for compressed natural gas. Compressed natural gas is a petroleum-based fuel gas that has been compressed to less than 1% of its original volume at normal atmospheric pressure. CNG tanks are compressed natural gas (CNG) storage units that are used as a transportation fleet alternative to gasoline.

Automobile manufacturers have prioritized advanced pollution control systems, which are responsible for the growing number of cleaner automobiles on the road throughout the world. Automobile manufacturers have made significant expenditures in creating vehicles that operate on a variety of fuel sources, including CNG and hydrogen fuels, among others. CNG-powered automobiles are the Honda Civic GX CNG and the Opel Zafira CNG. Furthermore, governments are encouraging the use of compressed natural gas (CNG) in public transportation.

Exploration and production of natural gas are increasing all over the world. Despite a recent slowing in growth, increased shale gas drilling in the United States is altering the natural gas industry. Compressed natural gas (CNG) is becoming a viable choice for the vehicle sector as gasoline and diesel fuel prices rise, natural gas costs fall, environmental concerns arise, and demand in Asia-Pacific grows.

With recent technological advancements, CNG tanks/cylinders are now available in a variety of kinds, including Type 1, Type 2, Type 3, and Type 4. CNG tanks/cylinders are made from a variety of materials, including metals, glass fiber, and carbon fiber. The major challenges in the CNG tanks market include a lack of refueling infrastructure, rising raw material prices, and the high cost of composite tanks. Companies must do frequent product research and development to maintain their competitive position in the market.

CNG Tanks Market Regional Analysis:

Due to supporting government initiatives and lesser EV penetration in countries such as India, Thailand, Indonesia, and Malaysia, the Asia-Pacific region accounts for more than half of the total market share for CNG tanks. Europe and North America have higher EV penetration than Asia-Pacific (excluding China).

China and India are major contributors to APAC’s increasing CNG tank market. According to the US Energy Information Administration, non-OECD nations’ natural gas consumption is expected to outstrip regional supply by 2050, with China, India, Bangladesh, Thailand, and Vietnam leading the way. Developed economies in the area, such as Japan, South Korea, Australia, and New Zealand, are expected to have low natural gas consumption throughout the forecast period. The region’s CNG tank production will benefit from the rising usage.

The regional market is growing due to a shift in customer preference toward CNG-powered cars as a result of government efforts. In India, the National Green Tribunal has ordered that all commercial and passenger cars in Delhi be converted to CNG, and the rest of the country is anticipated to follow suit.

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CNG Tanks Market Key Competitors:

Stellar Market Research, established in 2018, is an India-based consulting firm that focuses on supporting customers with company transformation goals through advisory services and long-term planning. The business uses its extensive industry knowledge and huge network to provide insightful views on reports that provide customers with a strategic advantage. Its heavy emphasis on secondary market analysis, consumer purchasing patterns, and price fluctuations offer clients a market portfolio that will enable their organization to gain a permanent presence or strategize solutions and take the course of action that will result in incredible growth and market dominance.

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