Future Forecast: CNG, RNG, And Hydrogen Tanks Industry Market Growth
Key Ideas
  • The market size for CNG, RNG, and hydrogen tanks is expected to reach $2.62 billion in 2025 with a CAGR of 11.0%, attributing growth factors to cost effectiveness, energy security concerns, and renewable energy adoption.
  • By 2029, the market is forecasted to grow to $3.88 billion with a CAGR of 10.3%, driven by green energy policies, government initiatives, and advancements in tank technology.
  • Government initiatives globally to use clean fuels are propelling the growth of the CNG, RNG, and hydrogen tank market, creating a demand for alternative energy sources and purer fuels.
  • Product innovations, such as fully automated manufacturing lines for CNG/RNG tanks, are on the rise, leading to optimized manufacturing processes and improved operational efficiency in the sector.
The market for CNG, RNG, and hydrogen tanks is experiencing significant growth, with a forecasted increase in market size from $2.36 billion in 2024 to $2.62 billion by 2025. This growth is attributed to factors such as cost effectiveness, energy security concerns, infrastructure advancements, and a shift towards renewable energy in the transportation sector. Anticipated long-term growth through 2029 projects the market to reach $3.88 billion, driven by green energy policies, government initiatives, and advancements in tank technology. Government support for clean fuel usage globally is fueling market expansion by increasing the need for CNG transport and storage tanks. Product innovations, like automated manufacturing lines, are emerging trends enhancing operational efficiency within the industry. Leading companies in the market include Worthington Industries Inc., Hexagon Composites ASA, and Agility Fuel Solutions. Asia-Pacific led the market in 2024, showcasing significant revenue generation.
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