The factors such as increasing number of natural gas vehicles, adoption of green hydrogen and RNG as a 100% clean fuel in developed economies, and stringent eco-friendly laws are boosting the demand for CNG, RNG, and hydrogen fuels. However, the market growth is restricted due to high cost of production of hydrogen and RNG and lack of required their refueling infrastructurein developing countries. The global CNG, RNG, and hydrogen tanks market size is expected to grow from USD 2.1 billion in 2021 to USD 3.2 billion by 2026, projecting a CAGR of 9.2% during the forecast periodbetween 2021 and 2026.
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Companies operating in the CNG, RNG, and hydrogen tanks market have strengthened their position in the global CNG, RNG, and hydrogentanks market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers& acquisitions from 2015-2020.
In May 2020, CIMC Enric entered into an agreement with Hexagon to manufacture type 4 cylinders hydrogen for FCEVS, storage and transportation solutions. This agreement would help the company to become the largest type 4 suppliers of comprehensive solutions for compressed hydrogen storage, transportation and distribution in China and even Southeast Asia.
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In July 2020, Hexagon Purus received the first contract from a major US hydrogen fuel supplier to provide hydrogen transport modules in the US. The purchased transport modules are composed of Hexagon’s proprietary, lightweight, Type 4, 500 bar pressure vessels.
Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US), Everest Kanto Cylinders Ltd. (Mumbai), Praxair Technologies Inc. (US), Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Lianyungang ZhongfuLianzhong Composites Group Co. Ltd. (China), Faber IndustrieSpA (Italy), are some of the key players in the CNG, RNG, and hydrogen tanks market. The companies such as Hexagon Composites ASA, Luxfer Group, Quantum Fuel Systems are focusing on developing cost-effective technologies for developing type3 and type 4 tanks.
