PUBLISHER: The Business Research Company | PRODUCT CODE: 1658894
PUBLISHER: The Business Research Company | PRODUCT CODE: 1658894
CNG, RNG, and hydrogen tanks are designed for the transportation of high-pressure gases, primarily used for conveying gases to substations or other locations.
The primary gases associated with CNG, RNG, and hydrogen tanks include Compressed Natural Gas (CNG), hydrogen, and Renewable Natural Gas (RNG). Compressed Natural Gas (CNG) is natural gas under pressure, characterized by being clear, odorless, and non-corrosive. CNG presents significant fuel savings compared to gasoline and serves as a viable alternative to liquid fuels. CNG tanks, used for storage and transportation, are categorized into four types (Types 1-4). The main materials utilized are metal, carbon fiber, and glass fiber, with tank types including Type 1, Type 2, Type 3, and Type 4. These tanks find applications in fuel storage and transportation.
The CNG, RNG, and hydrogen tanks market research report is one of a series of new reports from The Business Research Company that provides CNG, RNG, and hydrogen tanks market statistics, including CNG, RNG, and hydrogen tanks industry global market size, regional shares, competitors with a CNG, RNG, and hydrogen tanks market share, detailed CNG, RNG, and hydrogen tanks market segments, market trends and opportunities, and any further data you may need to thrive in the CNG, RNG, and hydrogen tanks industry. This CNG, RNG, and hydrogen tanks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The CNG, RNG, and hydrogen tanks market size has grown rapidly in recent years. It will grow from $2.36 billion in 2024 to $2.62 billion in 2025 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to cost competitiveness and economic viability, energy security concerns, infrastructure development, transportation sector adoption, shift towards renewable energy.
The CNG, RNG, and hydrogen tanks market size is expected to see rapid growth in the next few years. It will grow to $3.88 billion in 2029 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to green energy policies and regulations, government initiatives and subsidies, rising awareness of climate change and sustainability, expansion in transportation sector adoption. Major trends in the forecast period include innovation in tank technology, strategic collaborations, environmental regulations and sustainability goals, government support and incentives, technological advancements in storage.
Government initiatives aimed at adopting cleaner fuels are serving as a driving force for the CNG, RNG, and hydrogen tank market. Clean fuel, treated with ethanol to reduce greenhouse gas emissions, is becoming a global necessity. Governments worldwide are embracing sustainable energy initiatives and withdrawing subsidies to accelerate decarbonization. Notably, the Russian government's strategic objectives, including clean energy and new nuclear energy initiatives, exemplify this trend, fostering socioeconomic development. The surge in demand for CNG transportation and storage tanks is a direct result of these impactful government initiatives, as reported in a February 2022 press release.
The increasing demand for natural gas is projected to drive the growth of the CNG, RNG, and hydrogen tanks market in the future. Natural gas is a complex mixture of gases primarily composed of methane (CH4), along with trace amounts of higher alkanes, nitrogen, hydrogen sulfide (H2S), helium (He), and carbon dioxide. CNG, RNG, and hydrogen tanks are utilized for the storage and transportation of natural gas, employing advanced, lightweight compressed gas storage technology. For example, in April 2024, the Energy Information Administration, a U.S. government agency responsible for collecting energy data, reported that U.S. natural gas consumption averaged 89.1 billion cubic feet per day (Bcf/d), marking a new record for the highest annual consumption. Thus, the rising demand for natural gas is driving the growth of the CNG, RNG, and hydrogen tanks market.
A notable trend in the CNG, RNG, and hydrogen tanks market is the emphasis on product innovations. Key industry players are investing in advanced, fully automated production lines for CHG/CNG tanks. These innovations are geared towards enhancing various production line aspects, including liner preparation, visual inspection, buffer stations, and automated resin mixing and delivery systems. Hexagon Agility Inc., a major player, exemplifies this trend with the launch of TITAN 450 modules in January 2023. These modules, designed for compressed and renewable natural gas transportation, reflect a commitment to operational efficiency and reduced costs, accommodating almost 500,000 standard cubic feet of CNG or RNG in a 40-foot module.
Major companies in the CNG, RNG, and hydrogen tanks market are strategically developing innovative products, such as hydrogen tanks, to meet customer needs reliably. Hydrogen tanks, designed to store hydrogen safely, are constructed from high-strength materials like carbon fiber composites or aluminum. Quantum Fuel Systems LLC introduced a next-generation Hydrogen Fuel Storage System in May 2023, featuring lightweight, resilient Type 4 hydrogen tanks that comply with industry safety and quality standards. The system, with its aerodynamic design, automotive-grade controller, and straightforward integration, demonstrates a commitment to advancing hydrogen storage solutions.
In April 2022, Hexagon Composites ASA, a Norway-based clean fuel solutions company, acquired a 40% stake in Cryoshelter GmbH for an undisclosed amount. This acquisition allows Hexagon Composites ASA to enhance its portfolio with Cryoshelter GmbH's advanced cryogenic tank technology, enabling the company to better meet the increasing demand for LNG and liquid hydrogen storage solutions. Cryoshelter GmbH, based in Austria, specializes in cutting-edge cryogenic tank technology for LNG and liquid hydrogen storage and transport systems.
Major companies operating in the CNG, RNG, and hydrogen tanks market are Worthington Industries Inc., Rama Cylinders Private Limited, Luxfer Group, Hexagon Composites ASA, Everest Kanto Cylinders Ltd., Quantum Fuel Systems LLC, Sahuwala Cylinders Ltd., Avanco Group, Beijing Tianhai Industry Co. Ltd., Agility Fuel Solutions, Steelhead Composites Inc., NPROXX B.V., Ullit SA, Doosan Mobility Innovation Co. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Faber Industrie SpA, Praxair Technologies Inc., Xinyi Beijing Tianhai Industry Co. Ltd., CIMC ENRIC Holdings Limited, FIBA Technologies Inc., CNG Cylinders International, Natural Gas Vehicle Coalition, NGV Motori S p A, Cenergy Solutions, Infinite Cylinders Limited, Taiyo Nippon Sanso Corporation, VPS Group, OMNI CNG Systems LLC, Winkelmann Group, Luxshare Precision Co. Ltd.
Asia-Pacific was the largest region in the CNG, RNG and Hydrogen market in 2024. The regions covered in the cng, rng, and hydrogen tanks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cng, rng, and hydrogen tanks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The CNG, RNG, and hydrogen tanks market consists of sales of tanks including fuel tanks for light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
CNG, RNG, And Hydrogen Tanks Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cng, rng, and hydrogen tanks market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cng, rng, and hydrogen tanks ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cng, rng, and hydrogen tanks market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.