Global CNG Tanks Market to reach USD 1319.6 million by 2026

With the market valued at USD 1319.6 million by 2026, the CNG tanks market is growing substantially at the rate of 6.80%. The report provides insights on market trends, dynamics, challenges and opportunities on a global scenario.
NAVI MUMBAI, India - Sept. 25, 2019 - PRLog -- Aarkstore Market Research entitles the new approach into a Market Research Report "Global CNG Tanks Market Size Study And Regional Forecasts 2019-2026"

Global CNG Tanks Market Size study, by Raw Material (Metal, Glass Fiber, Carbon Fiber), Vehicle Type (Light Duty, Medium Duty, Heavy Duty), and Regional Forecasts 2019-2026

Global CNG Tanks Market to reach USD 1319.6 million by 2026

Global CNG Tanks Market is valued at approximately USD 779.6 million in 2018 and is anticipated to grow with a healthy growth rate of more than 6.80% over the forecast period 2019-2026.

Compressed Natural Gas (CNG) is an environment-friendly fuel. Compressed natural gas emits less harmful pollutants as compared to fossil fuels, thereby, reducing the concentration of contaminants in the air. This is creating positive scenario in the adoption of CNG Cylinders/tanks. Further, the exploration and production of gasoline and diesel are destructive and also poses a hazard to the environment, and human as well. Moreover, natural gas is considered as an alternative fuel for the reduction of carbon emissions and decelerates global warming and reduces greenhouse gas emissions in the environment. Thus, the growing adoption of CNG is driving the adoption of CNG tanks or cylinders demand. Growing demand for natural gas in the automotive industry, emerging economies coupled with increasing environmental awareness are key driving factors of the market growth. Further, the growing adoption of lightweight composite CNG cylinder is expected to create significant growth opportunity in the market over the forecast period. However, high cost of composites tank coupled with strict regulatory approvals is expected to hamper the market growth over the forecast period.

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