CNG Tank Market Segmentation:
Application Segment Analysis
The refinery segment is expected to capture 35.1% of the global CNG tanks market share by 2035. The importance of refineries in desulfurizing fuels is contributing to their dominance in the CNG tank market. CNG tanks are highly used as efficient storage solutions by the refinery facilities, which directly contributes to their sales growth. The continuous advancements and modernizations of refinery infrastructure are set to boost the installation of advanced CNG tanks. Furthermore, the supportive government policies and shift towards renewable fuels are accelerating the application of CNG tanks in refineries.
End use Segment Analysis
The light-duty vehicles are projected to account for 65.7% of the global CNG tanks market share throughout the assessed period. The growing popularity of zero-emission vehicles is anticipated to drive the sales of CNG tanks in the years ahead. The cost-effectiveness and benefits of mitigating carbon footprint are boosting the sales of CNG tank-based light-duty vehicles. The increasing expansion of CNG infrastructure in developing regions is expected to create a profitable space for CNG vehicle producers. The continuous technological advancements are also boosting the development of advanced CNG tanks. The aftermarket manufacturers are estimated to earn higher gains in the coming years.
Our in-depth analysis of the compressed natural gas (CNG) tanks market includes the following segments:
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