From GlobeNewswire: 2024-11-18 10:00:00

The CNG, RNG, and Hydrogen Tanks Market is set to grow to USD 19.6 billion by 2032, with a CAGR of 7.9% from 2024 to 2032. The market is being driven by government support, subsidies, and mandates for cleaner transportation, especially in North America, Europe, and Asia.

CNG and RNG are gaining popularity as cleaner fuel alternatives for transportation, with governments worldwide introducing incentives and regulations to promote their use. Meanwhile, hydrogen is emerging as a key element in the global energy transition, driving demand for hydrogen storage tanks for vehicles and industrial applications.

In 2023, Asia Pacific held the largest market share for CNG, RNG, and hydrogen tanks, accounting for 48% of the global market. The region’s rapid adoption of clean fuels and vehicles, along with supportive government policies and investments, has propelled its dominance in the market.

Recent developments include Hexagon Purus launching new hydrogen storage solutions for fuel cell electric vehicles, and Toyota unveiling fuel cell-powered trucks with high-pressure hydrogen tanks for long-range capabilities. These innovations are driving the market forward and shaping the future of clean transportation.



Read more at GlobeNewswire: CNG, RNG, and Hydrogen Tanks Market Set to Reach USD 6.6