CNG
(compressed natural gas) is an alternative fuel which produces less emission
than diesel and petrol. Rising prices of diesel and petrol will favor the
global CNG tank market. This would result in consumers shifting their
preference towards a cheaper and viable alternative.
Governmental
concerns regarding the environment will positively affect the market. Monetary
subsidies as well as CNG’s capability to reduce pollution in automobiles are
factors working in its favor. Cost and placement of CNG tanks as well as the
limited filling stations are a challenge for the market. Increased research on
dual fuel tanks by major automobile manufacturers is likely to propel global
CNG tank market.
The
global CNG tank market is divided by material, vehicle, and regions. CNG tanks
are made from metals, carbon fiber, and metal fiber. Light duty vehicles (LDV),
medium duty vehicles (MDV), and heavy duty vehicles (HDV) are applications of
the market. Out of these, LDVs will experience a significant growth rate from
2014 to 2020 (forecast phase).
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This
can be attributed on account of automobile manufacturers producing vehicles
compatible with natural gas and CNG. Additionally, their demand for clean fuels
in automobiles and increased vehicle efficiency will drive market demand over
the next 6 years.
Public
transportation units in Latin America and Asia Pacific are fitted with CNG kits
owing to their consumption and fast capital returns. Existing
gasoline-dependent cars can be converted to dual-fuel technology by installing
CNG kits, which will fuel demand for LDVs. LDVs expects to experience a 9.1%
CAGR over the forecast period.
The
global CNG tank market is complicated with government policies and subsidies
which differ from region to region. Asia Pacific dominates the market,
accounting for approximately 45% market volume in 2013. Countries of Malaysia,
Indonesia, and China are expected to be the major contributors to market
revenue on account of easily disposable income.
Government
regulations making it mandatory to use CNG as an alternative fuel is expected
to drive the market. Europe was the second largest market, followed by Central
& South America.
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