Over the next five years, Compressed Natural Gas (CNG) Cylinders will register a 6.8% CAGR in terms of revenue, reach US$ 1080 million by 2023, from US$ 730 million in 2017.
Compressed Natural Gas (CNG) Cylinders is made using the cylinder shape with a semi-spherical shape covering each end. The cylinder and semi-spherical shapes provide the strongest structural shape because the circular and spherical shapes provide for equal distribution of stresses throughout the inner area of the tank producing the highest safety available for high-pressure vessels. Compressed Natural Gas (CNG) Cylinders is made using the cylinder shape with a semi-spherical shape covering each end. The cylinder and semi-spherical shapes provide the strongest structural shape because the circular and spherical shapes provide for equal distribution of stresses throughout the inner area of the tank producing the highest safety available for high-pressure vessels.
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The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report:
Everest Kanto Cylinders
Beijing Tianhai Industry
The Compressed Natural Gas (CNG) Cylinders industry is not highly concentrated, there are more than one hundred manufacturers in the world, and high-end products mainly come from North America and Western Europe. Limited refueling infrastructures, and higher prices of composite cylinders, are some of the factors that hinder the growth of the CNG tanks/cylinders. Rising price of raw materials such as metals, glass fiber, carbon fiber, and other components used in manufacturing of CNG tanks/cylinders are the few challenges inhibiting the growth of the CNG tanks/cylinders market. The growth in CNG cylinder market for storage and transportation of CNG would be dependent on government plans and initiatives to switch over to alternative fuel. However, with natural gas being progressively made available in most parts of the country and the rising cost of fuels (except for the fall in prices witnessed since the second half of the year), it is expected that the Government policies would be progressive favoring CNG as a fuel.
The recent judicial activism at the highest level resulting which the Government has been mandated to have uniform natural gas prices across worldwide is a beneficial development, which will improve the availability of CNG at reasonable cost across India, which will induce consumers to switch over to CNG vehicles. This would lead to an accelerated growth in the CNG cylinder industry. Policy decision by the government to de-regulate diesel prices will turn some of the demand to CNG. The expected increase in supply of domestic gas due to the gas price hike will add impetus to the demand in the long run.
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This report presents a comprehensive overview, market shares, and growth opportunities of Compressed Natural Gas (CNG) Cylinders market by product type, application, key manufacturers and key regions.
Segmentation by product type:
Segmentation by application:
This report also splits the market by region:
Middle East & Africa
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
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To study and analyze the global Compressed Natural Gas (CNG) Cylinders consumption (value & volume) by key regions/countries, product type and application, history data from 2013 to 2017, and forecast to 2023.
To understand the structure of Compressed Natural Gas (CNG) Cylinders market by identifying its various subsegments.
Focuses on the key global Compressed Natural Gas (CNG) Cylinders manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Compressed Natural Gas (CNG) Cylinders with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the consumption of Compressed Natural Gas (CNG) Cylinders submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.