According to a new market report published by Credence Research Global CNG Cylinders Market– Growth, Future Prospects & Competitive Analysis, 2017 – 2025, the Global CNG Cylinders Market is expected to reach US$ 4.0 Bn by 2025, expanding at a CAGR of 12.3% during the forecast period 2017 – 2025.
Browse the full Global CNG Cylinders Market by Type, Material, Application and Geography – Growth, Future Prospects & Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/cng-cylinders-market
Rising environmental concerns over the emission of greenhouse gases inclining economies across the globe to reduce their dependence on oil and shift towards natural gas to control air pollution. Moreover, macroeconomic factors such as setting of new greenhouse gases emission targets at Paris climate change conference which includes agreement and commitment by both G20 and the G7 countries to improve on energy efficiency, increasing the investment in development of CNG storage and distribution infrastructure which in turn is driving the demand for CNG cylinders over the forecast period. Various government across the globe are taking various initiatives such as tax benefits and subsidies to increase the adoption of natural gas including CNG and LNG. Further, increasing market penetration of CNG along with growth in NGV (Natural Gas Vehicles) is anticipated to drive the demand for CNG cylinders. Furthermore, increasing consumer awareness about associated advantages such as improved fuel efficiency over the conventional fuels including gasoline and diesel oil is another factor anticipated to drive the demand for CNG cylinders overs over the forecast period. High demand form key consuming economies including China, India, Brazil, etc. are anticipated to fuel the demand for CNG cylinders over the forecast period (2017-2025).
Global CNG Cylinders market is segmented on the basis of type, material, application and geography. By type, type 1 segment was the most dominant segment in global CNG cylinders market in 2016 and anticipated to continue its dominance over the forecast period. Low cost of type 1 cylinders and high market penetration is projected to drive the growth of the segment during the forecast period. Based on material type, metal segment accounted for the largest share in global CNG cylinders market owing its wide application in type 1, type 2 and type 3 cylinders. By application, light passenger vehicles application segment was estimated to be the largest application segment in global CNG cylinders market in 2016. Growth in number of NGV car owing increasing adoption of CNG as an alternative fuel is anticipated to drive the growth of segment. On the basis of geography, Asia Pacific was estimated to be the largest market for CNG Cylinders in 2016. Increasing investment in development of supply and distribution infrastructure for CNG in the region especially in China and India is projected to spur the demand for CNG cylinders in the region during the forecast period. Major players in global CNG Cylinders market are investing in expansion of research and development, expansion of production capacity, merger and acquisition with focus on increasing market penetration.
Overall, global CNG cylinders market is anticipated to register robust growth over the forecast period (2017-2025).
- Merger & Acquisition
- Investment in R&D
- Expansion in emerging economies
- Production capacity expansion