123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

Lucintel Report Forecasts Composite Cng Tanks Market To Reach $524 Million By 2019

By Author: Roy Almaguer
Total Articles: 84

Growth in the natural gas vehicles has driven the composite CNG tanks in the automotive industry. Composite CNG tanks are lightweight which results into fuel efficiency of the vehicles which drive the market. Europe has been the top region in terms of total CNG tanks demand whereas ROW saw the highest growth rate due to rapidly increasing demand for alternative fuel powered vehicles and small base phenomena. Total worldwide composite CNG tanks market is expected to reach $524 million by 2019 with a double digit growth over the next five years. Heavy duty vehicle is expected to generate huge demand for composite CNG tanks as fleet operators are switching towards CNG powered vehicles to reduce the operating cost. Significant growth in demand for type-IV tank is expected due to the high pressure requirement to store an increasingly greater volume of gas, which also reduces the overall cost of transportation for fleet operators.
Lucintel, a leading global management consulting and market research firm, has conducted a detailed analysis on this market and presents its findings in “Growth Opportunities for Composite CNG Tanks in Global Automotive Industry 2014-2019: Trend, Forecast, and Competitive Analysis.” The report analyses the composite CNG tanks market for all the four regions and analyses the risk factors and growth opportunities. The composite CNG tanks market is segmented by region (NA, Europe, APAC, and ROW), type of tanks (Type-II, Type-III, and Type-IV), by applications (Light-duty and Heavy-duty vehicles), and composites consumption by fiber type (carbon and glass fiber).

Demand for natural gas vehicles is increasing as most of the countries are focusing on reduction of carbon emission which is driving the use of natural gas vehicles which subsequently drives the composite CNG tanks market. Composite CNG tanks are much lighter than their conventional counterparts, resulting in weight savings and more fuel storage capacity, while providing an additional improvement in fuel economy of vehicles. Low-cost natural gas as compared to gasoline and diesel is driving the demand of natural gas vehicles which drive the CNG tanks market.

In terms of regional market, North America is expected to remain a preferred destination for global giants owing to the development of new NGV vehicles, backed by huge natural gas exploration activities that are likely to increase the demand for CNG tanks.
Lucintel highlights key challenges faced by the composite CNG tanks market. Limited refuelling station is still a major challenge for the fleet operators and need to be addressed with the increasing number of vehicles. Composite CNG tanks market is influenced by factors such as safety standards, prices of carbon fiber, and higher cost when compared to traditional steel tanks. The industry is likely to face certain challenges related to stringent qualification testing.
It is necessary to know the market dynamics and future opportunities to make long-term strategic and financial decisions as well as to compete in the market. This report gives insights of the market trend (2008-2013) and forecast period (2014-2019) which will help the interested companies make key decisions. The report includes the region wise analysis, type of tanks, composite consumption by fiber type, and application type for composite CNG tanks market in terms of value and volume. It also provides the customer and competitive analysis of composite CNG tank manufacturers which can help in exploring business opportunities. It is important for every player serving an industry to be aware of the emerging trends, regional growth trajectory, and recent developments in the industry. This study enables manufacturers and other industry players to focus and invest in this market to take advantage of changing demand and subsequent opportunities. Lucintel offerings include Composites Market Report.
For a detailed table of contents and pricing information on this timely, insightful report, contact Lucintel at +1-972-636-5056 or via email at helpdesk@lucintel.com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency. To learn more, visit www.lucintel.com. Like us on https://www.facebook.com/lucintel

Total Views: 73Word Count: 647See All articles From Author

Business Articles

1. Why To Choose Startups For Career Growth
Author: Nita Desai

2. Opportunities For The Global Optical Film Market To Reach $21.8 Billion By 2023
Author: Lucintel

3. Ugc Recognized, Aicte Approved College
Author: adrianabrainbuxa

4. Valley Stream New & Used Honda Dealership
Author: Honda of Valley Stream is here to help you find th

5. Life After You Graduate
Author: celinabrainbuxa

6. Tips To Order Garden Roses Online
Author: Joseph miller

7. The Latest Developments In Supplier Management
Author: James Maron

8. Use Fr Coveralls To Prevent Fire Burns
Author: tara safe

9. Floral Decoration Ideas Using Baby’s Breath
Author: Raman K Miller

10. How To Choose Perfect Garlands To Suit Your Wedding Theme
Author: albert miller

11. Top Engineering Colleges On Placement Record
Author: thomasbrainbuxa

12. Market Research Report - India Personal Care Appliance Market Outlook, 2023
Author: Aarkstore Enterprise

13. 6 Ultimate Ways To Promote Your Services Using Customized T-shirts
Author: T-Shirt Printing Services, T-Shirt printing

14. Best Practices In Home Care
Author: tanvibrainbuxa

15. Benefits Of Tyre Recycling
Author: Guna seelan

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: