According to a recently published report by Brisk Insights, the Global CNG Cylinders Market is expected to grow at the CAGR of 12.3% during 2017-2025. The global CNG cylinders market is segmented on the basis of material, type, application and geography. The report on global CNG Cylinders market (by material, type, application and geography) provides a detailed overview and predictive analysis of the market.
Full report available on CNG Cylinders Market: Global Industry Size, Growth, Share and Forecast to 2025 report at http://www.briskinsights.com/report/cng-cylinders-market
Demand for CNG cylinders is expected to gain thrust with growth in number of natural gas vehicles along with rapid development in supply and distribution infrastructure of compressed natural gas (CNG). Growing inclination among major economies to reduce carbon footprints inclining economies to shift to natural gas to meet their energy demand. Increasing government initiatives such as subsidies on natural gas vehicles (NGV) and tax benefits coupled with increasing awareness among consumers about associated advantages such as improved vehicle fuel efficiency increasing the adoption of CNG as alternative fuel to the conventional fuels such as diesel and gasoline. This in turn is anticipated to drive the demand for CNG cylinders over the forecast period. Furthermore, increasing sales of Bi-fuel vehicles is increasing the adoption of natural gas vehicles which in turn is fueling the demand for CNG cylinders over the forecast period. Besides this, advancement in technology facilitating the development of light weight Type 4 CNG cylinders made up of carbon fiber. Increasing popularity of light weight carbon fiber cylinders is further projected to propel the adoption of CNG cylinders over the forecast period (2017-2025).
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Asia Pacific is estimated to be the largest market for CNG cylinders in 2016 and anticipated to continue its dominance over the forecast period. High demand for natural gas vehicles owing to rapid growth in disposable income of middle class especially in China, India and South Korea is anticipate to drive the demand for the CNG cylinders in the region. China is projected to be the largest consumer of CNG cylinders in the region and anticipated to witness high growth in demand for CNG cylinders over the forecast period (2017-2025). Further, growing inclination of various governments in the region driving the economies to shift to natural gas as the major source for their energy requirements which in turn is fueling the demand for CNG cylinders in the region. Key players in the market are investing research and development for the new product development along with increasing their market penetration in key consuming economies.
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