Lucintel: The Global CNG Tank Market Is Expected to Reach $1.5 Billion By 2026
DALLAS, TX / ACCESSWIRE / January 14, 2021 / According to a new market report published by Lucintel, the future of the global CNG tank market looks attractive with opportunities in automotive and bulk transportation applications. The global CNG tank market is declined in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $1.6 billion by 2026 with a CAGR of 6% to 8% from 2021 to 2026. The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and lower cost of natural gas than gasoline and diesel.