The Global water Storage Tank Market is expected to touch USD 16.8 billion by 2027, at a CAGR of 3.8 % during the forecast period
Published | 20 July 2020
Storage Tank is a vessel that holds liquids, compressed gases
(gas tank), or a medium used for short- or long-term heat or cold storage.
Storage tanks are often cylindrical and perpendicular to the ground with flat
bases and fixed or floating roofs. There are usually many environmental
specifications followed while designing storage tanks and using the same during
operations.
The specifications vary with the nature of the fluid contained
in them. Aboveground Storage Tanks (AST) differ from Underground storage tanks
(UST) in the types of specifications followed. Rapid population growth has led
to magnified drinking water demand in urban and rural areas as well as
nationwide enterprises and utilities. In some regions, people face water
scarcity for many reasons and tend to store water for regular usage. They
provide a lucrative opportunity for this market. The surge in water consumption
by the industrial and commercial sectors has also stimulated the appeal of
water storage tanks. Growing oil and gas examination activities worldwide have
contributed significantly to the rising demand for water storage systems. It
has influenced the global market for storage tanks.
Besides, the increasing population has led to a higher demand
for storage tanks from public and private utility services in urban and rural
areas equally. On the other hand, it has been recognized that the installation
of water storage systems needs substantial capital expenditure, which may slow
down the growth of this market.
Oil and gas industry is playing a significant role in the growth
of Water Storage Tank Market
In terms of application, the storage tank market can be
classified as commercial, residential, municipal, and industrial. In terms of
application, the worldwide market for water storage systems has noticed a
significant number of requests from the oil and gas industry. It needs a large
quantity of water in its hydraulic fracturing process. The water tanks are used
to store clean water as well as contaminated water. The water effluence is
stored and treated before discharging it into the environment. The surge in oil
and gas exploration activities has advanced the requests for the water storage
system. Apart from this, water storage tanks are used in several end-use
industries such as the commercial, residential, municipal, and industrial
sectors. The municipal sector is the foremost end-use sector in the market as
it is responsible for meeting the demand for water with an adequate supply of
drinking water in urban, semi-urban, and rural areas. Municipalities have an
extensive network of water storage systems to store and allocate water
according to community needs.
Drivers
Water scarcity in several regions
Water shortage is the most dreadful consequence of global
warming. According to the United Nations, about half of the world's populace
could face severe water scarcity by 2030, and the water demand may surpass its
supply by 40%. Increasing anxiety over the conservative use of water due to
lack of drinking water has led to the development of the global market for
water storage tanks in numerous areas. The surge in water consumption in the
industrial and commercial sectors has also stimulated the request for water
storage tanks. Increasing oil and gas exploration activities around the world
have also inflated the request for water storage systems. Eventually, all the
developments influence the global market positively.
The demand for water storage tanks in different industries
The surge in water consumption in the industrial and commercial
sectors has also stimulated the need for water storage tanks. Increasing oil
and gas exploration activities around the world have raised the request for
water storage systems. Overall, the market has an optimistic outlook globally.
The development of metal manufacturing and chemical industries in both emerging
and developed economies offers a lucrative opportunity to the global storage
tanks market. Furthermore, increasing requests for storage tanks in different
applications, such as health care, food & beverages, electronics,
automotive, construction, and pharmaceutical, is projected to push the global
storage tank market in the next few years.
North America and Europe -the major contributors to the growth
in the market during the forecast period
The global market for water storage tanks has been segregated
into Europe, Asia Pacific, North America, Middle East & Africa, and South
America based on regions. The advanced economies of North America and Europe
have played a significant role in developing the worldwide market. However, the
Asia-Pacific and the rest of the world market hold strong potential for
expansion. The increasing scarcity of drinking water has led to increased
awareness of water conservation in these regions. That has fueled the request
for water storage tanks. In Asia-Pacific, many south Asian countries face
severe water scarcity, and it is a promising market for water storage systems.
In North America, the growth of the water storage system market is propelled
and accelerated by the extensive oil and gas extraction activities requiring
fresh and used water.
Global Water Storage Tank Market: Competitive Landscape
The major players in the market are McDermott International,
Inc.,Caldwell Tanks, Crom Corporation, Tank Connection, DN Tanks,Synalloy
Corporation, Fiber Technology Corporation Inc., ZCL Composites Inc., Sintex
Industries Limited, Superior Tank Co. Inc., CST Industries, Snyder Industries
Inc. and others.
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