Surge Tanks Market Is Estimated To Reach A Net Worth Of US$ 2.9 Billion By 2032, Says FMI

The surge tank market is anticipated to expand at a CAGR of 4.2 percent between 2022 and 2032. During this projection period, it is expected that the market share for surge tanks will grow, from its current valuation of US$ 1.9 billion in 2022 to a net worth of US$ 2.9 billion in 2032.

A surge tank is a storage tank or vessel made from stainless steel or epoxy coated carbon steel material. A surge tank is a type of reservoir that is used to regulate the flow of liquid in fluctuating pressure situations. Surge tanks mainly find applications in hydropower plants where the pressure of water must be maintained to ensure proper functioning of turbines and to minimise the hammering effect caused due to fluctuations in water flow.

They are also used in oil & gas, chemical and water treatment plants. Surge tanks are designed to accommodate a wide range of pressure & volume and can easily neutralize the effect to avoid system failures and blowouts. Within the Chemical Industry, surge tanks are used in two-phase separation operations where longer retention time is required for effective separation.

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Surge Tanks Market: Dynamics

The surge tanks market is being driven by increasing demand from power & energy applications, especially due to new hydro power plants coming up in developed as well as developing regions. Along with this, rising investments in water infrastructure development across the globe will also support the growth of the surge tanks market.

Moreover, recovery of oil & gas industry coupled with pipeline expansion projects in the U.S., Brazil and Mexico and GCC countries will, in turn, help drive the surge tanks market. Apart from this, the high repair and maintenance cost of regular and coated surge tanks will also affect market growth.

Surge Tanks Market: Regional Outlook

The Global surge tank market is dominated by the Asia Pacific region. In APAC, the prompt growth of end-use industries, such as oil & gas, chemicals and power & energy industry - where surge tanks are frequently used - will help drive the market over the forecast period. Moreover, high investments for developing water infrastructure and setting up new hydro power plants in developing countries, such as China and India, will in turn boost the demand for surge tanks over the forecast period.

The APAC surge tank market is expected to register healthy CAGR over the forecast period. North America and Europe are the major markets for surge tanks. In North America, the U.S. is expected to dominate the market owing to increasing investments in water infrastructure and significant growth of oil & gas industry owing to shale gas exploration. The North America surge tanks market is expected to register significant growth over the forecast period.

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In Europe, EU-5 countries are expected to hold a significant share of the market over the forecast period. Moreover, recovery of oil & gas industry coupled with increasing infrastructural developments in GCC countries, Brazil and Mexico will help boost the demand for surge tanks over the forecast period. Moreover, Latin America and Middle East & Africa surge tanks market is expected to grow steadily over the forecast period.

Surge Tanks Market: Market Participants

Examples of some of the market participants in the global Surge Tanks market identified across the value chain include:

• NM Group Global LLC (NMGG)
• TransTech Fabrication, LLC
• Alpha Tanks Limited
• FAB-TECH Works & Constructions Pvt. Ltd.
• Squibb Tank Company, Inc
• Wheeler Tank Manufacturing, Inc.
• RothLochston
• Wiltsie Construction Co., Inc.
• Young Engineering & Manufacturing Inc.
• Steelways, Inc.
• Oilwell ME
• AA Tanks Co

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

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Surge Tanks Market: Segmentation
Based on capacity, the global surge tanks market is segmented into:
• Below 1000 gallon
• 1000-8000
• Above 8000 gallon

Based on construction material, the global surge tanks market is segmented into:
• Stainless steel
• Coated Carbon Steel
• Others

On the basis of pressure capacity, the global surge tanks market is segmented into:
• Below 350 psi
• 350 - 500 psi
• Above 500 psi

Based on type, the global surge tank market is segmented into
• Simple Surge Tanks
• Gallery type Surge Tanks
• Inclined Surge Tanks
• Inclined Surge Tanks

Based on the application, the global surge tanks market is segmented into:
• Hydropower Electricity
• Industrial Use
• Water transportation & Distribution Network
• Oil & Gas
• Others

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This release was published on openPR.