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Elevated Water Storage Tanks Market Share And Growth Analysis Report 2024-2033
Elevated Water Storage Tanks Market Share
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According to The Business Research Company's, The elevated water storage tanks market size has grown strongly in recent years. It will grow from $5.87 billion in 2023 to $6.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to a rise in population, urbanization, rising construction of commercial accommodation facilities, increase in migration, and industrialization.
The elevated water storage tanks market size is expected to see strong growth in the next few years. It will grow to $7.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to climate change, support of agricultural production, construction of manufacturing facilities, rising scarcity of water, and growing disposable income. Major trends in the forecast period include the adoption of green technologies, technological developments, the adoption of smart technologies, advanced composite materials, and the integration of monitoring systems.
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Market Drivers and Trends:
The rising construction of commercial accommodation facilities is expected to propel the growth of the elevated water storage tanks market. Commercial accommodation refers to lodging facilities, such as hotels, motels, or serviced apartments, offered to travelers or guests for short-term stays in exchange for payment. The demand for commercial accommodation is growing due to increasing business travel, tourism, and urbanization, driven by expanding global economies and rising disposable incomes. Elevated water storage tanks in commercial accommodation ensure a consistent water supply and stable pressure, meeting high demand during peak usage times and serving as a backup during power outages or supply interruptions. For instance, in August 2024, according to Lodging Econometrics, a US-based company delivering comprehensive hotel intelligence, in the first half of 2024, 948 new hotels with 135,579 rooms opened globally, with a total of 2,534 new hotels and 372,686 rooms expected by year-end, followed by 2,756 hotels with 429,120 rooms in 2025. Therefore, the rising construction of commercial accommodation facilities is driving the elevated water storage tanks market.
Major companies operating in the water storage tanks market are focusing on developing advanced products such as air ventilation systems located on both sides of the lid to enhance durability and cater to the growing demand for reliable water storage in various sectors. Air ventilation systems in elevated water storage tanks prevent pressure buildup and ensure proper airflow, maintaining water quality and structural integrity. For instance, in January 2022, Prayag, an India-based company, launched its new line of water tanks. These tanks are designed with air ventilation on both sides of the lid to keep the stored water odorless and cooler. They are made from high-quality materials, providing increased strength and resistance to wear and tear. Available in various sizes and colors, Prayag's water tanks offer effective solutions for different customer needs, ensuring a consistent and dependable water supply. These durable water tanks, reflecting Prayag's dedication to quality and innovation, deliver reliable performance for customers looking for robust water storage options.
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Major Key Players of the Market:
McDermott, KLM Engineering Inc., Chicago Bridge & Iron Company, J.F. Ahern Co., Caldwell Tanks, CST Industries, Apex NC, Tnemec, Pittsburg Tank & Tower Group, Aquatech International Corp., DN Tanks, Tank Connection, Phoenix Fabricators and Erectors LLC, Balmoral Tanks Ltd., Landmark Structures, Brown-Minneapolis Tank Co., Norwesco Inc., Fiber Technology Corporation, Design Tanks Inc., BUWATEC, RC Plasto Tanks and Pipes Pvt. Ltd., Steelcore tank, Schier Construction Co., Easytanks, Sintex Plastics Technology Limited
Elevated Water Storage Tanks Market 2024 Key Insights:
• The elevated water storage tanks market size is expected to see strong growth in the next few years. It will grow to $7.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Growing Hotel Construction Boosts Demand For Elevated Water Storage Tanks
• Enhancing Durability In Water Storage Solutions
• Asia-Pacific was the largest region in the elevated water storage tanks market in 2023
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