Press release
Storage Tank Global Market Report 2025: Market Size, Key Drivers, and Major Trends
Storage Tank Market Size
What Is The Projected Market Size Of The Global Storage Tank Global Market Report 2025 And Its Growth Rate?
•The storage tank market is witnessing a steady growth, with the market value expected to rise from $15.08 billion in 2024 to $15.71 billion in 2025, at a compound annual growth rate (CAGR) of 4.2%.
•The growth in the historic period is largely due to the industrial revolution, development in material science, petroleum and oil industry expansion, regulatory compliance and safety standards, and growth in the chemical industry.
• Looking ahead, the market size is projected to surge to $20.31 billion in 2029 at a CAGR of 6.6%. Resilient storage solutions, growing demand for hydrogen storage, industrial expansion, infrastructure development, stricter environmental regulations, and a shift towards LNG and gas storage, are expected to be the prominent drivers of this growth.
What Is Driving The Growth In The Storage Tank Global Market Report 2025?
Water scarcity in numerous regions is the main driver of the global storage tank market. Such scarcity limits access to safe and hygienic water for various uses, leading to an increase in the demand for storage tanks. According to the United Nations International Children's Emergency Fund (UNICEF), half of the world's population could experience water scarcity by 2025, pushing the utility and demand for storage tanks even higher.
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Who Are the Key Players Driving Storage Tank Global Market Report 2025 Growth?
• McDermott International Inc.
• PermianLide LLC
• Sintex Industries Limited
• Pfaudler Group
• Toyo Kanetsu K.K.
• Synalloy Corporation
• Caldwell Tanks Inc.
• Snyder Industries Inc.
• CST Industries Inc.
• Highland Tank & Manufacturing Company Inc.
What Are The Key Trends In The Storage Tank Global Market Report 2025?
• The integration of modular and customized solutions.
• Remote monitoring and Internet of Things (IoT) integration.
• Adoption of green and sustainable practices.
• Rise in the chemical and petrochemical industries.
• Development of water conservation solutions.
What Are The Segments Of The Global Storage Tank Global Market Report 2025?
• By Type: Aboveground Storage Tanks, Underground Storage Tanks
• By Material: Steel, Concrete, Polyethylene, Other Materials
• By Application: Petroleum Industry, Chemical Industry, Grain and Oil Industry, Food Industry, Other Applications
Which Region Leads The Storage Tank Global Market Report 2025?
North America, the largest region in the storage tank market in 2024 is likely to continue its dominance. However, Asia-Pacific is expected to emerge as the fastest-growing region over the forecast period. The storage tank market report also covers other key regions including Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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What Is Covered In The Storage Tank Global Market Report 2025 Global Market Report?
- Market Size Analysis: Analyze the Storage Tank Global Market Report 2025 size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Storage Tank Global Market Report 2025 for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Storage Tank Global Market Report 2025 growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Storage Tank Global Market Report 2025.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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