Elevated Water Storage Tanks Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends

What combination of drivers is leading to accelerated growth in the elevated water storage tanks market?
The growth of the elevated water storage tanks market is anticipated to surge due to the increasing construction of commercial hospitality buildings. This refers to paid short-term rental spaces, like hotels, motels, or serviced apartments, available to guests or tourists. The need for these accommodations has seen a rise, attributable to the boom in global economies with increased disposable income, fuelling business travels, tourism, and urbanisation. Elevated water storage tanks play a key role in these accommodations by providing a constant water supply, controlling the pressure, ready to meet peak usage needs, and as alternatives during power cuts or other disruptions. For instance, Lodging Econometrics, a US company known for its comprehensive hotel market intelligence, noted that in the first six months of 2024, 948 new hotels comprising 135,579 rooms were globally launched, and a total of 2,534 new hotels with 372,686 rooms are anticipated by the end of the year. Expected to follow are 2,756 hotels made up of 429,120 rooms in 2025. As such, the upsurge in commercial hospitality building construction is contributing to the growth of the elevated water storage tanks market.

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What is the projected compound annual growth rate (CAGR) of the elevated water storage tanks market from 2025 to 2034, and what factors influence it?
There has been a robust expansion in the market size of elevated water storage tanks in the past few years. It is predicted to grow from $6.21 billion in 2024 to $6.58 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%. The growth witnessed during the historical period may be accredited to factors such as population growth, urbanization, an upsurge in the construction of commercial lodging facilities, rising migration trends, and industrialization.

The market for raised water storage tanks is predicted to enjoy significant expansion in the coming years, reaching a value of $8.22 billion in 2029, with a compound annual growth rate (CAGR) of 5.7%. The predicted increase during the forecast period can be associated with factors such as climate change, the need for supporting agricultural activities, the construction of manufacturing units, increasing water shortage, and a rise in disposable income. The forecasted period is expected to witness key trends like the adoption of environmentally friendly technologies, technological advancements, embracing of intelligent technologies, usage of advanced composite materials, and incorporation of monitoring systems.

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How are the latest trends influencing the growth of the elevated water storage tanks market?
Dominant businesses in the water storage tanks market are concentrating on introducing improved products such as air ventilation systems positioned on both sides of the cover, aimed at enhancing longevity and meeting the rising demand for dependable water storage across diverse sectors. Elevated water storage tanks fitted with air ventilation systems avert pressure accumulation and guarantee adequate airflow, maintaining water purity and structural solidity. For example, Prayag, a firm based in India, released its latest range of water tanks in January 2022. These tanks incorporate air ventilation on each side of the cover to keep the water stored in it fresh and cool. Constructed from superior-quality materials, these tanks demonstrate enhanced durability and resistance to wear and tear. Prayag's water tanks, available in a variety of sizes and hues, cater to various user requirements and assure a steady and reliable water supply. These sturdy water tanks are a testament to Prayag's commitment to quality and innovation, presenting durable solutions to customers in search of substantial water storage possibilities.

What are the major segments of the elevated water storage tanks market and their role in driving growth?
The elevated water storage tanksmarket covered in this report is segmented -

1) By Type: Steel, Plastic, Fiberglass, Other Types
2) By Installation: Underground, Outdoor, Indoor
3) By Application: Water Supply, Fire Protection, Irrigation, Emergency Water Storage
4) By End-Use: Residential, Commercial, Industrial, Utility

Subsegments:
1) By Steel Tanks: Carbon Steel Tanks, Stainless Steel Tanks, Coated Steel Tanks
2) By Plastic Tanks: High-Density Polyethylene (HDPE) Tanks, Polypropylene Tanks, Reinforced Plastic Tanks
3) By Fiberglass Tanks: Vertical Fiberglass Tanks, Horizontal Fiberglass Tanks, Custom-Shaped Fiberglass Tanks
4) By Other Types: Concrete Tanks, Composite Tanks, Aluminum Tanks

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Which regions are key players in the growth of the elevated water storage tanks market?
Asia-Pacific was the largest region in the elevated water storage tanks market in 2024. The regions covered in the elevated water storage tanks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the elevated water storage tanks market?
Major companies operating in the elevated water storage tanks market are 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

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What Is Covered In The Elevated Water Storage Tanks Global Market Report?

•Market Size Forecast: Examine the elevated water storage tanks market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the elevated water storage tanks market for a structured understanding.
•Key Players Overview: Analyze major players in the elevated water storage tanks market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the elevated water storage tanks market.
•Segment Contributions: Evaluate how different segments drive overall growth in the elevated water storage tanks market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the elevated water storage tanks market.
•Industry Challenges: Identify potential risks and obstacles affecting the elevated water storage tanks market.
•Competitive Landscape: Review strategic developments in the elevated water storage tanks market, including expansions, agreements, and new product launches.

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