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Water Scarcity Fuels Growth In The Storage Tank Market: Key Factor Driving The Growth In The Storage Tank Market
Storage Tank
What Is the Storage Tank Market Size and Projected Growth Rate?
In the past few years, the size of the storage tank market has seen a consistent increase. It is projected to rise from $15.08 billion in 2024 to $15.71 billion in 2025, representing a compound annual growth rate (CAGR) of 4.2%. The significant growth experienced in the previous period was mainly due to factors like the industrial revolution and urbanization, the evolution of material sciences, expansion of the oil and petroleum industry, adherence to safety standards and regulatory norms, and the progression of the chemical industry.
Anticipations for robust surge in the storage tank market size are high in the upcoming years. The market is projected to escalate to a value of $20.31 billion in 2029, expanding at a compound annual growth rate (CAGR) of 6.6%. Factors leading to this growth in the anticipated phase include the need for resilient storage solutions, rising demand for hydrogen storage, broader industrial enlargement, and significant infrastructural improvements. Newer and stricter environmental regulation enforcement, along with a significant move towards LNG and gas storage account for further growth. Key market trends for the forecast period encompass, the adoption of modular and personalized solutions, a rise in remote monitoring and integration of IoT, implementation of green and sustainable methodologies, expansion of the chemical and petrochemical industries, and innovative water conservation solutions.
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What Are the Major Segments in the Storage Tank Market?
The storage tank market covered in this report is segmented -
1) By Type: Aboveground Storage Tanks, Underground Storage Tanks
2) By Material: Steel, Concrete, Polyethylene, Other Materials
3) By Application: Petroleum Industry, Chemical Industry, Grain And Oil Industry, Food Industry, Other Applications
Subsegments:
1) By Aboveground Storage Tanks: Fixed-Roof Tanks, Floating-Roof Tanks, Cone Roof Tanks, Bullet Tanks
2) By Underground Storage Tanks: Single-Walled Tanks, Double-Walled Tanks, Fiberglass Tanks, Steel Tanks
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What Are The Driving Storage Tank Market Evolution?
Growing water shortage in multiple regions is a primary contributor to the expansion of the storage tank market. A lack of water restricts safe water accessibility for drinking, maintaining basic hygiene at home, schools, and healTH*Care centers. Water storage tanks are utilized to preserve and allocate water for various purposes such as drinking, irrigation, firefighting, and more. For example, the United Nations International Children's Emergency Fund (UNICEF), a US-operated organization, suggests that approximately half of the global population may reside in areas experiencing water shortage by 2025. By 2040, almost 1 in 4 children globally could be dwelling in regions with severe water stress. Hence, the increasing water deficiency in multiple regions is spurring the growth of the storage tank market.
Which Firms Dominate The Storage Tank Market Segments?
Major companies operating in the storage tank market include 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., ZCL Composites Inc., Crom Corporation, Tank Connection Affiliate Group, DN Tanks Inc., Containment Solutions Inc., Poly Processing Company LLC, Tanco Engineering Inc., Tarsco LLC, Modern Welding Company Inc., Fisher Tank Company, Fox Tank Company, Superior Tank Co Inc., Fiber Technology Corporation Inc., Ishii Iron Works Co Ltd, MEKRO Sp. z o.o., Norwesco Industries, Heartland Tank Companies, Steel Tank and Fabricating Corporation, Tankmart International LLC, Motherwell Tank Protection Limited
What Trends Are Expected to Dominate the Storage Tank Market in the Next 5 Years?
Innovations in product creation are becoming an increasingly prominent trend in the storage tank market. The companies that are part of this market are introducing new products to fortify their position within the industry. For example, in October 2023, Slovakian oil refinery company Slovnaft unveiled a new storage tank for ethylene. This novel ethylene storage tank is specifically designed for holding liquefied ethylene. Possessing a non-pressurized, double-walled cylindrical structure with an external diameter of 30 meters and a vertical height of 26.7 meters, it has a capacity of 6,000 tons or 10,000 cubic meters of liquid ethylene. The tank keeps the ethylene at -103 degrees Celsius under an overpressure of 8 kPa (g).
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Which Is The Largest Region In The Storage Tank Market?
North America was the largest region in the storage tank market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the storage tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Storage Tank Market?
2. What is the CAGR expected in the Storage Tank Market?
3. What Are the Key Innovations Transforming the Storage Tank Industry?
4. Which Region Is Leading the Storage Tank Market?
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