Elevated Water Storage Tanks Market Poised to Hit $8.05 Billion by 2029 with Accelerating Growth Trends

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Elevated Water Storage Tanks Market Size Growth Forecast: What to Expect by 2025?
In recent times, the market for elevated water storage tanks has seen a consistent growth. The market which was worth $6.21 billion in 2024 is projected to reach $6.51 billion in 2025, expanding at a compound annual growth rate (CAGR) of 4.9%. This growth trend during the historical period is due to a number of factors including increase in population, urban development, expansion in the construction of commercial accommodation facilities, growth in migration, and industrialization.

How Will the Elevated Water Storage Tanks Market Size Evolve and Grow by 2029?
The market size for high-rise water storage tanks is projected to experience significant growth in the coming years, reaching $8.05 billion in 2029, with a compound annual growth rate (CAGR) of 5.4%. This anticipated growth in the forecast period can be credited to various factors such as climate change, agricultural production, the development of manufacturing facilities, increasing water scarcity, and a rise in disposable income. Some of the major trends expected during this period are the adoption of green and smart technologies, advancement in composite materials, and the utilization of monitoring systems.

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What Drivers Are Propelling the Growth of Elevated Water Storage Tanks Market Forward?
The elevated water storage tanks market is projected to grow in response to the increase in commercial accommodation facilities construction. Commercial accommodation encompasses establishments like hotels, motels, or serviced apartments that provide short-term accommodation to travellers or guests in return for payment. The escalating demand for commercial accommodation is attributed to the growth in business travel, tourism, and urbanisation, which is a result of the expanding global economies and high disposable incomes. Elevated water storage tanks play an essential role in such establishments by ensuring a stable water supply and maintaining consistent pressure, especially during peak usage timings and in events of power outages or supply disruptions. As an example, Lodging Econometrics, a US-based company providing extensive hotel data, reported in August 2024 that the first half of 2024 saw the global opening of 948 new hotels equating to 135,579 rooms, with a projection of 2,534 new hotels or 372,686 rooms by the end of the year and a further 2,756 new hotels or 429,120 rooms in 2025. As a result, the elevated water storage tanks market is experiencing growth driven by the surge in the construction of commercial accommodation facilities.

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What Are the Key Trends Driving Elevated Water Storage Tanks Market Growth?
Key players in the water storage tanks market, like Prayag, are concentrating on designing and producing advanced solutions such as air vent systems positioned on both sides of the tank lid to cater to the increasing requirement for trustworthy water storage across various sectors. Elevated water storage tanks equipped with air ventilation systems are an effective way to counter pressure buildup and maintain optimal airflow, which in turn preserves water quality and the tank's structural integrity. For example, in January 2022, Prayag, a company based in India, launched a new range of water tanks. These tanks are specially designed with air vents on both sides of the lid, ensuring that the stored water stays fresh and cool. Crafted from top-grade materials, Prayag's water tanks are resilient to wear and tear and provide enhanced durability. With a variety of sizes and colors to choose from, Prayag's water tanks cater to diverse customer needs, guaranteeing a steady, reliable water supply. These sturdy water tanks, reflecting Prayag's commitment to quality and innovation, provide assured performance to customers seeking hard-wearing water storage options.

What Are the Key Segments in the Elevated Water Storage Tanks Market?
The elevated water storage tanks market 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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Who Are the Key Players Shaping the Elevated Water Storage Tanks Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth in 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.

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