Water Storage Tank Market Trends and Forecast
Lucintel finds, the future of the global water storage tank market looks promising with opportunities in commercial, municipal, industrial, and residential sectors. The global water storage tank market is expected to reach an estimated $30 billion by 2030, and it is forecast to grow at a CAGR of 6% from 2024 to 2030. The major growth drivers for this market are growing construction activities, increasing concerns about water conservation, increasing government regulations for wastewater, and aging water infrastructure.
The production of water storage tanks involves several key raw materials selected for durability, safety, and water quality preservation. Common materials include high-density polyethylene (HDPE) or polypropylene (PP) for their resistance to corrosion and flexibility in molding various tank shapes and sizes. Fiberglass-reinforced plastic (FRP) is another popular choice known for its strength, lightweight nature, and resistance to chemical corrosion. Steel, both stainless and galvanized, is used for larger tanks requiring structural strength and longevity, often with protective coatings to prevent rusting. Additionally, concrete is used in the construction of large, stationary tanks due to its durability and ability to withstand harsh environmental conditions. The price of water storage tanks varies significantly depending on factors such as material, size, and design. Generally, tanks made from high-density polyethylene (HDPE) or polypropylene (PP) are more affordable due to their lower manufacturing costs and lightweight properties, making them suitable for residential or small-scale commercial use. Fiberglass-reinforced plastic (FRP) tanks tend to be more expensive, offering greater durability, corrosion resistance, and suitability for larger capacities. Steel tanks, whether stainless or galvanized, are typically the most expensive due to their robustness, longevity, and ability to withstand extreme conditions.
• Lucintel forecasts that the concrete water storage tank is expected to remain the largest segment over the forecast period due to low-cost, durability, and minimal maintenance requirements. Lucintel predicts that fiberglass water tanks will witness the highest growth because of light weight, high degree of chemical resistance, service life, and low maintenance cost.
• Within the global water storage tank market, the municipal will remain the largest end use segment during the forecast period due to increasing infrastructure spending. The commercial segment is expected to witness the highest growth due to increasing commercial construction activities.
• APAC is expected to remain the largest market and also witness the highest growth over the forecast period due to growing population and construction activities in this region.
Country Wise Outlook for the Water Storage Tank Market
The water storage tank market is indeed experiencing significant growth globally, fueled by increased demand from various industries such as residential and non-residential construction. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major water storage tank market producers in key regions: the USA, China, India, Brazil, and Germany.
Emerging Trends in the Water Storage Tank Market
Emerging trends in the water storage tank market shaping its future applications and market dynamics:
• Integration of Smart Technology: There is a rising trend towards smart water storage tanks equipped with sensors for monitoring water levels, quality, and leak detection. These tanks often integrate with IoT (Internet of Things) platforms for remote monitoring and management, enhancing efficiency and reducing maintenance costs.
• Sustainability and Eco-friendly Materials: Increasing environmental awareness is driving demand for water storage tanks made from sustainable materials such as recycled plastics or eco-friendly composites. Manufacturers are focusing on reducing carbon footprints and promoting recyclability to meet regulatory standards and consumer preferences.
• Increasing Demand for Modular Water Storage Systems: There is growing interest in modular water storage solutions that offer flexibility in size, configuration, and installation options. These designs cater to varying needs across residential, commercial, and industrial sectors, allowing for scalability and ease of expansion.
• Innovation in Water Treatment: Some water storage tanks are incorporating integrated water treatment technologies to improve water quality, including filtration systems or UV disinfection units. This trend addresses concerns about water safety and hygiene, particularly in regions prone to waterborne diseases.
• Enhanced Durability and Longevity: Manufacturers are focusing on developing tanks with enhanced durability through advanced coatings, reinforced materials, and improved structural designs. This ensures longer service life and reliability, particularly in harsh environmental conditions.
A total of less than 200 pages has been developed to help in your business decisions. Sample figures with some insights are shown below.
Recent Developments by the Water Storage Tank Market Suppliers
Recent developments in water storage tank by various companies highlight ongoing innovations and advancements across different sectors:
• Advanced Materials: There is a growing shift towards using advanced materials like fiberglass, polyethylene, and polypropylene for manufacturing water storage tanks. Integration of smart materials and sensors in tanks to monitor water levels, quality, and detect leaks in real-time..
• Sustainability: Increased emphasis on using recyclable and eco-friendly materials in tank production. Growing adoption of water storage tanks for rainwater harvesting systems, driven by water conservation efforts and regulations.
• Technological Advancements: Development of IoT-enabled water storage tanks that allow for remote monitoring and control of water levels and quality. Advanced automation systems to manage water distribution and ensure efficient usage.
• Market Expansion: Expansion of water storage tanksÄX%$%X applications in industrial and agricultural sectors for processes like irrigation, chemical storage, and wastewater treatment. Increasing demand in urban areas for residential, commercial, and municipal water storage solutions.
Strategic Growth Opportunities for Water Storage Tank Market
The water storage tank market is very dynamic due to its unique properties of being durability and longevity, cost-effectiveness and versatility . Some key strategic growth opportunities for this market include:
Technological Integration
• Developing and integrating IoT-enabled water storage tanks that offer real-time monitoring, leak detection, and remote management can attract tech-savvy customers and industries. Investing in automation and control systems for efficient water management can provide a competitive edge.
Sustainable Initiatives
• Utilizing recyclable and eco-friendly materials in tank production can appeal to environmentally conscious consumers and comply with green building standards.
Diversification of Application
• Expanding the use of water storage tanks in industrial sectors such as manufacturing, chemical processing, and mining for process water storage and wastewater management. Catering to the agricultural sector with tanks designed for irrigation, livestock watering, and fertilizer storage.
Partnership and Collaboration
• Forming partnerships with construction companies, government bodies, and NGOs to provide integrated water storage solutions for large-scale projects. Collaborating with research institutions to develop innovative materials and technologies.
Water Storage Tank Market Driver and Challenges
Water storage tank has a very important role in various residential and commercial constructions. The factors responsible for driving the water storage tank market include:
1. Increasing Water Scarcity: Growing concerns about water scarcity in many regions are driving the need for effective water storage solutions. Prolonged droughts and changing weather patterns are prompting governments and organizations to invest in water storage infrastructure.
2. Urban Development: Rapid urbanization and the expansion of cities require robust water storage systems to support residential and commercial needs.
3. Irrigation Needs: Agriculture, being a major consumer of water, drives the demand for water storage tanks for irrigation purposes.
4. Smart Technology Integration: IoT-enabled tanks and automated control systems drive market growth by providing real-time monitoring and management capabilities.
5. Water Conservation Policies: Governments are implementing policies and regulations to promote water conservation and efficient water management, boosting the demand for water storage tanks.
Challenges facing the water storage tank market are:
• High Initial Costs: The upfront costs for purchasing and installing water storage tanks are significant. This includes not only the cost of the tank itself but also the expenses related to site preparation, transportation, and installation. For many potential customers, especially in developing regions, these high initial costs can be a barrier to adoption.
• Maintenance and Durability Issues: Water storage tanks require regular maintenance to ensure their longevity and functionality. Metal tanks are prone to rust and corrosion, while plastic tanks can degrade under UV exposure and extreme temperatures. Regular maintenance can be labor-intensive and costly, and failure to maintain the tanks can lead to significant issues such as leaks or water contamination.
• Regulatory and Compliance Challenges: The water storage tank market is subject to various regulatory standards and compliance requirements that vary by region. Navigating these different regulations can be complex for manufacturers and can hinder market entry or expansion. Ensuring compliance with quality, safety, and environmental standards requires ongoing monitoring and certification processes.
• Water Quality Concerns: Ensuring the quality and safety of stored water is a major challenge. Tanks that are not properly maintained or are made from substandard materials can lead to water contamination, posing health risks. Issues such as algae growth, sediment buildup, and chemical leaching from the tank materials can affect water quality, necessitating stringent quality control measures.
Innovations in material science and manufacturing processes have led to a strong demand for water storage tank. There has been unique developments such as advanced formulations have enhanced water storage tankÄX%$%Xs durability, flexibility, and resistance to chemicals, expanding its application in diverse industries from construction to telecommunications. Innovations in the water storage tank market include the development of energy-efficient insulated water storage tank and the integration of smart technologies for real-time monitoring of water storage tank performance and durability.
Water Storage Tank Suppliers and their Market Shares
In this globally competitive market, several key players such as McDermott International, Caldwell Tanks, Crom Corporation, Tank Connection, DN Tanks, Synalloy Corporation, Fiber Technology Corporation, ZCL Composites, Sintex Industries, etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players us by email at helpdesk@lucintel.com.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies water storage tank companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the water storage tank companies profiled in this report includes.
• McDermott International
• Caldwell Tanks
• Crom Corporation
• Tank Connection
• DN Tanks
• Synalloy Corporation
• Fiber Technology Corporation
• ZCL Composites
• Sintex Industries
• Superior Tank
These companies have established themselves as leaders in the water storage tank industry, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the water storage tank market are evolving, with the entry of new players and the emergence of innovative water storage tank technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Water Storage Tank Market by Segment
The major segments of the water storage tank market experiencing growth include residential, commercial, and industrial applications, driven by increasing water scarcity, urbanization, and infrastructure development. In the residential sector, the demand for rainwater harvesting systems and emergency water storage solutions is rising. Commercially, growth is fueled by the need for reliable water supply systems in buildings, hotels, and hospitals. Industrially, sectors such as manufacturing, agriculture, and chemical processing are driving demand for large-scale water storage solutions to support irrigation, process water, and wastewater management.
This water storage tank market report provides a comprehensive analysis of the marketÄX%$%Xs current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including application, material type, end use, installation type, and storage capacity. The report offers insights into regional dynamics, highlighting the major markets for water storage tank and their growth potentials. The study includes trends and forecast for the global water storage tank market by application, material type, end use, installation type, storage capacity, and region, as follows:
Water Storage Tank Market by Application Type [Value ($ Million) from 2018 to 2030]:
• Potable Water
• Water Conservation
• Wastewater
• Industrial Wastewater
• Fire Protection
• Plumbing & Engineering Solution
Water Storage Tank Market by Material Type [Value ($ Million) from 2018 to 2030]:
• Fiberglass
• Steel
• Concrete (Built in Place and Precast)
• Polymer
• Others
Water Storage Tank Market by Storage Capacity [Value ($ Million) from 2018 to 2030]:
• Less than 5,000 Liters
• 5,001 to 50,000 Liters
• 50,001 to 250,000 Liters
• Above 250,000 Liters
Water Storage Tank Market by End Use [Value ($ Million) from 2018 to 2030]:
• Municipal
• Industrial
• Commercial
• Residential
Water Storage Tank Market by Installation Type [Value ($ Million) from 2018 to 2030]:
• Above Ground
• Under Ground
Water Storage Tank Market by Region [Value ($ Million) from 2018 to 2030]:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Russia
o Spain
o Italy
• APAC
o China
o Japan
o India
• ROW
o Brazil
Features of Global Water Storage Tank Market
• Market size estimates: Global water storage tank market size estimation in terms of value ($M).
• Trend and forecast analysis: Market trend (2018-2023) and forecast (2024-2030) by application, and end use industry.
• Segmentation analysis: Global water storage tank market size by various applications such as application, material, size, end use, and installation segment in terms of value and volume shipment.
• Regional analysis: Global water storage tank market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth opportunities: Analysis on growth opportunities in different applications and regions for water storage tank in the global water storage tank market.
• Strategic analysis: This includes M&A, new product development, and competitive landscape for water storage tank in the global water storage tank market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the water storage tank market size?
Answer: The global water storage tank market is expected to reach an estimated $30 billion by 2030.
Q2. What is the growth forecast for the water storage tank market?
Answer: The global water storage tank market is expected to grow at a CAGR of 6% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the water storage tank market?
Answer: The major drivers for this market are the growing construction activities, increasing concerns about water conservation, increasing government regulations for wastewater, and aging water infrastructure.
Q4. What are the major applications of the water storage tank market?
Answer: Commercial, municipal, industrial, and residential sectors are the major application segments of water storage tank.
Q5. What are the emerging trends in the water storage tank market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include smart technology, increasing demand for modular water storage systems, and introduction of hybrid tanks.
Q6. Who are the key water storage tank companies?
Answer: Some of the key water storage tank companies are as follows:
• McDermott International
• Caldwell Tanks
• Crom Corporation
• Tank Connection
• DN Tanks
• Synalloy Corporation
• Fiber Technology Corporation
• ZCL Composites
• Sintex Industries
• Superior Tank
Q7. Which will be the largest product type segment of the water storage tank market in the future?
Answer: Lucintel forecasts that the concrete water storage tank is expected to remain the largest segment over the forecast period due to low-cost, durability, and minimal maintenance requirements. Lucintel predicts that fiberglass water tanks will witness the highest growth because of light weight, high degree of chemical resistance, service life, and low maintenance cost.
Q8. In water storage tank market, which region is expected to be the largest in the next five years?
Answer: APAC is expected to be the largest region over the next five years.
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report addresses the following key questions
Q.1. What are some of the most promising, high-growth opportunities for global water storage tank market by application (potable water, water conservation, wastewater, industrial wastewater, fire protection, and plumbing & engineering solutions), material (fiberglass, steel, concrete (built in place and precast), polymer, and others), size (less than 5,000 liters, 5,001 to 50,000 liters, 50,001 to 250,000 liters, and more than 250,000 liters), end use (municipal, industrial, commercial, and residential), type (above ground and under ground), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which products segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this water storage tank market?
Q.5. What are the business risks and competitive threats in this water storage tank market?
Q.6. What are the emerging trends in this water storage tank market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the water storage tank market?
Q.8. What are the new developments in the water storage tank market and which companies are leading these developments?
Q.9. Who are the major players in this water storage tank market? What strategic initiatives are being taken by key companies for business growth?
Q.10. What are some of the competing products in this water storage tank market and how big of a threat do they pose for loss of market share by product substitution?
Q.11. What M&A activity has occurred in the last 5 years in water storage tank market?
For any questions related to water storage tank market or related to water storage tank companies, water storage tank market size, water storage tank market share, and water storage tank analysis, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.