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Water storage tanks market to grow at a CAGR of 3.8%

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  • Water storage tanks market to grow at CAGR of 3.8%

The future of the global water storage tank market looks promising with opportunities in the commercial, municipal, industrial and residential sectors. 

As per the Market Research Analysts at Research Cosmos, the size of the global market for water storage tanks is expected to reach $ 14 billion by 2023, with a CAGR of 3.8% from 2018 to 2023.

The main drivers of growth in this market are growth in construction activity, the concern for water conservation and the increase in government regulation of wastewater and aging water infrastructure. In addition, the need for treated, recycled and soft water for various purposes in the industrial and commercial sectors, particularly in refineries, is driving demand for water storage tanks.

The increase in population has resulted in market demand for water storage tanks in utility and local utilities in both rural and urban areas. It is estimated that about half of the world's population will face severe water shortages in the near future. As a result, the growing concern over the use of conventional water due to lack of drinking water in many areas is the global market for water storage tanks. In addition, an increase in global construction and industrialization activities is planned to supply the market for water storage tanks. Water storage has increased worldwide through its manufacturing process. It is usually made with recycled plastics. This helps to reduce production costs. However, the bulky volume of these tanks increases transportation costs. This should slow down the market. However, extreme weather in the Asia-Pacific region is also one of the major factors affecting the market for water storage tanks.

Depending on the region, the global market for water storage tanks can be segmented into North America, Asia-Pacific, Europe, Latin America, Middle East and Africa. The developed economies of Europe and North America have contributed significantly to the growth of the global market for water storage tanks. Asia Pacific offers strong potential for the water storage tank market. Countries like India are facing severe water scarcity in Asia-Pacific, increasing the demand for water storage systems in the region. The growth of the water storage tank market can also be attributed to the vast oil and gas production activities that require freshwater and also re-use.

The main players in the global market for water storage tanks include Carbery Plastics Limited, Enduramaxx Limited, Plastic Proget European (PPE) Srl, Nova Plastic Industries LLC, Niplast storage tanks, Sintex Industries Ltd, American Tank, Inc., GHP Manufacturing Pty Ltd, Protank, Karplas Plastic Fiberglass, Cotterill Civils Ltd., Emiliana Serbatoi Srl, and Al Bassam International Factories LLC.

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