The latest report by IMARC Group, titled “Water Tank Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global water tank market size reached US$ 3.88 Billion in 2022. Water tank stores rainwater, potable water, and water for agricultural, domestic, and industrial use. They collect water from reverse osmosis or other filter systems for convenient access later. They are typically made of fiberglass, polyethylene, steel, stone, or concrete and consist of baffled water tanks, water butts, rainwater harvesting systems, and above and below-ground tanks. They are also widely available in numerous designs, sizes, and specifications, are easy to maintain and install and provide water for framing, plants, irrigation, suppression, emergency fire, and livestock. In addition, they are effective for storing water, are cost-effective, increase property value, and ensure quick access to pressurized water for any household chores. Owing to these benefits, water tanks are widely utilized in commercial and residential sectors across the globe.
Global Water Tank Market Trends:
The market is primarily driven by increasing building and construction activities. In addition, the growing population and the rising demand for water tanks in commercial applications, agriculture, residential, and aquaculture are contributing to the market growth. Moreover, the implementation of stringent regulations for the conservation and consumption of water by various governing agencies is resulting in the installation of water storage tanks which represents another major growth-inducing factor. Besides this, the widespread product adoption due to the escalating demand for fresh drinking water is propelling the market growth. Furthermore, the increasing use of water tanks in municipal corporations to provide clean drinking water across the cities and extensive research and development (R&D) activities to create assorted types of tanks for specific applications are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 4.98 Billion by 2028, exhibiting a CAGR of 4.2% during the forecast period (2023-2028).
- Based on the type, the market has been classified into steel, plastic, fiberglass, and others. Among these, plastic accounts for the largest market share.
- On the basis of the installation, the market has been segmented into underground, outdoor, and indoor. Presently, outdoor exhibits a clear dominance in the market.
- Based on the end user, the market has been classified into residential, commercial, industrial, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with some of the key players being American Tank Company, Beltecno Corporation, Design Tanks Inc (The Purcell Companies), Dn Tanks Inc., Fiber Technology Corporation, Pipeco Group, Promax Plastics Limited, Shawcor Ltd., Sintex Plastics Technology Limited, Tank Connection, Tank Holding Corp.
|Base Year of the Analysis
||Steel, Plastic, Fiberglass, Others
||Underground, Outdoor, Indoor
||Residential, Commercial, Industrial, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||American Tank Company, Beltecno Corporation, Design Tanks Inc (The Purcell Companies), Dn Tanks Inc., Fiber Technology Corporation, Pipeco Group, Promax Plastics Limited, Shawcor Ltd., Sintex Plastics Technology Limited, Tank Connection, Tank Holding Corp., etc.
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