According to the latest research report, USD 17.72 billion between 2022 and 2030 is projected for the Storage Tanks Market size. In 2021, the market is expected to be worth USD 13.12 billion.
Storage tanks can hold water, petrochemicals, chemicals, petroleum by-products, milk, and other semi-solids. They are available in different shapes, including cylinders with closed or open tops and vertical or horizontal alignment. All this has shaped the way for the growth of the storage tank market a lot.
Due to the increased use of solar thermal energy technology and the resulting increase in power generation capacity, the global storage tank industry is growing rapidly. Tanks can be used to hold a variety of hazardous materials including sewage and crude oil. Water is used more frequently in manufacturing, trade, and oil and gas production. Each of these elements influences the overall market size. A rise affects the expansion of the storage facility market to reduce fuel consumption.
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The criteria used to segment the market are installation technique, product, material, industrial vertical and region. The forecast period is expected to see a respectable rise in global storage tank market trends.
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The market is segmented into potable water, water conservancy, wastewater, industrial wastewater, fire protection, and plumbing and engineering solutions based on application .
Based on different types of propulsion, the market is segmented into municipal, industrial, commercial and residential segments
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Four key regions of the global storage tank market have been identified: North America, Europe, Asia Pacific and Rest of the World. Asia-Pacific held the largest storage tank market share globally in 2018, and it is predicted to continue growing at the fastest rate in the coming years. The use of storage tanks has increased in India and China due to the growing demand for water storage and plastic water tanks, food and beverage production and the development of transportation infrastructure of LNG. Another driving force behind the growth of this sector is the increasing investment from companies in the Middle East and South America.
Due to their large investments in LNG transportation infrastructure, India and China hold a predominant share of the LNG storage tank market. The market value of storage tanks in the region is increasing due to the expansion of the food and beverage sectors and the growing need for plastic water tanks for storage.
On August 9, 2021, a gigantic 20-meter hydrogen tank will be installed, increasing the capacity of aviation by 25. The ZAL Center reported this. ZAL’s infrastructure has been significantly expanded, resulting in a significant increase in the company’s ability to produce hydrogen.
Many companies emphasize organic growth strategies, such as new introductions and endorsements. The most common inorganic development strategies used in the industry included acquisitions, joint ventures and partnerships. These programs have made it easier for market players to expand their customer base and customer base. The demand for water storage tanks is increasing globally; thus, market players in this industry can anticipate profitable growth opportunities in the future.
CST Industries (USA)
Highland Tank & Manufacturing Company Inc. (USA)
Fox Tank Company (USA)
TF Warren Group (Canada)
Superior Tank Co. Inc. (USA)
TOYO KANETSU KK (Japan)
Ishii Iron Works Co. Ltd (Japan)
MEKRO Sp. z oo (Poland)
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