What Has Been the Growth of the Elevated Water Storage Tanks Market So Far?
The elevated water storage tanks market has seen considerable growth due to a variety of factors.
• There has been a strong expansion in the market size of elevated water storage tanks recently. The market is projected to surge from $6.21 billion in 2024 to $6.58 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%.
The previous growth can be accredited to factors such as population growth, urbanization, increase in the construction of commercial accommodation, an upsurge in migration, and industrialization.
What Is the Forecasted Market Size and Growth Rate for The Elevated Water Storage Tanks Market Size In The Coming Years?
The elevated water storage tanks market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size for elevated water storage tanks is projected to experience substantial growth, escalating to $8.22 billion in 2029 at a compound annual growth rate (CAGR) of 5.7%.
Factors contributing to this growth during the forecast period include climate change, aid to agricultural production, the establishment of manufacturing sites, increasing water scarcity, and an upward trend in disposable income. The period is also likely to see several trends including embracing eco-friendly technologies, technological advancements, the implementation of smart technologies, use of advanced composite materials, and the incorporation of monitoring systems.
What Factors Are Driving Growth In The Elevated Water Storage Tanks Market?
The increase in the construction of commercial lodging facilities is anticipated to augment the expansion of the elevated water storage tanks industry. These commercial lodging facilities include establishments like hotels, motels, and serviced apartments, which are rented out to guests or travellers for short-term accommodation in return for a payment. The global economies' growth, increased disposable income, and the boost in business travel, tourism, and urbanization have led to a higher demand for such commercial accommodations. Elevated water storage tanks play a crucial role in these establishments, providing a consistent water supply with a stable pressure, catering to high demand during peak usage periods, and acting as a reserve during power shortages or supply disruptions. For example, Lodging Econometrics, a US-based organization providing detailed hotel data, stated that in the first half of 2024, 948 new hotels with 135,579 rooms were launched worldwide. The total forecast by the end of the year was 2,534 new hotels and 372,686 rooms, followed by 2,756 hotels with 429,120 rooms in 2025. Thus, the surge in construction of commercial lodging facilities is propelling the growth of the elevated water storage tanks industry.
What Are The Main Segments Of The Global Elevated Water Storage Tanks Market?
The elevated water storage tanksmarket 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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Which Emerging Market Trends Are Altering The Elevated Water Storage Tanks Industry?
Leading entities in the water storage tanks market are focusing on the creation of innovative products like air ventilation systems placed on either side of the tank cover, to fulfil the increasing requirement for dependable water storage across various sectors. The use of air ventilation systems in raised water storage tanks prevents any pressure accumulation and guarantees adequate airflow, preserving both the water quality and the structural integrity of the tank. For example, in January 2022, India-based Prayag introduced a new range of water tanks. These tanks are particularly designed with air ventilation on each side of the cover, ensuring the water stored remains fresh and cool. Produced from superior-quality materials, they display enhanced durability and resistance to wear and tear. Available in diverse sizes and hues, the water tanks from Prayag cater to varied customer requirements, ensuring a stable and trustworthy water supply. Prayag's water tanks, epitomizing the company's commitment to quality and innovation, promise reliable performance to customers seeking sturdy water storage solutions.
Who Are the Key Players In The Elevated Water Storage Tanks Market?
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 Is The Most Dominant Region 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.
