Global Water tank Market is anticipated to thrive in the forecast period 2024-2028. Expanding retail,
growing problem of water scarcity and rising population is driving the growth
of the global Water tank market.
A water
tank is a container that holds water and is used for a variety of purposes,
including chemical manufacture, fire suppression, irrigation, agriculture,
farming, raising plants and animals, etc. With a variety of material options, a
water tank may be made to order and tailored according to specifications.
There are
numerous sorts of water kept there at different periods, including potable
water, rainfall, irrigation water, water for building, water for animals, and
water for use inside homes. Water tanks are used in houses and numerous
organisations. They are often made of polyethylene, steel, or fibreglass. They
may be found in many shapes and sizes, ranging from 200 to more than 10,000
litres. Due to their widespread availability and simple installation, plastic
or polyethylene water tanks are the most popular water storage containers
worldwide. The annual growth in the number of homes and other structures being
built throughout the globe is a major factor driving the market for water
tanks. Additionally, the use of water tanks in the building, farming, and
aquaculture sectors has led to consistent sales globally, supporting
the increase of the market for water tanks. However, since most plastic
tanks are known to change the characteristics of water, the problem of water
safety in plastic water tanks considerably inhibits market expansion for water
tanks. Contrarily, it is projected that increased demand for portable water
tanks and increased usage of subterranean water storage tanks for conservation
purposes would open up new market opportunities.
An
Increase In Population And The Problem Of Water Shortage
Water is
a vital element needed for human life. The amount of drinkable water that is
currently accessible will not be sufficient to meet the demands of the next
generation, despite the fact that the earth's surface is mostly covered with
water. According to FAO, the increase in water usage in industries like
agriculture, which uses 70% of all freshwater used globally, has contributed to
the fact that water use has increased at a rate almost double that of
population growth over the past century. Additionally, the need for water for
drinking, sanitation, cooking, and other uses has grown due to the human
population's rapid growth. Due to the rise in water demand and the scarcity of
potable water, many are now storing water for later use. People now store water
to use throughout the day due to an increase in water demand and a shortage of
useable water. As a result, water tanks have consistently sold well all
throughout the world.
Growth Of
The Retail Industry
The
retail sector consists of businesses and people engaged in the sale of
commodities and finished products to consumers. The expansion of the retail
sector has been facilitated by low unemployment rates and stable power costs in
the United States and the rest of the world. Through a variety of retail forms,
a huge variety of consumer items are made available. Internet retailing is one
of the most popular retail formats among the general public for people to
purchase water tanks. These shops serve as marketing tools that help promote a
wide range of consumer goods brands and help create an attractive premium
image. Consequently, the rise of the retail industry is a key driver driving
the market for water tanks.
An
Increase In Water Conservation Efforts
Water
collection and storage techniques are part of the practise of water
conservation. Rainwater collection is one method of water saving. There are
several ways to collect rainwater, including by digging ponds, lakes, canals,
enlarging water reservoirs, and installing filtering systems and ducts in
dwellings. Many individuals keep clean containers around the house so they may
boil the water and drink it.
Rainwater
that has been collected and filtered can be utilised for toilets, indoor
gardening, lawn watering, and small-scale farming. Water harvested using this
approach is frequently stored in water tanks for later use. Thus, the practise
of water conservation improves the demand for water tanks and the global market
for water tanks.
Moreover,
the global expansion of the water tank market has been slightly hampered by
the new coronavirus epidemic. This little slowdown in market growth for water
tanks is mostly owing to the global practise of social distance, which has
disrupted the supply chain and stopped manufacturing.
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Water
tanks made of plastic have issues
The form
of plastics is significantly altered by temperature variations. Plastics'
stiffness and strength are also affected by the ambient temperature. PVC, or
polyvinyl chloride, cracks when exposed to freezing temperatures. In colder
climates, moisture and ice might harm storage tanks and result in leaks.
Furthermore,
it's frequently believed that water that has been in plastic for too long is
damaging to people's health. This significantly hampers the demand for water
tanks.
Market Segmentation
The Water tank market is segmented into type,
application, location, and region. Based on type, the market is segmented into Steel,
Plastic and Fiberglass. Based on application the market is segmented into Household
and Institutional. Based on location the market is segmented into underground,
outdoor and indoor. Based on region the market is segmented into North America,
Europe, Asia-Pacific, MEA, South America.
Rising global oil and gas extraction and rising
storage tank utilisation both contribute to the market's expansion:
Global drinking water supplies have decreased as a
result of the fast shifting topography, temperature, and water pollution. A
significant quantity of chemical waste is produced by the expanding industrial
facilities and increased use of chemicals, much of which is either disposed of
in the ground or thrown in neighbouring water bodies without first mitigating
the impacts. This reduces the amount of drinkable subsurface water while also
lowering its quality. The distilled water sector has benefitted from the
increase in pollution, particularly in metro areas. Additionally, certain
regions' water is unsafe for drinking due to high levels of arsenic and lead.
Such factors have sped up the construction of distillation facilities
elsewhere. Crude oil firms are looking into the untapped seabeds to collect oil
and gas. Oil and gas sea-bed exploration is being funded by crude oil firms in
order to access large quantities of conventional fuel despite the fact that
many oil sources remain untapped. Some of the world's most sought-after
offshore petroleum deposits are found off the shores of the United States,
Brazil, the Arctic, Antarctica, ultra-deep waters, and the South China Sea.
Countries including China, the United States, India, and Brazil are vying to
drill deep in order to obtain crude oil and lubricants despite the fact that
the potential of deepwater deposits is yet unmeasured. Furthermore, various
Asian nations are investing in the extraction of the crude fuel that is found
in the South China Sea, which has a significant potential for crude oil.
Moreover, the world's expanding population and the
ensuing rise in demand for portable water storage are both attributable to the
rising acceptance and installation of water tanks. The requirement for a
continual supply of water throughout the day in residential settings and
business settings including aquaculture, construction, and agriculture drives
the demand for water tanks globally. There is a significant opportunity to grow
the water tank market in the near future due to the rising demand for portable
and subterranean water storage.
Market Player
Major
market players in the global Water tank market are
Beltenco Corporation, Sintex Industries Limited, Pipeco Group, Design Tank,
Fiber Technology Corporation, Crom Corporation, Plastic Proget European Srl,
Synalloy Corporation, ZCL Composites, and DN Tanks, Inc.
Recent Developments
- On August 9, 2021, a
gigantic 20-meter hydrogen tank will be installed, increasing aviation
capacity by a factor of 25. This was reported by the ZAL Centre. The
infrastructure of ZAL has been greatly expanded, resulting in a major rise
in the company's ability to produce hydrogen.
- As of October 2020, DN
Tanks, Inc. It announced the construction of a new street storage tank on
Lyon, a project that would also extend pavements to Meadow and Seymour
road and enhance traffic flow in the city.
Attribute
|
Details
|
Base Year
|
2022
|
Historic Data
|
2018 – 2021
|
Estimated Year
|
2023
|
Forecast Period
|
2024 – 2028
|
Quantitative Units
|
Revenue in USD Million and CAGR for 2018-2022 and 2024-2028
|
Report coverage
|
Revenue forecast, company share,
growth factors, and trends
|
Segments covered
|
Type
Appliction
Location
Region
|
Regional scope
|
North America; Asia-Pacific;
Europe; South America; Middle East & Africa
|
Country scope
|
United States, Canada, Mexico, China, India, Japan, South Korea,
Australia, Singapore, Malaysia, Germany, United Kingdom, France, Russia,
Spain, Belgium, Italy, Brazil, Colombia, Argentina, Peru, Chile, Saudi Arabia,
South Africa, UAE, Israel, Turkey
|
Key companies profiled
|
Beltenco Corporation, Sintex
Industries Limited, Pipeco Group, Design Tank, Fiber Technology Corporation,
Crom Corporation, Plastic Proget European Srl, Synalloy Corporation, ZCL
Composites, and DN Tanks, Inc.
|
Customization scope
|
10% free report customization with purchase. Addition or alteration to
country, regional & segment scope.
|
Pricing and purchase options
|
Avail customized purchase
options to meet your exact research needs. Explore purchase options
|
Delivery Format
|
PDF and Excel through Email (We can also provide the editable version
of the report in PPT/Word format on special request)
|
Report Scope:
In this report, the Global Water tank market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Water tank Market, By Type
o Steel
o Plastic
o Fiberglass
- Water tank Market, By Application:
o Household
o Institutional
- Water tank Market, By Location:
o Underground
o Outdoor
o Indoor
- Water tank Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Asia-Pacific
§ India
§ China
§ Japan
§ South Korea
§ Australia
§ Singapore
§ Malaysia
o Europe
§ Germany
§ United Kingdom
§ France
§ Russia
§ Spain
§ Belgium
§ Italy
o South America
§ Brazil
§ Argentina
§ Colombia
§ Peru
§ Chile
o Middle East
§ Saudi Arabia
§ South Africa
§ UAE
§ Israel
§ Turkey
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present
in the Global Water tank market.
Available Customizations:
Global Water tank market report with the given
market data, Tech Sci Research offers customizations according to a company's
specific needs. The following customization options are available for the
report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
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