According to the report by Expert Market Research (EMR), the global water tank market size reached a value of USD 4.18 billion in 2023. Aided by the increasing demand for water storage solutions across various sectors, including residential, commercial, industrial, and agricultural., the market is projected to grow at a CAGR of 3.2% between 2024 and 2032 to reach a value of USD 5.56 billion by 2032.
Water tanks are essential for storing clean water for various purposes, including drinking, irrigation, fire suppression, and industrial processes. They come in various materials, such as plastic, steel, fiberglass, and concrete, each with its advantages and applications. The rising need for water conservation and efficient water management systems, particularly in arid regions and rapidly urbanizing areas, is driving the water tank market demand.
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As urban areas expand and the global population rises, the demand for clean water storage solutions is growing. Water tanks are crucial for ensuring a reliable water supply in densely populated regions, where access to clean water can be challenging.
Moreover, with the increasing impact of climate change, water scarcity has become a pressing issue worldwide. This has led to a greater emphasis on water conservation and the need for efficient water storage solutions, consequently driving up the water tank market share.
Furthermore, innovations in materials used for water tanks, such as the development of more durable and corrosion-resistant materials, are enhancing the longevity and performance of water tanks. This is attracting more consumers to invest in high-quality water storage solutions.
The agricultural sector also relies heavily on water for irrigation purposes. The expansion of agriculture in regions with limited rainfall has increased the demand for water tanks to store and manage water efficiently for crop cultivation.
Moreover, many governments are implementing regulations and providing incentives to promote water conservation and the installation of water storage systems, leading to the water tank market expansion.
The plastic sector played a crucial role in generating substantial revenue, holding a significant portion in the past. The increasing demand for plastic water tanks can be attributed to their advantages, including easy accessibility, affordability, and swift installation. Consequently, the plastic or polyethylene water tank has become a globally popular choice due to its widespread availability and convenient installation procedure, leading to the water tank market development.
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The Asia Pacific region is expected to significantly contribute to the water tank market growth during the forecast period, owing to rapid urbanisation, population growth, and the expansion of the agricultural sector in countries like China and India. North America and Europe are also significant markets, with increasing investments in water infrastructure and a growing emphasis on water conservation. The Middle East and Africa region is expected to witness substantial growth due to the rising demand for water storage solutions in arid areas and the growing construction sector.
Water Tank Market Segmentation
The market can be divided based on the type, application, location, and region.
Market Breakup by Type
- Steel
- Plastic
- Fibreglass
Market Breakup by Application
- Household
- Institutional
Market Breakup by Location
- Underground
- Outdoor
- Indoor
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global water tank market. Some of the major players explored in the report by Expert Market Research are as follows:
- Beltecno Corporation
- Design Tanks, Inc
- Dn Tanks, Inc
- Fiber Technology Corporation
- Pipeco Group
- Others
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