Storage Tank Market Size, Trends, Share, Growth, And Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Material (Stainless Steel, Fiberglass, Concrete, Plastic), By Location (Overhead, Underground, Indoor, Outdoor), By Applications (Storage Of Portable Water, Rain Water Harvesting, Water Storage For Firefighting, Others), By End-User Industry (Domestic, Institutional, Municipal, Industrial), By Business Type (Original Equipment Manufacturer (OEM), Aftermarket), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Storage Tank Market was valued at USD 22,874.6 Million in 2022 and is anticipated to reach a value of USD 38,275.4 Million by 2030 expanding at a CAGR of 6.7% between 2023 and 2030.

An enclosed container used to store water is called a storage tank. It helps prevent leaks and spills. Portable water, rainwater, irrigation water, and firefighting water are all frequently stored in water storage tanks. The primary drivers of the water tank storage market's expansion are the abundance of alternatives for water storage tanks, including material, capacity, durability, and high demand. Construction sites and a variety of sectors also employ water storage tanks. The market for water storage tanks is expanding as a result of the simple installation procedure and inexpensive maintenance costs. Leading companies in the storage tank sector have incorporated cutting-edge technologies to decrease dead weight and boost water storage tank longevity. A storage tank's inlet and exit pipes, overflow pipe, drain, air vent, sump, and manhole are all necessary parts. The storage tank may be periodically maintained with the help of the manhole and drain. A water supply, a pump, and a ballcock valve are typically used in conjunction with water storage tanks to provide an automated and practical water storage system. Therefore, the market for storage tanks is expected to increase significantly due to its ease of installation, low initial cost, low maintenance cost, and strong demand.

Storage Tank Market Major Driving Forces

Water Scarcity: The main factor propelling the market for storage tanks is the growing scarcity of water in various places. Accessibility to clean water for drinking and practicing basic hygiene at home, in schools, and in healthcare facilities is restricted by water scarcity.

Increasing Demand for Oil and Gas: Another factor that is becoming more prominent as a result of the expanding transportation industry and expanding population is the growing demand for petroleum products. Storage tanks prevent gas and oil spills and offer safety.

Versatile Applications of Storage Tanks: Tanks for storing chemicals are used by the chemical industry, and water treatment facilities use them to store their purified water. Storage tanks are extremely versatile and are used in a wide range of industries, including manufacturing, agriculture, and pharmaceuticals. As a result, they are essential to the smooth running of these industries.

Increasing Industrialization: Raw materials, intermediate products, and completed goods need to be stored more often as industrial activities and manufacturing processes grow. Storage tanks are essential for meeting different sectors' needs for storage.

Storage Tank Market Key Opportunities

Integration with IoT Sensors: Storage tanks are becoming more efficient, more controlled, and more monitored owing to the integration of IoT sensors. IoT sensors allow for remote monitoring and control by keeping an eye on variables including chemical composition, temperature, pressure, and fluid levels. They also combine with cloud systems for centralized control, optimizing energy use, safety, and security. These clever storage tank designs are effective and easy to use.

Eco-Friendly Storage Solutions: The market for storage tanks has a chance to create and promote sustainable choices due to the growing demand for environmentally friendly products. Manufacturers can benefit from this trend by providing storage tanks with ethical sourcing and construction, or by utilizing organic and recycled materials.

Customization and Personalization: More and more customers are looking for modular and configurable storage options. Manufacturers of storage tanks can provide customization choices, allowing for flexibility in capacity, design, and configuration based on the requirements of the customer. This trend opens up new markets for premium and niche products by increasing customer involvement and brand loyalty.

Storage Tank Market Key Trends

·         The use of Internet of Things (IoT) technologies for real-time monitoring is growing.

·         Innovations are driven by the growing need for environmentally friendly storage options.

·         Creation of energy-storing storage tanks specifically designed for renewable energy sources.

·         Growing demand for adaptable and versatile storage options to satisfy various industry requirements.

·         Utilizing artificial intelligence and data analytics more frequently to improve storage tank operations and boost productivity.

·         Combining sophisticated technology to monitor safety and security more effectively, including leak detection.

·         Mobile applications for remote monitoring and control are being deployed more frequently.

·         Use block chain technology to encrypt and verify data produced by Internet of Things sensors.

Region-wise Market Insights

Asia-Pacific accounted for the largest market share at 40.3% in 2022 whereas, Asia Pacific is also expected to register the fastest growth, expanding at a CAGR of 7% between 2023 and 2030.

In the global storage tank market, the Asia-Pacific region accounts for USD 9,218.5 million, with the greatest market share of 40.3%. At 7.0%, it also had the quickest CAGR. The market in this region is driven by a number of factors, including population growth and urbanization, government initiatives and regulations, technological advancements, global trade and ports, infrastructure development, growing chemical industry, swift industrialization, evolving water management and agriculture, and the rise of renewable energy.  North America is the region which holds the second highest market share, i.e. 23.6%. The North American market is driven by the expanding oil and gas industry, shale gas and oil exploration, renewable energy integration, chemical manufacturing expansion, management and treatment of water, environmental regulations, infrastructure upgrades, urbanization and population growth, adoption of advanced technologies, global trade, and logistics. Europe registers market share of 21.2% which is third highest and is driven by factors such as technological advancements, increasing demand for oil & gas, renewable energy integration and others.

Market Competition Landscape

The intense competition among numerous producers is a defining feature of the global storage tank industry. Important participants in the storage tank industry employ tactics meant to provide them a competitive advantage. While newer competitors concentrate on disruptive technologies and distinctive selling propositions, established brands use their reputation for quality and dependability to keep market share. Many businesses are concentrating on organic growth tactics including product releases, approvals, and other methods such as patents and events. The market saw partnerships and collaborations as well as acquisitions as inorganic growth tactics. The market participants' consumer base and business have grown as a result of these actions. Due to the growing need for storage tanks, market participants in the storage tank industry are expected to have profitable growth possibilities in the future. The list of a few businesses operating in the storage tank market is provided below.

Prominent players in the market include:

·         CST Industries

·         Tarsco (TF Warren Group)

·         Tank Connection

·         PermianLide (Lide Industries)

·         Matrix Service Company

·         Snyder Industries

·         Motherwell Bridge Industries

·         ZCL Composites Inc.

·         Worthington Industries

·         McDermott International

·         Wessels Company

·         Balmoral Tanks

·         Columbian TecTank (CTL|Thompson)

·         Containment Solutions, Inc.

·         Gpi Tanks

Among the top suppliers of storage tanks for many sectors are CST industries, Tarsco, Tank Connection, and Lide Industries. Designing, building, and installing tanks for dry bulk, potable water, wastewater, and industrial liquids are CST Industries' areas of expertise. Oil and gas, power, water, and industrial manufacturing storage tank engineering, production, and construction are the areas of expertise for Tarsco, a division of the TF Warren Group. Lide Industries, a division of PermianLide, is an expert in the planning and building of storage tanks for the gas and oil sector.