Water Tank Market to Grow Dur to Increasing Problem of Water Scarcity
Increase in demand for plastic tanks owing to their low cost
and ease of installation to drive the market of the Global Water Tank Market in
the forecast period of 2024-2028.
According to TechSci Research report,
Water Tank Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast. 2018–2028, the Global Water Tank market is anticipated to
register a robust growth during the forecast period, 2024-2028. Global
Water Tank market is expanding due to growing global 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.
Moreover, the growing usage of water
tanks in industries including agriculture, aquaculture, domestic use, and
others is fueling the worldwide water tank market. Due to this, sales of water
tanks have been steadily rising around the world, which has aided in the
expansion of the water tanks sector.
Additionally, the increased usage of underground water storage tanks for
conservation purposes is anticipated to significantly boost market expansion.
The expansion of the sector is also being fueled by the fast industrialization
and urbanisation that are direct results of the expanding global population.
Additionally, the exponential rise in building activity throughout the globe is
anticipated to accelerate market expansion during the anticipated period..
Browse over XX market data Figures
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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.
The
plastics type is expected to grow at a high CAGR and account for the
greatest proportion. Plastic water tanks are created from food-grade
polyethylene that has undergone UV treatment and impact modification. The most
common types of water tanks on the market right now are those used for storage.
Plastic water tanks come in a wide range of designs, colours, sizes, and forms.
Because of its small weight, it is simple to maintain going forward. For
example, washing a plastic water storage tank is much easier than cleaning the
other types. It is noncorrosive and available in a range of forms, sizes, and
hues to meet your tastes and requirements. It is suitable for both domestic and
commercial uses.
The
second-largest proportion will belong to the steel segment. Steel water tanks
are preferred safe, made of galvanised steel, and used for a variety of home
tasks including cooking, storage, and other things. The flavour of the water
that is being kept might be impacted by the steel water tank's high
susceptibility to corrosion and rust. The steel tanks are also rather heavy,
which complicates installation and shipping. For the majority of steel tank
installations, a reinforced concrete slab must be at least 100 mm thick. However,
steel tanks are very durable and provide the best protection from direct
sunlight, which is the main driver of this market's growth.
The
outdoor segment is anticipated to grow at a high CAGR and account for the
largest market share. All water tanks that are situated outside of a house or
on the roof of a house or building belong to the outdoor sector. The plastic
water tank is the most common choice for outdoor installation.
This can
be attributed to the accessibility, affordability, and ease of installation of
plastic water tanks. This market segment's growth may be attributed to the
world's growing population and increased demand for homes and apartments.
Key market players in the Water Tank market:
- Beltenco Corporation
- Sintex Industries Limited
- Pipeco Group
- Design Tank
- Fiber Technology
Corporation
- Crom Corporation
- Plastic Proget European
Srl
- Synalloy Corporation
- ZCL Composites
- DN
Tanks, Inc.
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“According to the historical period, the greatest market in
terms of income generation was Asia Pacific. Throughout the projection period,
the area is anticipated to grow significantly at a CAGR. The expansion of the
regional market may be linked to the area's increased construction of homes,
new structures, and public spaces in the Asia Pacific region. It is anticipated
that local companies would become more prevalent in developing nations like
China and India, thus boosting market expansion. For instance, Astral Poly
Technik Limited announced in November 2020 that it will invest around USD 9.11 million
in the manufacture of plastic water storage tanks in India, adding new capacity
to strengthen its market position.” said, Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Water tank Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, Segmented Water tank Market By
Type (Steel, Plastic and Fiberglass), By Application (Household and
Institutional), By location (underground, outdoor and indoor), By Region,
Competition, has evaluated the future growth potential of Water Tank Market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Water Tank Market.
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