India Water Tanks Market to Grow at a CAGR of 12.08% During the Forecast Period
Increasing water scarcity and rising demand across
various industries are expected to drive the growth of the India water tanks
market during the forecast period.
According to TechSci Research report, “India Water
Tanks Market – By Region, Competition, Forecast, and
Opportunities, 2029” the India water tanks market was valued at USD
1,199.33 million in 2023 and is anticipated to project robust growth during the
forecast period with a CAGR of 12.08% due to the rising adoption and
installation of water tanks and the subsequent growing demand for portable
water storage. Water tanks are a necessity in households and in commercial
applications such as aquaculture, construction, and agriculture, where constant
supply of water is needed throughout the day, which, in turn, propels the
demand for water tanks around the country. The increasing demand for
underground and portable water storage is providing huge scope to expand the
India water tanks market in the near future.
Manufacturers are coming with advanced polymers which
are more durable and offer increased life in extreme climates. Also, increasing
thermal insulation, UV rays’ protection, algae formation protection, rust
proofing, multi-layer, and leak proofing are some of the trending features of
water tanks in India.
Large capital investments are required initially that
may restrict small and medium scale industries from investing in installing
water tanks. Moreover, lower income group population cannot afford this
investment for their houses, which is also a major factor that can hamper the
growth of the India water tanks market. In addition, plastic water tanks have
safety issues, which restrains the growth of the India water tanks market.
Browse over 36 market data Figures spread
through 106 Pages and an in-depth TOC on "India Water Tanks Market.”
The India water tanks market is segmented into
product, raw material, water storage capacity, shape, application, and region.
Based on product, the market is segmented into plastic, metal, fiber glass,
concrete, and others. Based on raw materials, the market is segmented into
HDPE, LLDPE, stainless steel, cement, and others. Based on water storage
capacity, the market is segmented into 1000-5000 liter, 501-1000 liter, Up to
500-liter, 5000-15000 liter, 15000-100000 liter, and above 1,00000 liter. Based
on shape, the market is segmented into cylindrical, rectangular, square, and
others. Based on application, the market is segmented into residential,
commercial, industrial, and municipal. Based on region, the market is segmented
into South India, North India, West India, and East India.
On the basis of application, the residential segment
dominates the India water tanks market, accounting for a market share of 47.21%
in 2023. The India states and national government initiatives for constructing
smart cities projects such as Smart Cities Mission, AMRUT (Atal Mission for
Rejuvenation and Urban Transformation), HRIDAY (Holistic Development of
Heritage Cities), and upcoming plans to build 100 smart cities are expected to
proliferate the demand for water tanks during the forecast period. For
instance, according to the rural development ministry data, 21.2 million
residences have been constructed and another 8.3 million residentials required
to be construct by March 2024 under the Pradhan Mantri Awas Yojna (Grameen). In
addition, the Government of India has allowed foreign direct investment (FDI)
of up to 100% for township and settlement development projects, including
construction development and activities.
On the basis of product, the plastic segment dominates
the India water tanks market, accounting for a market share of 64.57% in 2023
because in today’s pollution-prone environment, water hygiene is a must. Hence,
plastic water tanks are quite popular among the residential sector because of
its several benefits such as they are light-weight, leak-proof, rustproof,
durable, economical, and require low maintenance. In addition to this, plastic
water tanks are made of high-density polyethylene so they do not require any additional
waterproofing and are majorly used for storing water for residential homes and
multi storied apartments.
On the basis of shape, the cylindrical segment
dominates the India water tanks market, accounting for a market share of 73.25%
in 2023 because the cylindrical shape has the most uniform stress distribution
capacity, which makes it perfect for water storage. The water distributed from
this type of reservoir can easily reach through sources such as pipes to
various outlets. Moreover, the cylindrical shape of the reservoir makes it easy
to clean and maintain. Furthermore, this type of water storage container does
not need any special or additional base for installation. It can be easily put
on the ground or on a flat platform at a certain height to receive perfect
water pressure.
Major
market players operating in the India water tanks market are:
- Supreme
Industries Ltd.
- Vectus
Industries Ltd.
- R C
Plasto Tanks and Pipes Private Limited
- Ashirvad
Pipes Private limited
- Prabh
Dayal Om Parkash Infrastructure Pvt. Ltd
- Shubham
Tanks And Liners Pvt Ltd
- Frontier
Polymers Pvt. Ltd
- Beltecno
India Pvt. Ltd.
- Indraprastha
Industries Ltd
- Carris
Pipes And Tubes Pvt Ltd
- Welspum
Corp Limited
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“The India water tanks market stood at USD
1,199.33 million in 2023 and is expected to register a CAGR of 12.08% during
2024-2029. Rising concerns about conventional water usage due to the
shortage of portable water across the country are driving the growth of the
India water tanks market. Additionally, increase in construction and
industrialization activities is anticipated to fuel the water tanks market in
India. Moreover, water tanks are used in emergency water storage, well water
storage systems, livestock watering applications, irrigation systems, and
agricultural watering. Furthermore, the necessity of treated, recycled, and
fresh water for various purposes in industrial and commercial sectors, particularly
in refineries, is propelling the demand for water tanks,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India Water Tanks Market By Product (Plastic,
Metal, Fiber Glass, Concrete, and Others), By Raw Material (HDPE, LLDPE,
Stainless Steel, Cement, and Others), By Water Storage Capacity (1000-5000
liter, 501-1000 liter, Up to 500-liter, 5000-15000 liter, 15000-100000 liter,
and Above 1,00000 liter), By Shape (Cylindrical, Rectangular, Square, and
Others), By Application (Residential, Commercial, Industrial, and
Municipal), and By Region, Competition, Forecast, and
Opportunities, 2029”, has evaluated the future growth potential of the
India water tanks 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 the India water
tanks market.
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