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A storage tank is a vessel that carries liquids, compressed gases (fuel tank), or other objects of low or long or cold temperature. Water storage tanks are usually circular or vertical with bases and a flat or floating roof. Many environmental guidelines and specifications are followed during the design and installation of storage tanks. Specification varies with the type of liquid or substance stored. Above ground Storage Tank (AST) differs from Underground Storage Tank (UST) in terms of specific details.
Market Scope and Structure Analysis
Speedy population growth has been the reason for an increase in demand for fresh water in urban and rural areas as well as in businesses and services across the country. The demand for storage of water and various purposes has created a worldwide market for storage tanks. Global warming and unpredictable weather are causing severe water shortages in some parts of the world. It motivates people to conserve water anyway. Increased water use has been noted in the commercial and industrial sectors.
The rapid increase in gas and oil activities needs more storage tanks for various purposes. These developments ensure the development of the market for storage tanks in various countries. Sustainable development is assumed from private and public water services, the oil & gas sector, and many other industries. However, the installation of water storage systems is expensive and can be a barrier to market development.
COVID-19 Impact Analysis
Top Impacting Factors
Global warming creates water scarcity. About half the world's population is anticipated to face water shortages during the forecast period. Rise in concerns about the storage of water due to a shortage of drinking water in many regions drives the market for storage tanks. The drought situation in many regions of the world confirms greater demand from various resources and private individuals.
Increased water use for several commercial and industrial applications has also prompted the demand for storage tanks. An important need for water conservation systems derives from the growing gas and oil exploration activities globally. It consists of a sense of hope in the storage tank market. The various metallurgy and chemical industries in the two emerging and established economic sectors require storage tanks for various purposes.
The development of the metallurgy and chemical industries in the new and advanced economic sectors offers a lucrative opportunity in the global storage tank market. In addition, the surge in demand for storage tanks in a variety of applications, such as food & beverage, health care, automotive, electronics, construction, and pharmaceuticals, is expected to push the boost the market growth in the next few years.
Marketing Trends
Key Benefits of the Report
Questions answered in the report
Industrial Storage Tank Market Report Highlights
Aspects | Details |
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By Installation Type |
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By Product |
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By Material |
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By Industry Vertical |
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Key Market Players | Fiber Technology Corporation Inc., Synalloy Corporation, Caldwell Tanks, CST Industries, Snyder Industries Inc, Crom Corporation, Sintex Industries Limited, DN Tanks, Superior Tank Co. Inc., Tank Connection, McDermott International, Inc., ZCL Composites Inc. |
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