Industrial Storage Tank Market Size, Share, Competitive Landscape and Trend Analysis Report by Installation Type, by Product, by Material and by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2023-2032

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

• The impact of the COVID-19 outbreak temporarily shut down the operation, production, and supply chain process in the industrial storage tank market.
• Industries related to the use of the storage tank market are more likely to go backward, which will lead to lower demand for the industrial storage tank market in the year.
• The temporary suspension of the automotive, construction, oil & gas, food & beverages, agriculture in the first half of 2020, in several countries. These are the key end users of the industry and the closure of businesses affects the production of the industrial storage tank market.
• However, in industries related to the use of these markets products are likely to be back on track, therefore, leading to greater demand for the industrial storage tank market in the coming years.
• Industrial storage tank market’s products are used in the automotive, construction, oil & gas, food &beverages, agriculture thus some of the sectors are worked during the pandemic gives breathe to this sector during downtime also.

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

• The industrial storage tank market is anticipated to remain the largest segment and is expected to witness highest growth due to increased demand from the construction, automotive and agricultural industries. Within the tank market, construction is projected to remain the largest component of the end-to-end use in the forecast period and is expected experience higher growth due to growth in commercial and residential construction.
• A multiphase pumping project for Shenzi Subsea, implemented by Mcdermott Marine in June 2021. They seem forward to resumes their collaboration with BHP through this new contract award, "McDermott's North Ocean 102 ship is particularly well suited for transporting and installing equipment and equipment at the Shenzi project scale - as well as conducting pre-commission inspections and other surveys required to deliver safely to customers.
• DN Tanks has been awarded the ACI Excellence in Concrete Award by American Water Works Association (AWWA) D110 and was selected due to its high durability. This AWWA D110 tank replaced two existing steel tanks and was selected because of its superior seismic resilience and durability. Considering it stood 38′ above grade and was at the apex of a Public Park surrounded by residential homes, Sandy City wanted to ensure they leaked free reliable structure for generations to come. Bowen Collins & Associates was the civil and structural engineer behind this landmark storage tank project.