New York, June 06, 2022 (GLOBE NEWSWIRE) -- The U.S. commercial water storage tank market growth is anticipated to witness a growth rate of 5% from 2022 to 2032. Market expansion is predicted to be driven by increasing commercial water storage tank usage in wastewater treatment facilities, such as the oil & gas industry for the storage of slurry and other wastewater and fresh water.
Above-ground water storage tanks are becoming increasingly common. The primary reason for the surge in above-ground water storage tank demand is their lower installation costs. They are far easier and less expensive to install than subterranean storage tanks, since they require significantly less digging, filling, and paving.
Floating roof tanks have a floating roof that rises and falls in response to the level of oil in the tank. The floating roof has been introduced as a safety precaution in these types of tanks to avoid the build-up of vapor inside the tank.
Strategic investments by investment groups will create opportunities for increasing capacity expansions, and collaborations with domestic market participants will spur innovation, channel reach, and investments in the development of eco-premium solutions.
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Key Takeaways from Market Study
- Advanced polymers are being developed by manufacturers to be more robust and give longer life in severe climates. Increased thermal insulation, UV protection, algae protection, oxidation protection, virgin plastics, numerous layers, and waterproofing are among the most recent improvements.
- Increasing usage of roto-molding powder to make cost-effective tanks and rising demand for four-layered water storage tanks are two emerging success factors in this market.
- The United States Environmental Protection Agency (EPA) is launching an Urban Waters Initiative by investing in water infrastructure, increasing enforcement, and building storage systems to reduce damaging storm water runoff.
- By end use, fire protection is anticipated to remain a key segment, and the sector is anticipated to account for 15.6% market share by value in 2022.
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“There has been a surge in the arrogation of water storage requirement by prominent end users such as oil & gas industry, water/waste water industry, and others, using different types of tanks for storing slurry and fresh water,” says a Persistence Market Research analyst.
Competitive Landscape
The U.S. commercial water storage tank market is a fragmented space with the presence of key manufacturers along with small-scale manufacturing companies.
Key market participants are focusing on growth through acquisitions, collaborations, and entry into emerging markets. They are adopting new technologies for advancements in storage tanks.
Some of the key market players included in the report are Superior Tank Co. Inc., Shawcor, Wessels Company, Tank Connection, Caldwell Tanks, Steel Core Tank, and AST Storage.
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Market Developments
Commercial water storage tanks are widely used to store water for a variety of purposes, including drinking water, irrigated agriculture, fire suppression, agricultural farming, chemical manufacturing, food preparation, and a variety of other applications.
Water tank specifications include the tank's overall design, construction materials, and linings. Fiberglass, concrete, stone, and steel are among the popular materials used to construct a water tank (welded or bolted, carbon or stainless).
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the U.S. commercial water storage tank market that contains industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, type, material, capacity, design, installation method, sales channel, and country. The report also provides supply and demand trends along with an overview of the parent market.
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