Water Storage Tanks Market Growth, Size, Share, Trends, and Forecast 2032

Water Storage Tanks Industry Prospective:

The global water storage tanks market size was worth around USD 7,243.65 million in 2023 and is predicted to grow to around USD 14,004.51 million by 2032 with a compound annual growth rate (CAGR) of roughly 7.60% between 2024 and 2032.

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Water Storage Tanks Market: Overview

Water storage tanks are units built for securely storing water. The containers have applications across industries including irrigation, farming, chemical manufacturing, livestock management, and others along with residential uses such as storing, cleaning, or drinking water. The main parameters that define water storage tank quality are the dimensions and materials used during construction. They are available in several sizes and shapes with each variant offering solutions for several applications. While traditional residential water tanks are relatively smaller, industrial tanks can hold gallons of water including rainwater for use at a later time. Water storage tanks are either atmospheric tanks or pressure tanks with the former showing higher applications in outdoor settings.

In recent times, the introduction of new technology in making water storage tanks has aided the production of superior-grade solutions that last multiple years. For instance, outdoor water tanks are ultraviolet (UV) rays resistant since long-term exposure to the rays can cause the tank to deteriorate. Additionally, they also are corrosion-resistant and easy to maintain. During the forecast period, the industry for water storage tanks is likely to deliver high results.

Key Insights:

• As per the analysis shared by our research analyst, the global water storage tanks market is estimated to grow annually at a CAGR of around 7.60% over the forecast period (2024 – 2032)
• In terms of revenue, the global water storage tanks market size was valued at around USD 7,243.65 million in 2023 and is projected to reach USD 14,004.51 million, by 2032.
• The market is projected to grow at a significant rate due to the rising construction of commercial accommodation facilities and residential properties
• Based on location segmentation, indoor was predicted to show maximum market share in the year 2023
• Based on application segmentation, industrial was the leading segment in 2023
• On the basis of region, Asia-Pacific was the leading revenue generator in 2023

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Water Storage Tanks Market: Growth Drivers

Rising construction of commercial accommodation facilities and residential properties will drive the market growth rate

The global water storage tanks market is projected to grow owing to the rising construction of commercial accommodation facilities and residential units. In the last decade, the hospitality sector has witnessed higher investments. During COVID-19, the growth rate had halted but in 2023, the industry has recorded a steady growth rate. The growing number of international and domestic tourists is the leading reason for higher demand for affordable and luxury accommodation facilities such as five-star hotels. By the end of 2024, the global hospitality sector is projected to reach over USD 25 billion.

In 2021, the US recorded over 80.05 million international tourists from across the globe as lockdown restrictions eased. Other parts of the world including emerging economies also witnessed a rise in tourism including domestic travelers. In addition to this, the demand for residential properties is equally high. The rising urbanization rate along with growing disposable income has resulted in an urgent need to build housing facilities that are affordable and functional. Luxury real estate appeared to grow steadily in 2023.

As per official reports, Dubai’s luxury home sales generated a revenue of USD 7.61 billion. More than 430 homes in Dubai that were priced over USD 10 million were sold in the last year. Water storage tanks are an essential infrastructure component of commercial and residential buildings. They are the primary installations required to provide a continuous supply of clean water to residents. Countries globally have drafted policies and protocols defining mandatory guidelines for water storage tank construction and implementation.

Rising scarcity of water to promote harnessing rainwater thus promoting market demand

Rainwater harnessing is the process of collection of rainwater flowing from elevated areas such as roofs to be used later. Water scarcity is a leading cause of environmental concern in many parts of the world. The changes in climate and unpredictable weather conditions as a result of global warming along with depleting water bodies have created an urgent need for creative ways to store water.

For instance, South Australia has mandated the installation of rainwater tanks in modern buildings with specific requirements. Such measures are likely to promote the global water storage tanks market growth rate.

Water Storage Tanks Market: Restraints

Space constraints and the high cost of initial implementation may restrict market expansion

The global water storage tanks industry will be restricted due to the space constraints in modern homes. Urban residential units are compact hours with limited space for additional installations. Moreover, the initial cost of installing water storage tanks is high as good quality tanks are expensive. The cost increases as the size of the container rises.

For instance, installing a 20,000-gallon tank may cost around USD 13000. The rising cost of raw materials and increasing economic volatility may affect consumer choices in the coming years. Another key area of concern is the compliance challenges faced by consumers as each region is governed by strict regulations and implementation policies.

Water Storage Tanks Market: Opportunities

Rising launch of new and creative solutions will generate high-growth opportunities

The global water storage tanks market is expected to witness high growth opportunities due to the growing launch of new solutions meeting the changing demands of the customers. In January 2024, Beltecno India, a thriving organization in the Indian manufacturing industry, announced the launch of Thermal Water Storage Tanks with applications in the industrial and commercial segments. The new launch offers sustainable solutions with exceptional storage capacity. Another distinguishing factor of the tanks is the integration of state-of-the-art thermal technology thus showcasing use in applications that need precise water temperature control.

In February 2023, the Indian state of Uttar Pradesh witnessed the launch of the ‘Future Plastic Industry’. The plant is made on an investment of INR 10 crore and will be helpful in manufacturing water storage tanks of varying capacities ranging from 500 liters to 2000 liters. Manufacturers are investing in developing new and improved materials. They are also focusing on developing a circular economy by using discarded plastic waste to build plastic-based water tanks.

Emerging economies to hold high growth potential during the projection period

The demand for water storage tanks will be fueled by the increasing demand for water storage tanks in emerging countries that are witnessing high industrial and commercial changes. Economies such as China, India, and Africa are registering changes in consumer buying patterns. Additionally, they are also witnessing high investments in infrastructure development projects that will impact the demand in the global water storage tanks market.

Water Storage Tanks Market: Challenges

Manufacturing a leak-proof structure may challenge the market expansion

The global water storage tanks industry players face challenges in constructing a leak-proof structure. Water storage tanks are highly prone to leak with time as they undergo deterioration. Furthermore, poor-quality storage tanks are at risk of failure within a short span of consistent use. Such functional failures lead to resource wastage thus impacting market revenue.

Water Storage Tanks Market: Segmentation

The global water storage tanks market is segmented based on location, type, application, and region.

Based on location, the global market is divided into outdoor, underground, and indoor. In 2023, the highest growth was observed in the indoor segment. The primary reason is the safety offered in indoor settings. Additionally, underground applications can be high in cost while indoor locations are secure and less expensive. In most urban homes, water storage tanks are placed indoors. Outdoor tanks are easy to clean and operate. The New York water storage and dispersal facilities supply more than 1 billion gallons of water every day.

Based on type, the global water storage tanks industry is divided into fiberglass, plastic, steel, and others.

Based on application the global market is segmented into institutional and household. In 2023, the highest demand was witnessed in the industrial segment. Water storage tanks are used across industries and sectors including mining, agriculture, chemical, pulp & paper, construction, and others. The size of industrial water tanks is extremely large compared to water tanks used in residential settings. As per official data, nearly 70% of freshwater withdrawals are directed to be used in agricultural activities.

Water Storage Tanks Market: Report Scope

Water Storage Tanks Market: Regional Analysis

Asia-Pacific is expected to drive the market growth rate during the projection period

The global water storage tanks market will be dominated by Asia-Pacific during the projection period. The region is projected to grow at a CAGR of more than 4.72%driven by the presence of some of the fastest-growing economies such as India and China. These nations have high industrial and residential demand for water as a result of increasing industrial investments and the presence of more than one-third of the world population. Furthermore, Asian countries have a competitive market for water storage tanks as there are numerous players operating in the regional sector offering modern solutions.

In October 2023, India-based Skipper Limited announced the launch of a new line of water tanks under the brand name ‘Marina’. The company specializes in polymer pipes & fittings and with the addition of the new line, it has managed to expand its product portfolio. The growing urbanization rate along with the increased government initiatives to promote domestic industry will aid Asia-Pacific in its growth trajectory. Europe is projected to grow at a CAGR of more than 2.72%. It has a high demand for consumer products and an increasing focus on using sustainable solutions such as water storage tanks.

Water Storage Tanks Market: Competitive Analysis

The global water storage tanks market is led by players like:

• The Water Tank Factory
• Snyder Industries
• Norwesco Industries
• CST Industries
• DN Tanks
• Pioneer Water Tanks
• Permastore Limited
• Crom Corporation
• Bushman USA
• Tankworks
• Tank Connection
• Caldwell Tanks
• ZCL Composites
• Heritage Water Tanks
• Contain Water Systems

The global water storage tanks market is segmented as follows:

By Location

• Outdoor
• Underground
• Indoor

By Type

• Fiberglass
• Plastic
• Steel
• Others

By Application

• Industrial
• Household

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa