Water Tank Market: Introduction
- A water tank is a container which is used to store water and is used in several applications such as for drinking water purpose, for fire suppression, in irrigation, agriculture, agriculture farming, plants and livestock, and chemical manufacturing among many others. A water tank can be customized and designed as per requirement with several choices of material.
Key Drivers of the Global Water Tank Market
- Increasing population in the world and rising residential construction are the major factors contributing to the growth of the water tank market. Rising disposable income influences consumers to invest more in household products, which subsequently contributes to the global growth of the water tank market.
- Rising adoption and installation of water tanks is attributed to the increasing population in the world and the subsequent growing demand for portable water storage. A water tank is 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 globe. Increasing demand for underground and portable water storage is providing huge scope to expand the water tank market in the near future.
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Factors Restraining the Global Water Tank Market
- Large capital investment is 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 water tank market.
- Plastic water tanks have safety issues, which restrains the growth of the water tank market.
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Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global water tank market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the water tank market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the water tank market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America water tank market is segmented into Brazil, and Rest of South America.
- North America accounted for largest share of the global water tank market due to the presence of aging infrastructure in the region. Factors such as stringent regulations for the conservation and consumption of water, ineffective utilization of water, rainfall harvesting, and recycling of industrial wastewater are contributing toward increasing installation of water storage tanks. This is expected to drive the water tank market in North America.
- The water tank market in Asia Pacific region is projected to expand rapidly during the forecast period due to the rising scarcity of water in this region. Increasing population in India and China and rising disposable income propels the demand for household products. Additionally, rapid urbanization is a major driving force in the growth of the water tank market in the region.
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Key Players Operating in the Global Market
Companies in the water tank market are focusing on developing innovative and quality products which will help in enhancing their competitive advantage and subsequently increase their market share. Companies are strengthening their product portfolio due to the changing preference for advanced products and the prevailing competition. Growing competition encourages market players to focus on introducing advanced products.
A few of the key players operating in the global water tank market are:
- American Tank Company
- Caldwell Tanks
- CST Industries, Inc.
- DN Tanks
- Schumann Tanks
- Shawcor Ltd. (ZCL Composites Inc.)
- Tank Connection
- United Industries Group, Inc.
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