Storage Tank Market Worth USD 17.72 Billion By 2028, Registering 4.25% CAGR – Future Market Research Report (MRFR)
/ EIN News / – New York, Sept. 20, 2021 (GLOBE NEWSWIRE) – Storage Tank Market Snapshot: According to a Comprehensive Research Report from Market Research Future (MRFR), “Storage Tanks Market Research report: information, by type of installation (aboveground storage tanks (AST) and underground storage tanks (UST)), product (hazardous and non-hazardous), material (steel, concrete, polyethylene and others), sector vertical (oil and gas), chemicals, water, food and beverage and others) and region (North America, Europe, Asia-Pacific and right-of-way) – Forecast to 2028 ” The market is expected to be worth USD 17.72 billion by 2028, registering a CAGR of 4.25% during the forecast period (2021 – 2028)., The market was valued at USD 13.12 billion in 2021.
The list of key companies presented in the Storage Tanks Market report is –
- McDermott (United States)
- CST Industries (United States)
- PermianLide (United States)
- Fox Tank Company (United States)
- Highland Tank & Manufacturing Company Inc. (United States)
- TF Warren Group (Canada OYO KANETSU KK (Japan)
- Superior Tank Co. Inc. (United States)
- Ishii Iron Works Co. Ltd (Japan)
- MEKRO Sp. Z oo (Poland)
- Pfaudler (United States)
Get a Free Sample PDF Brochure https://www.marketresearchfuture.com/sample_request/8140
The storage tanks market appears competitive with the presence of several notable players. Manufacturers strive to increase their production capabilities using cost effective manufacturing techniques.
Many of them are exploring the possibility of a new development after having mastered their existing product lines.
For example, recently, on August 9, 2021, the ZAL Applied Aeronautical Research Center announced the installation of a new 20-meter hydrogen tank to increase aviation’s capacity by twenty. ZAL has received a huge boost to its hydrogen capabilities with this integration of a new storage tank, storing a large amount of hydrogen gas.
The storage tank market is proliferating on the global platform, mainly due to the increasing adoption of Concentrated Solar Power (CSP) technology, providing increased power generation capacity. Storage tanks are widely used to store oil, waste, water, chemicals and other hazardous materials while meeting strict industry standards and regulations.
In addition, the growth of the oil and gas industry and the increasing use of water in industrial and commercial sectors justifies the size of the market. The increasing adoption of storage tanks to improve fuel economy is influencing the growth of the market. In addition, the growing adoption of polyethylene water tanks and the replacement business of aging chemical storage tanks are the main drivers of market growth.
With the increasing research and engineering activities to develop liquefied natural gas (LNG) reservoir materials, the market is expected to generate substantial revenue over the next few years.
Browse the In-Depth (185 Pages) Storage Tank Market Research Report
Rise in renewable energy production stocks is a key growth driver
The outlook for the storage tank market looks bright, mainly due to the ever increasing demand for energy around the world. In addition, the increasing applications of high manganese steel in LNG storage tanks to target global LNG projects and the energy industry are driving the market growth. Rapid industrialization and urbanization, growing demand for CNG vehicles, and rapidly developing industries, such as petrochemicals and food and beverage, are influencing the size of the market.
High investment demands are major headwinds
Factors such as high initial installation costs of storage tanks, faulty installation and inadequate operation and maintenance services are acting as major headwinds for the market. Nevertheless, the large consumption of storage tanks in the pharmaceutical and pulp and paper industries in emerging countries would support the growth of the market in the coming years. In addition, the growing demand for portable water tanks provides plenty of opportunities for the growth of this market.
Impacts of COVID-19
The new COVID-19 pandemic has not affected the storage tank industry. The pandemic has reassured a sharp increase in global demand for energy, especially from industrial sectors. In addition, the increase in the renewable energy market has allowed the storage tank industry to grow steadily throughout 2020. In addition, the cost of renewable energy which continued to fall in 2020 has contributed to the growth. market despite the disruptions of the pandemic. Market demand is expected to increase further during the period considered.
Share your requests https://www.marketresearchfuture.com/enquiry/8140
The market is segmented into facility types, products, materials, verticals and regions. The Facility Type segment is sub-segmented into Aboveground Storage Tanks (AST) and Underground Storage Tanks (UST). The product segment is sub-segmented into hazardous and non-hazardous.
The materials segment is sub-segmented into steel, concrete, polyethylene and others. The industry vertical segment is sub-segmented into oil and gas, chemicals, water, food and beverage, and others. The regional segment is sub-segmented into Americas, Asia-Pacific, Europe and Rest of the World.
The Asia-Pacific region dominates the global storage tank market. The region is one of the largest consumers and producers of electricity in the world. In addition, factors such as rapid development of manufacturing sectors, increase in population and increasing adoption of storage tanks in the region are driving the growth of storage tanks market. The growing attention to the development of renewable energy sources is influencing the market landscape.
With vast developments in transport infrastructure exploiting LNG, China and India hold substantial market shares for storage tanks. The growth of the food industry and the increasing demand for plastic water tanks for water storage justifies the size of the storage tanks market in the region. Growing investment from manufacturers is also driving the growth of this market.
Market segmentation covered by research:
Storage Tanks Market Research Report: Information, By Installation Type (Aboveground Storage Tanks (AST) & Underground Storage Tanks (UST)), Product (Hazardous & Nonhazardous), Material (Steel, concrete, polyethylene and others), vertical sector (Oil and gas, chemicals, water, food and beverage and others) and region (North America, Europe, Asia-Pacific and right-of-way) – Forecast to 2028
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, providing comprehensive and accurate analysis with respect to various markets and consumers around the world. Market Research Future has a distinguished goal of providing high-quality research and granular research to customers. Our market research by products, services, technologies, applications, end users and market players for global, regional and national market segments, enables our clients to see more, learn more and do more, which helps answer your most important questions. questions.
Contact: Market Research Future Phone: +1 628 258 0071(US) +44 2035 002 764(UK) Email: [email protected] Website: https://www.marketresearchfuture.com