Water Tank Market

Global Water Tank Market Size (2024 to 2029)

As per our analysis report, the global Water Tank Market is expected to reach USD 4,883.40 million by 2029 from USD 3994 million in 2024, growing at a compound annual growth rate (CAGR) of 4.1 % during the forecast timeline.

The market value of the Water Tank is expected to increase more during the forecast period.

In general, Water Tanks are containers that are used to store liquid, potable water, rainwater, water for irrigation, water for construction, water for livestock, and water for indoor house use. These are used at home or for institutional use, generally made up of steel, polyethylene, and fiberglass.

Increasing growth in the need for portable water worldwide due to the surge in population is one of the major driving factors of the Water Tank market growth rate. Another major driving factor of the Water Tank market was water tank application in some areas such as agriculture, construction, and aquaculture propels the growth of revenue of the Water Tank market. The rising investments in research and development solutions by the major key players of the market are some of the growth-supporting factors of the Water Tank revenue rate market.

The rise in water tanks for underground water storage for conservation, growing demand for portable water tanks, and driving factors propel the market water tank revenue rate to grow further. The issue of water safety in plastic water tanks is one of the major restraints that hinder the Water Tank Market's growth. Another major restraint that is affecting the growth of the Water Tank market is the high initial investment.

Impact of COVID-19 on the Water Tank Market:

World Health Organization declared COVID-19 as a pandemic in March 2020. The novel coronavirus was first found in Wuhan, China, where it spread to around 203 countries. COVID-19 has affected every sector either positively or negatively. The water tank market also faced challenges during the COVID-19 pandemic. Since the WHO declared COVID-19 as a pandemic, there were strict lockdown guidelines in many countries where many industries were shut down. The disruption of the supply chain has a huge negative impact on the market shares. However, with the increasing need to store water resources, the market shares started growing even during the pandemic. After the governments' unlock guidelines, the market shares are growing at a double rate, which is a boom for the water tank market players. 

REPORT COVERAGE:

This research report on the global water tank market has been segmented and sub-segmented based on type, application, location, and region.

Global Water Tank Market – By Type:

• Steel
• Plastic
• Fiberglass

The plastic water tank segment holds the market's major share as it is easily available, affordable, and has a quicker installation time than others. The fiberglass and steel segments are expected to increase the revenue rate during the forecast period.

Global Water Tank Market – By Application:

• Household
• Institutional.

The institutional segment holds the major share of the market due to the growth in the number of offices and public institutions all around the world. The household segment is expected to increase the market value during the forecast period. 

Global Water Tank Market – By Location:

• Underground
• Indoor
• Outdoor

Among these segments, the outdoor segment holds the market's major share attributed to factors such as these water tanks being traditionally installed outside or at the top of the building. The underground water tank segment is expected to increase the market value during the forecast period.

Global Water Tank Market – By Region:

The Water Tank market is elaborated in various regions all around the world such as

• North America (US, Mexico, Canada, and the rest of North America),
• Europe region (Spain, Italy, France, Germany, UK, and the rest of Europe),
• Asia Pacific region (India, Japan, China, Australia, and the Rest of Asia Pacific). 
• Latin America 
• The Middle East and Africa 

The North America region holds the largest share of the Water Tank market due to the rising investments in research and development solutions by the major key players. Growing urbanization and increasing disposable income are mainly fuelling the growth rate of the market. The rapid adoption of the latest technologies and the launch of various products in favor of the end-users is anticipated to promote the water tank market's growth rate in North America. 

Asia Pacific region holds the major share of the market next to North America due to the high number of households and the rise in new buildings and public places, especially in some of the emerging economies such as India and China. Asia Pacific region is expected to hold the dominance of the water tank market in the forecast period.

The Europe region is expected to increase the Water Tank revenue rate during the forecast period, followed by the Asia Pacific region and North America region attributed to factors such as the rise in the use of water tanks for the underground.

KEY MARKET PLAYERS:

The major key market players in the water tank Market are Synalloy Corporation, ZCL Composites, Pipeco Tanks, Design Tank, Fiber Technology Corporation, Beltenco Corporation, Sintex, Crom Corporation, Plastic Pro gets European Srl, DN Tanks, Inc.