IMARC Group, a leading market research company, has recently releases report titled “Water Tank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global water tank market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the water tank market?
The global water tank market size reached US$ 3.88 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.98 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.
What is the water tank?
A water tank stores clean water from reverse osmosis systems or other filter systems for later use and timely access. It is usually manufactured from steel, plastic, fiberglass, stone, or concrete. A water tank is commonly available in several designs, sizes, and specifications. It is easy to install and maintain and cost-effective while providing water for emergency fire suppression, farming, irrigation, plants, livestock, etc.
A water tank helps in extending the life of the pump by protecting the pump from short cycling. It is also coated with cathodic protection and linings that act as a physical barrier between the wall and water to prevent corrosion. A water tank allows immediate access to pressurized water for showers or any household chores. Consequently, it is extensively utilized in commercial complexes, homes, large-scale industrial or municipal enterprises, etc.
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Water Tank Market Trends and Drivers:
The rising investments by individuals in household products are primarily driving the water tank market. Additionally, the implementation of stringent regulations by government bodies for water conservation is further bolstering the market growth. Besides this, the increasing R&D activities to develop assorted types of tanks for specific new applications are acting as significant growth-inducing factors.
Moreover, they are also utilized in the residential sector to store water when pipelines are not available, which is positively influencing the global market. Apart from this, the widespread adoption of water tanks in municipal corporations to supply clean drinking water across cities is also stimulating the market growth. Furthermore, the development of portable product variants is projected to fuel the water tank market in the coming years.
Competitive Landscape With Key Players:
Who are the key players operating in the industry?
Water Tank Manufacturers:
- BAE Systems PLC
- Cobham PLC
- Furuno Electric Company Ltd.
- Harris Corporation
- Mayflower Communications Co. Inc.
- Novatel Inc. (Hexagon AB)
- Raytheon Company
- Rockwell Collins
- Thales Group
- U-Blox Holding AG Ltd.
Key Market Segmentation:
The report has segmented the market into the following categories:
Breakup by Type Insights:
- Steel
- Plastic
- Fiberglass
- Others
Breakup by Installation Insights:
- Underground
- Outdoor
- Indoor
Breakup by End-User Insights:
- Residential
- Commercial
- Industrial
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Drivers and Success Factors
- SWOT Analysis
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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