Elevated Water Storage Tanks Market Report 2024

This Elevated Water Storage Tanks market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The elevated water storage tanks market size has grown strongly in recent years. It will grow from $5.87 billion in 2023 to $6.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth during the historic period can be attributed to factors such as population growth, urbanization, an increase in the construction of commercial accommodation facilities, rising migration rates, and industrialization.

The elevated water storage tanks market size is expected to see strong growth in the next few years. It will grow to $7.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth during the forecast period can be attributed to climate change, support for agricultural production, the construction of manufacturing facilities, increasing water scarcity, and rising disposable income. Key trends expected in this period include the adoption of green technologies, advancements in technology, the implementation of smart technologies, the use of advanced composite materials, and the integration of monitoring systems.

The increasing construction of commercial accommodation facilities is expected to drive the growth of the elevated water storage tanks market. Commercial accommodation refers to lodging facilities such as hotels, motels, or serviced apartments that provide short-term stays for travelers or guests in exchange for payment. The demand for such accommodations is growing due to rising business travel, tourism, and urbanization, fueled by expanding global economies and higher disposable incomes. Elevated water storage tanks play a crucial role in commercial accommodations by ensuring a steady water supply and consistent pressure, especially during peak usage periods. They also serve as a backup during power outages or supply disruptions. For example, in August 2024, Lodging Econometrics, a US-based company specializing in hotel intelligence, reported that 948 new hotels with 135,579 rooms had opened globally in the first half of 2024. By the end of the year, 2,534 new hotels with 372,686 rooms are expected, followed by 2,756 hotels with 429,120 rooms in 2025. Consequently, the rise in commercial accommodation construction is boosting the demand for elevated water storage tanks.

Leading companies in the water storage tanks market are focusing on developing advanced products, such as tanks with air ventilation systems on both sides of the lid, to enhance durability and meet the increasing need for reliable water storage across different sectors. These ventilation systems help prevent pressure buildup and ensure proper airflow, maintaining the quality of stored water and the tank’s structural integrity. For instance, in January 2022, Prayag, an India-based company, introduced a new line of water tanks designed with air ventilation on both sides of the lid to keep the stored water cooler and odorless. Made from high-quality materials, these tanks offer greater strength and resistance to wear and tear. Available in various sizes and colors, Prayag's water tanks provide effective solutions for diverse customer needs, ensuring a consistent and reliable water supply. These products demonstrate Prayag’s commitment to innovation and quality, offering durable water storage options to meet customer demands.

In January 2024, the Southern Iowa Rural Water Association (SIRWA), a US-based rural water association, partnered with Maguire Iron to complete the engineering, design, fabrication, and construction of a 1,000,000-gallon toro-ellipsoidal water tower. This partnership aimed to improve SIRWA’s water storage capabilities and tower maintenance, ensuring the long-term sustainability and efficiency of its rural water infrastructure. Maguire Iron, a US-based company, specializes in the construction and maintenance of water storage tanks.

Major companies operating in the elevated water storage tanks market are McDermott, KLM Engineering Inc., Chicago Bridge & Iron Company, J.F. Ahern Co., Caldwell Tanks, CST Industries, Apex NC, Tnemec, Pittsburg Tank & Tower Group, Aquatech International Corp., DN Tanks, Tank Connection, Phoenix Fabricators and Erectors LLC, Balmoral Tanks Ltd., Landmark Structures, Brown-Minneapolis Tank Co., Norwesco Inc., Fiber Technology Corporation, Design Tanks Inc., BUWATEC, RC Plasto Tanks and Pipes Pvt. Ltd., Steelcore tank, Schier Construction Co., Easytanks, Sintex Plastics Technology Limited.

Asia-Pacific was the largest region in the elevated water storage tanks market in 2023. The regions covered in the elevated water storage tanks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the elevated water storage tanks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Elevated water storage tanks are large, cylindrical structures, typically made from steel or concrete, and are elevated on a tower or stand above the ground. Their primary functions include storing potable water and providing fire protection, relying on gravity to ensure consistent water pressure across distribution systems.

The main types of elevated water storage tanks include steel, plastic, fiberglass, and others. Steel tanks are constructed from durable steel panels, bolted together on-site for easy installation and featuring a modular design that allows for flexible capacity expansion. These tanks can be installed underground, outdoors, or indoors, with applications ranging from water supply and fire protection to irrigation and emergency water storage. They serve various sectors, including residential, commercial, industrial, and utility.

The elevated water storage tanks market research report is one of a series of new reports that provides elevated water storage tanks market statistics, including elevated water storage tanks industry global market size, regional shares, competitors with a elevated water storage tanks market share, detailed elevated water storage tanks market segments, market trends and opportunities, and any further data you may need to thrive in the elevated water storage tanks industry. This elevated water storage tanks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The elevated water storage tanks market consists of sales of composite elevated tanks, multi-column elevated tanks, fluted column elevated tanks, spheroid elevated tanks, and pedestal elevated tanks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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