DALLAS, Oct. 15, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the global water storage tank market looks promising with opportunities in commercial, municipal, industrial, and residential sectors. The global water storage tank market is expected to reach an estimated $14 billion by 2023 with a CAGR of 3.8% from 2018 to 2023. The major growth drivers for this market are growing construction activities, increasing concerns about water conservation, increasing government regulations for wastewater, and aging water infrastructure.
Browse 133 market data tables and 175 figures spread through 250 pages and in-depth TOC on “Global Water Storage Tank Market" at https://www.lucintel.com/water-storage-tank-market.aspx
In this market, fiberglass, steel, concrete (built in place and precast), polymer, and others are used for water storage tank manufacturing for material. On the basis of comprehensive research, Lucintel forecasts that the concrete water storage tank is expected to remain the largest segment over the forecast period due to low-cost, durability, and minimal maintenance requirements. Lucintel predicts that fiberglass water tanks will witness the highest growth because of light weight, high degree of chemical resistance, service life, and low maintenance cost.
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APAC is expected to remain the largest market and also witness the highest growth over the forecast period due to growing population and construction activities in this region.
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Emerging trends which have a direct impact on the dynamics of the water storage tank industry include increasing use of roto-molding powder to manufacture cost effective tanks and increasing demand of four layered water storage tanks. Shanghai McDermott International, Caldwell Tanks, Crom Corporation, Tank Connection, DN Tanks, and Synalloy Corporation are among the major suppliers of water storage tank.
Lucintel, a leading global market research firm, has analyzed growth opportunities in the global water storage tank market by application, material, size, end use, and region and has compiled a comprehensive research report entitled “Growth Opportunities in the Global Water Storage Tank Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The study includes a forecast for the global water storage tank market by application, material, size, end use, and region.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com.