Storage Tank Equipment Market - By Type, Capacity, Application Distribution channel, Analysis, Share, Growth Forecast, 2024 - 2032

Storage Tank Equipment Market Size

The global storage tank equipment market size was valued at USD 5.3 Bn in 2023 and is estimated to grow at a CAGR of over 5.1% from 2024 to 2032. The COVID-19 pandemic has highlighted the critical role of efficient storage solutions, leading to a significant increase in demand for advanced storage tank equipment.
 

As industries faced supply chain disruptions and the need for safe storage, these tanks became essential. Both manufacturers and distributors sought reliable storage solutions, boosting the demand for state-of-the-art storage tank equipment. Additionally, the enforcement of stringent safety regulations and a growing emphasis on efficient storage methods have driven investments in advanced storage tank technologies, optimizing storage processes.
 

Across various sectors, from manufacturing to distribution, storage tank equipment has established itself as a cornerstone of operations. Their versatility in accommodating diverse materials makes them essential for everything from bulk storage to specialized applications. As industries prioritize operational efficiency, there is a clear shift towards storage tank solutions that offer not only reliability but also enhanced performance. Furthermore, with the rise of small and medium-sized enterprises (SMEs) across sectors, there is an increasing demand for adaptable, high-performance storage tank equipment. This trend underscores a broader industry movement towards solutions that seamlessly integrate reliability with operational efficiency.
 

Storage Tank Equipment Market Trends

Technological advancements, especially in monitoring systems, are propelling the progression of the market. Innovations in both mechanical and digital monitoring systems are boosting the efficiency and reliability of these tanks, catering to users in various sectors, from agriculture to industrial applications. The preference for modern storage tanks is clear, especially given their enhanced safety features and quicker response times compared to older models. Furthermore, there is a growing demand for tanks with larger capacities, solidifying their role in both commercial and industrial settings.
 

As regulations around storage safety tighten, industries are increasingly adopting advanced storage tank solutions, highlighting a commitment to safety and efficiency. The rise of smart monitoring technologies, combined with a focus on operational efficiency, has spurred investments in modern storage solutions. These tanks are especially prized for their ability to respond swiftly to safety concerns, mirroring the industry's broader trend towards prioritizing safety and efficiency. As sectors aim to enhance their operational efficiency and adhere to safety standards, the demand for advanced, reliable, and spacious storage tanks is on the rise.
 

The market is characterized by intense competition, with both established players and newcomers striving for market share, resulting in notable pricing pressures. Manufacturers grapple with a surge of cost-effective alternatives, which, despite their allure, may compromise on quality and reliability, jeopardizing brand reputation. Economic fluctuations pose additional hurdles; for example, downturns can curtail investments in large-scale storage solutions. The rapid evolution of technology demands relentless innovation; companies must adapt to keep their offerings pertinent. In this dynamic landscape, manufacturers must strike a balance between cost, quality, and technological advancement to sustain their market edge.
 

Storage Tank Equipment Market Analysis

Based on type, the storage tank equipment market is segmented into safety and protection equipment, access and structural components, monitoring and measurement tools, fluid handling and transfer equipment, and others. The fluid handling and transfer equipment segment accounted for revenue of around USD 1.6 billion in the year 2023 and is estimated to grow at a CAGR of around 5% from 2024 to 2032.
 

Fluid Handling and Transfer Equipment has become increasingly essential in various industries, ensuring the safe and efficient movement of liquids and gases. Their pivotal role in sectors like oil and gas, chemicals, and water treatment underscores their market dominance. As industries evolve and regulations tighten, the demand for advanced fluid handling solutions has surged. These solutions not only enhance operational efficiency but also ensure compliance with safety standards.
 

Furthermore, the global push towards sustainability and eco-friendly practices has spotlighted the importance of efficient fluid handling. Industries are now investing in advanced technologies that minimize wastage and ensure optimal resource utilization. With the continuous evolution of industry needs and the emphasis on safety and efficiency, the fluid handling and transfer equipment segment is set for sustained evolution in the coming years.
 

Based on the application, the storage tank equipment market is categorized as oil & gas industry, chemical industry, water and wastewater treatment, food & beverage industry, pharmaceutical industry, and others. The oil & gas segment held around 36% of the total market share in 2023 and is anticipated to grow at a CAGR of 6.2% from 2024 to 2032. The chemical segment is expected to grow at a CAGR of 6.5% from 2024 to 2032.
 

Moreover, the oil & gas industry is investing heavily in innovative storage solutions to comply with stringent safety and environmental regulations. These innovations not only ensure regulatory compliance but also enhance operational efficiency and reduce risks associated with storage. The adoption of advanced materials and technologies in storage tank equipment is helping the industry address challenges such as corrosion, leakage, and temperature control. This proactive approach to safety and efficiency underscores the industry's commitment to maintaining high standards.
 

Furthermore, the continuous technological advancements in storage tank equipment are expected to bolster the oil & gas industry's market position. Innovations such as smart monitoring systems and automated maintenance solutions are becoming increasingly prevalent, offering enhanced reliability and performance. As the sector prioritizes sustainability and safety, the demand for state-of-the-art storage solutions will continue to rise.
 

The U.S. dominates with an overall North America storage tank equipment market and valued at USD 60 million in 2023 and is estimated to grow at a CAGR of over 6.6% from 2024 to 2032. The U.S. market thrives on a solid consumer base and increasing demand for efficient storage solutions. Supported by a robust manufacturing network, the market features continuous innovations and substantial investments in state-of-the-art technology. The expanding residential and commercial sectors in the U.S. have spurred demand for versatile storage tank equipment, offering precision and reliability that surpass traditional storage methods.
 

The integration of advanced technologies has revolutionized storage tank equipment, making them more efficient and user-friendly. This transformation enhances productivity in sectors like logistics and warehousing and resonates with the rising trend of efficient storage solutions in both residential and commercial domains. Furthermore, the U.S.'s rigorous safety regulations amplify the preference for advanced storage tank equipment, underscoring the industry's commitment to reliability and efficiency.
 

North America: In terms of the country, U.S. leads the storage tank equipment market, commanding a significant share of approximately 76.5% due to the increasing trend of efficient storage solutions and rising demand for modern equipment. As industries evolve and prioritize efficiency, the need for advanced storage solutions, free from the limitations of traditional methods, has surged. The emphasis on operational efficiency and the adoption of modern technologies further bolsters the demand for storage tank equipment.
 

Canada is also experiencing steady growth in its market. Urbanization, a flourishing industrial sector, and a growing number of businesses adopting modern storage solutions are key drivers. As industries increasingly recognize the value of advanced storage solutions, the demand for specialized equipment is set to rise. Given the shared focus on efficiency and modernization in both countries.
 

Asia Pacific: The Asia Pacific storage tank equipment market with a market share of around 35.1% in 2023 and anticipated to grow with a CAGR of around 6.1% from 2024 to 2032.
 

In terms of country, China's market held a share of 33.1% in 2023, with a notable growth rate of around 6.5% from 2024 to 2032 owing to the evolving industrial needs, rapid urbanization, and a rising middle class with increasing disposable incomes. As industries prioritize efficiency and modernization, the demand for advanced storage solutions is on the rise.
 

Storage Tank Equipment Market Share

In 2023, key companies including ERGIL, NOV, PROTEGO, OPW, Franklin Electric, held a combined market share of 15-20%. These industry leaders are actively engaging in mergers, acquisitions, and collaborations to diversify their product lines and reinforce their market presence. By channeling investments into research and development, these companies aim to roll out innovative storage tank solutions that align with evolving consumer demands.
 

Their strategies prioritize product differentiation. In addition to enhancing their offerings, manufacturers are venturing into new geographical territories to seize emerging opportunities. In this ever-evolving landscape, those who prioritize innovation and stay attuned to market dynamics are best positioned to gain a competitive edge.
 

Storage Tank Equipment Market Companies

Major players operating in the storage tank equipment industry are:

• Balmoral Tanks
• ERGIL
• Franklin Electric
• Hansa Engineering
• Kay Tank
• Mass Tank Corp
• Nov
• OPW
• Potential Engineering
• PROTEGO
• Ramén Valves
• Rainwater Equipment LLC
• TEC Container Solutions
• TCEM
• Water Storage Tanks, Inc.
   

Storage Tank Equipment Industry News

• In January 2024, TerraVest Industries acquired all assets of Highland Tank Holdings for USD 78 million. Highland Tank manufactures fuel and chemical storage tanks, LPG vessels, and other custom-built steel storage products in North America.
   
• In March 2023, Welspun Group acquired the water tank maker Sintex for USD 150 million to expand its building material portfolio. Sintex, a household name in India for decades, is known for water tanks and other plastic products and has a strong distribution network across India.
   

This storage tank equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) & volume (Thousand Units) from 2021 to 2032, for the following segments:

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Market, By Type

• Safety and protection equipment
• Access and structural components
• Monitoring and measurement tools
• Fluid handling and transfer equipment
• Others

Market, By Tank Type

• Vertical tanks
• Horizontal tanks

Market, By Material

• Carbon steel
• Stainless steel
• Aluminum
• Fiberglass reinforced plastic (FRP)

Market, By Capacity

• Small (Less than 1,000 m³)
• Medium (1,000-10,000 m³)
• Large (Over 10,000 m³)

Market, By Application

• Oil & gas
• Chemical
• Water & wastewater
• Petrochemical
• Agriculture
• Power generation
• Others

Market, By Distribution channel

• Direct sales
• Indirect sales

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia    
  • Indonesia 
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE
  • South Africa