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Storage Tank Equipment Market Size

Report ID: GMI12536
Published Date: Dec 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Storage Tank Equipment Market Size in 2023:	USD 5.3 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	5.1%
2024 – 2032 Value Projection:	USD 41 Billion
Historical Data for:	2021 - 2023
No. of Pages:	180
Tables, Charts & Figures:	100
Segments covered:	Tank Type, Material, Capacity, Type, Application, Distribution channel, and Region
Growth Drivers:	Surge in demand for energy storage solutions Increasing investments in renewable energy sources Technological advancements enhancing tank efficiency and safety
Pitfalls & Challenges:	Regulatory hurdles in various regions Fluctuating raw material prices impacting profitability

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Authors: Aviansh Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global storage tank equipment industry was valued at USD 5.3 billion in 2023 and is estimated to grow at a CAGR of over 5.1% from 2024 to 2032, driven by the increased demand for efficient storage solutions post-COVID-19.

The fluid handling and transfer equipment segment accounted for approximately USD 1.6 billion in revenue in 2023 and is projected to grow at a CAGR of around 5% from 2024 to 2032, due to its essential role in various industries.

The North America storage tank equipment market, led by the U.S., was valued at USD 60 million in 2023 and is expected to grow at a CAGR of over 6.6% from 2024 to 2032, driven by a strong consumer base and increasing demand for efficient storage solutions.

Key players in the industry include Balmoral Tanks, ERGIL, Franklin Electric, Hansa Engineering, Kay Tank, Mass Tank Corp, Nov, OPW, Potential Engineering, PROTEGO, Ramén Valves, and Rainwater Equipment LLC.