Home > Industrial Machinery > Industrial Equipment > Storage Tank Market

Storage Tank Market Trends

Report ID: GMI8001
Published Date: Feb 2024
Report Format: PDF

Download Free Sample

Storage Tank Market Trends

Remote monitoring capabilities are becoming more prevalent, allowing operators to manage and monitor storage tank facilities from a distance. This trend aims at improving efficiency, reducing operational costs, and enhancing safety. For instance, HMS Network’s Netbiter communication gateway connects to the tank level sensor using a serial, Ethernet or I/O connection. The gateway sends information via the Internet or the cellular network (GSM/GPRS/3G) to the cloud-based Netbiter Argos data center. With this technology, users can keep track of exact levels in the tanks at any time, see if levels are increasing or decreasing, get alarms whenever certain thresholds are reached and streamline the service operations by refilling/emptying only when needed.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of storage tank was reached USD 26 billion in 2023 and is anticipated to register over 5.1% CAGR between 2024 and 2032, owing to the technological advancements with the introduction of innovative materials and construction techniques, enhancing durability and safety standards.

The aboveground storage tanks segment held approximately 44% of the market share in 2023 and will increase by 2032 as these tanks are favored for their ease of installation, cost-effectiveness, and lower environmental risks compared to their underground counterparts.

North America captured around 31% share of the storage tank market in 2023 and will grow significantly through 2032, owing to the thriving oil & gas sector in the region, supported by extensive exploration and production activities.

BELLELI ENERGY CPE Srl, Belding Tank Technologies, Inc., CB&I (Chicago Bridge & Iron), Columbian TecTank (CTT), CST Industries, Matrix Service Company, Motherwell Bridge Industries, Pfaudler, PermianLide, Snyder Industries, Superior Tank Co., Inc., Tank Connection, Tarsco (TF Warren Group), Worthington Industries, and ZCL Composites Inc.