Storage Tank Equipment Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032
The Global Storage Tank Equipment Market, valued at USD 5.3 billion in 2023, is set to grow at a steady CAGR of 5.1% from 2024 to 2032. Increasing demand for efficient storage systems, fueled by technological innovations, is driving robust growth across industries. The COVID-19 pandemic further highlighted the critical need for durable and advanced storage infrastructure, accelerating market momentum.
The market is categorized into safety and protection equipment, access and structural components, monitoring and measurement tools, fluid handling and transfer equipment, and others. Among these, the fluid handling and transfer equipment segment emerged as the leader, generating USD 1.6 billion in revenue in 2023. Expected to grow at a CAGR of 5% through 2032, this segment plays a pivotal role in the safe and efficient transportation of liquids and gases. Industries like oil and gas, chemicals, and water treatment heavily depend on these systems to streamline operations and meet stringent regulatory requirements.
The storage tank equipment market serves a wide range of industries, including oil and gas, chemicals, water and wastewater treatment, food and beverages, pharmaceuticals, and others.
- The oil and gas sector dominated the market in 2023, contributing to 36% of the total share, and is projected to grow at an impressive CAGR of 6.2% from 2024 to 2032.
- The chemical industry is another significant contributor, forecasted to expand at a CAGR of 6.5% during the same period. This growth is driven by increased investments in innovative storage technologies that address strict safety and environmental regulations.
Enhanced safety features and improved operational efficiencies have solidified modern storage solutions as essential components for industries handling volatile materials.
The U.S. storage tank equipment market generated USD 60 million in 2023 and is anticipated to grow at a robust CAGR of 6.6% through 2032. Key factors fueling this growth include:
- A strong industrial base and ongoing technological advancements.
- Rising demand for reliable storage solutions across residential, commercial, and industrial sectors.
- The expansion of infrastructure that prioritizes precision, durability, and compliance with stringent regulatory standards.
The market is categorized into safety and protection equipment, access and structural components, monitoring and measurement tools, fluid handling and transfer equipment, and others. Among these, the fluid handling and transfer equipment segment emerged as the leader, generating USD 1.6 billion in revenue in 2023. Expected to grow at a CAGR of 5% through 2032, this segment plays a pivotal role in the safe and efficient transportation of liquids and gases. Industries like oil and gas, chemicals, and water treatment heavily depend on these systems to streamline operations and meet stringent regulatory requirements.
The storage tank equipment market serves a wide range of industries, including oil and gas, chemicals, water and wastewater treatment, food and beverages, pharmaceuticals, and others.
- The oil and gas sector dominated the market in 2023, contributing to 36% of the total share, and is projected to grow at an impressive CAGR of 6.2% from 2024 to 2032.
- The chemical industry is another significant contributor, forecasted to expand at a CAGR of 6.5% during the same period. This growth is driven by increased investments in innovative storage technologies that address strict safety and environmental regulations.
Enhanced safety features and improved operational efficiencies have solidified modern storage solutions as essential components for industries handling volatile materials.
The U.S. storage tank equipment market generated USD 60 million in 2023 and is anticipated to grow at a robust CAGR of 6.6% through 2032. Key factors fueling this growth include:
- A strong industrial base and ongoing technological advancements.
- Rising demand for reliable storage solutions across residential, commercial, and industrial sectors.
- The expansion of infrastructure that prioritizes precision, durability, and compliance with stringent regulatory standards.
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations.
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry synopsis, 2021-2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Surge in demand for energy storage solutions
3.6.1.2 Increasing investments in renewable energy sources
3.6.1.3 Technological advancements enhancing tank efficiency and safety
3.6.2 Industry pitfalls & challenges
3.6.2.1 Regulatory hurdles in various regions
3.6.2.2 Fluctuating raw material prices impacting profitability
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY TYPE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
5.1 Key trends
5.2 Safety and protection equipment
5.3 Access and structural components
5.4 Monitoring and measurement tools
5.5 Fluid handling and transfer equipment
5.6 Others
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY TANK TYPE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
6.1 Key trends
6.2 Vertical tanks
6.3 Horizontal tanks
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY MATERIAL, 2021-2032 (USD BILLION) (THOUSAND UNITS)
7.1 Key trends
7.2 Carbon steel
7.3 Stainless steel
7.4 Aluminum
7.5 Fiberglass reinforced plastic (FRP)
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY CAPACITY, 2021-2032 (USD BILLION) (THOUSAND UNITS)
8.1 Key trends
8.2 Small (Less than 1,000 mі)
8.3 Medium (1,000-10,000 mі)
8.4 Large (Over 10,000 mі)
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY APPLICATION, 2021-2032 (USD BILLION) (THOUSAND UNITS)
9.1 Key trends
9.2 Oil & gas
9.3 Chemical
9.4 Water & wastewater
9.5 Petrochemical
9.6 Agriculture
9.7 Power generation
9.8 Others
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2021-2032 (USD BILLION) (THOUSAND UNITS)
10.1 Key trends
10.2 Direct sales
10.3 Indirect sales
CHAPTER 11 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2032 (USD BILLION) (THOUSAND UNITS)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.4 Asia Pacific
11.4.1 China
11.4.2 Japan
11.4.3 India
11.4.4 South Korea
11.4.5 Australia
11.4.6 Malaysia
11.4.7 Indonesia
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.6 MEA
11.6.1 UAE
11.6.2 Saudi Arabia
11.6.3 South Africa
CHAPTER 12 COMPANY PROFILES
12.1 Balmoral Tanks
12.2 ERGIL
12.3 Franklin Electric
12.4 Hansa Engineering
12.5 Kay Tank
12.6 Mass Tank Corp
12.7 Nov
12.8 OPW
12.9 Potential Engineering
12.10 PROTEGO
12.11 Ramйn Valves
12.12 Rainwater Equipment LLC
12.13 TEC Container Solutions
12.14 TCEM
12.15 Water Storage Tanks, Inc.
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations.
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry synopsis, 2021-2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Surge in demand for energy storage solutions
3.6.1.2 Increasing investments in renewable energy sources
3.6.1.3 Technological advancements enhancing tank efficiency and safety
3.6.2 Industry pitfalls & challenges
3.6.2.1 Regulatory hurdles in various regions
3.6.2.2 Fluctuating raw material prices impacting profitability
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY TYPE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
5.1 Key trends
5.2 Safety and protection equipment
5.3 Access and structural components
5.4 Monitoring and measurement tools
5.5 Fluid handling and transfer equipment
5.6 Others
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY TANK TYPE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
6.1 Key trends
6.2 Vertical tanks
6.3 Horizontal tanks
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY MATERIAL, 2021-2032 (USD BILLION) (THOUSAND UNITS)
7.1 Key trends
7.2 Carbon steel
7.3 Stainless steel
7.4 Aluminum
7.5 Fiberglass reinforced plastic (FRP)
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY CAPACITY, 2021-2032 (USD BILLION) (THOUSAND UNITS)
8.1 Key trends
8.2 Small (Less than 1,000 mі)
8.3 Medium (1,000-10,000 mі)
8.4 Large (Over 10,000 mі)
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY APPLICATION, 2021-2032 (USD BILLION) (THOUSAND UNITS)
9.1 Key trends
9.2 Oil & gas
9.3 Chemical
9.4 Water & wastewater
9.5 Petrochemical
9.6 Agriculture
9.7 Power generation
9.8 Others
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2021-2032 (USD BILLION) (THOUSAND UNITS)
10.1 Key trends
10.2 Direct sales
10.3 Indirect sales
CHAPTER 11 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2032 (USD BILLION) (THOUSAND UNITS)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.4 Asia Pacific
11.4.1 China
11.4.2 Japan
11.4.3 India
11.4.4 South Korea
11.4.5 Australia
11.4.6 Malaysia
11.4.7 Indonesia
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.6 MEA
11.6.1 UAE
11.6.2 Saudi Arabia
11.6.3 South Africa
CHAPTER 12 COMPANY PROFILES
12.1 Balmoral Tanks
12.2 ERGIL
12.3 Franklin Electric
12.4 Hansa Engineering
12.5 Kay Tank
12.6 Mass Tank Corp
12.7 Nov
12.8 OPW
12.9 Potential Engineering
12.10 PROTEGO
12.11 Ramйn Valves
12.12 Rainwater Equipment LLC
12.13 TEC Container Solutions
12.14 TCEM
12.15 Water Storage Tanks, Inc.
