“Global Water Tank Market, By Material Type (Concrete Tank, Metal Tank, Plastic Tank, Fiber Glass Tank), By End-Use (Commercial, Residential, Municipal, Industrial, Others), as well as by Region – Global Forecast 2020 to 2030.”, which offers a comprehensive view of the Global Water Tank Market through systematic segmentation that encompasses every aspect of this target sector. The 5-year (2020–2025) cumulative revenue of this sector is projected to be over $15,577.6 Mn, and is estimated to increase substantially over the latter part of the forecast period.
A water tank is a container for storing water. These tanks are used to provide storage of water for use in various applications such as agriculture irrigation, fire suppression, drinking water, agricultural farming, both for plants and livestock, chemical manufacturing, and food preparation among others.
Ever-increasing population figures across the world are leading to record-high levels of urbanization and industrialization being experienced in both commercial and residential regions, specifically in various emerging economies, is a major factor that is anticipated to subsequently lead to an increase in the demand for these products. This is expected to have a profound influence on the projected revenue growth of the Global Water Tank Market over the next 10 years. Moreover, depleting ground water reserve levels on a global-scale owing to excessive usage or improper management is also a factor that is slated to have a significant impact on the market growth of the global water tank sector in the foreseeable future. However, a factor that could potentially hamper the revenue growth of this global industry is the continual fluctuation in the pricing of raw materials necessary to manufacture these goods. Nonetheless, increasing focus by key industry players towards the development of improved storage devices that are made for a specific new purpose/application is another factor that is anticipated to positively contribute to the market growth of the global water tank sector in the years to come, expanding its overall market footprint in the process. These are some of the most crucial factors anticipated to play a critical role in catapulting projected revenues for the Global Water Tank Market to $18,438.7 Mn by 2030, at a CAGR of 4.4%.
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