[342 Pages Report] The surge tanks market is poised to witness a CAGR of 4.2% from 2022 to 2032. Over this projection period, the market share for surge tanks is estimated to reach a net worth of USD 2.9 Billion by 2032, improving from the current valuation of USD 1.9 Billion in 2022.
A surge tank is a storage tank or vessel made from stainless steel or epoxy-coated carbon steel material that is used to regulate the flow of liquid in fluctuating pressure situations. Surge tanks are designed to accommodate a wide range of pressure & volume and can easily neutralize the effect to avoid system failures and blowouts. Owing to such advantages, the sales of surge tanks have increased, turning it into a lucrative business around the world.
| Attributes | Details |
|---|---|
| Surge Tanks Market Value in 2022 | USD 1.9 Billion |
| Surge Tanks Market Value in 2032 | USD 2.9 Billion |
| Surge Tanks Market CAGR (2022 to 2032) | 4.2% |
They are also used in oil & gas, chemical and water treatment plants. Within the Chemical Industry, surge tanks are used in two-phase separation operations where longer retention time is required for effective separation. Thus rising investments in water infrastructure development across the globe are also projected to support the surge tanks market growth.
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The key trends affecting the sales of surge tanks in the global market:
Development of water infrastructure
Surge tanks mainly find applications in hydropower plants where the pressure of water must be maintained to ensure proper functioning of turbines and to minimise the hammering effect caused due to fluctuations in water flow. The demand for surge tanks is being driven by increasing demand from power & energy applications, especially due to new hydro power plants coming up in developed as well as developing regions.
Surge in demand by emerging economies
In Europe, EU-5 countries are expected to hold a significant share of the market over the forecast period. Moreover, recovery of oil & gas industry coupled with increasing infrastructural developments in GCC countries, Brazil and Mexico will help boost the demand for surge tanks over the forecast period.
Maintenance Cost to be a challenge
Apart from this, the high repair and maintenance cost of regular and coated surge tanks will also affect market growth.
As per the surge tanks market analysis report prepared by FMI, with an overall share of 16.5%, the North America region acquires the second position in the top order and is expected to register a healthy CAGR over the forecast period.
North America and Europe are the major markets for surge tanks. In North America, the U.S. is expected to dominate the market owing to increasing investments in water infrastructure and significant growth of the oil & gas industry owing to shale gas exploration. The North America market for surge tanks is expected to continue its significant growth trajectory over the forecast period.
The global surge tank market in the Asia Pacific region, with a contribution of about 19.8%, is the dominating region.
In APAC, the prompt growth of end-use industries, such as oil & gas, chemicals and power & energy industry - where surge tanks are frequently used - will help drive the market over the forecast period. Moreover, high investments in developing water infrastructure and setting up new hydropower plants in developing countries, such as China and India, in turn, are anticipated to boost the demand for surge tanks over the forecast period.
With the presence of a few giant players in the sales of surge tanks to the highly specialized application industries, the market has been quite consolidated until the present years. However, several private players dealing in other heavy equipment and machinery manufacturing have entered the market identifying the growth potential. Such newcomers are heavily relying on their pre-existing partnerships and market orientation to carve a profitable business out of it.
Recent Developments in the Global Surge Tanks Market
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| Attributes | Details |
|---|---|
| Growth Rate | CAGR of 4.2% from 2022 to 2032. |
| Base year for Estimation | 2022 |
| Historical Data Available for | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis. |
| Segments Covered | Type, Capacity, Construction Material, Pressure Capacity, Application, Regions |
| Regions Covered | North America; Latin America; Asia Pacific; Japan; Western Europe; Eastern Europe; Middle East & Africa |
| Key Countries Profiled | The USA, Canada, Brazil, Argentina, Germany, The UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC, South Africa |
| Key Companies Profiled | NM Group Global LLC (NMGG); TransTech Fabrication, LLC; Alpha Tanks Limited; FAB-TECH Works & Constructions PVT Ltd.; Squibb Tank Company, Inc.; Wheeler Tank Manufacturing, Inc.; RothLochston; Wiltsie Construction Co., Inc.; Young Engineering & Manufacturing Inc.; Steelways, Inc.; Oilwell ME; AA Tanks Co; Others |
| Customization | Available upon Request |
The surge tanks market is anticipated to register a CAGR of 4.2% through 2032.
The surge tanks market is estimated around USD 1.9 Billion in 2022.
The surge tanks market is poised to be valued at USD 2.9 Billion by 2032.
The Asia Pacific region captures a share of 19.8% of the surge tanks market.
| Estimated Market Value (2023) | USD 678.0 million |
|---|---|
| Projected Market Value (2033) | USD 947.1 million |
| Value-based CAGR (2023 to 2033) | 3.4% |
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Surge Tanks Market
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