Surge Tanks Market is estimated to reach a net worth of US$ 2.9 Billion by 2032: FMI
From 2022 to 2032, the market for surge tanks is anticipated to grow at a CAGR of 4.2 percent. Surge tank market share is anticipated to increase during this projection period, rising from its current valuation of US$ 1.9 Billion in 2022 to a net worth of US$ 2.9 Billion by 2032.
A surge tank is a storage tank or vessel made from stainless
steel or epoxy coated carbon steel material. A surge tank is a type of
reservoir that is used to regulate the flow of liquid in fluctuating pressure
situations. 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.
They are also used in oil & gas, chemical and water
treatment plants. Surge tanks are designed to accommodate a wide range of
pressure & volume and can easily neutralize the effect to avoid system
failures and blowouts. Within the Chemical Industry, surge tanks are used
in two-phase separation operations where longer retention time is required for
effective separation.
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Surge Tanks Market: Dynamics
The surge tanks market 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. Along with this, rising
investments in water infrastructure development across the globe will also
support the growth of the surge tanks market.
Moreover, recovery of oil & gas
industry coupled with pipeline expansion projects in the U.S., Brazil and
Mexico and GCC countries will, in turn, help drive the surge tanks market.
Apart from this, the high repair and maintenance cost of regular and coated
surge tanks will also affect market growth.
Surge Tanks Market: Regional Outlook
The Global surge tank market is dominated by the Asia
Pacific 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 for developing water infrastructure and setting up
new hydro power plants in developing countries, such as China and India, will in
turn boost the demand for surge tanks over the forecast period.
The APAC surge tank market is expected to register 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 oil & gas industry owing to shale gas exploration. The North America
surge tanks market is expected to register significant growth over the forecast
period.
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. Moreover, Latin America and Middle East
& Africa surge tanks market is expected to grow steadily over the
forecast period.
Surge Tanks Market: Market Participants
Examples of some of the market participants in the global
Surge Tanks market identified across the value chain include:
- 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
The research report presents a comprehensive assessment of
the market and contains thoughtful insights, facts, historical data, and
statistically supported and industry-validated market data. It also contains
projections using a suitable set of assumptions and methodologies. The research
report provides analysis and information according to market segments such as
geographies, application, and industry.
The report covers exhaust analysis on
- Market
Segments
- Market
Dynamics
- Market
Size
- Supply
& Demand
- Current
Trends/Issues/Challenges
- Competition
& Companies involved
- Technology
- Value
Chain
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