The surge tanks market is expected to increase at a CAGR of 4.2% between 2022 and 2032. Surge tank market share is expected to grow during this forecast period, 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 container or storage tank made of epoxy-coated carbon steel or stainless steel. An example of a reservoir used to manage liquid flow under high pressure is a surge tank. Surge tanks are frequently utilised in hydropower projects where it is necessary to maintain water pressure in order to guarantee proper turbine functioning and to lessen the hammering impact brought on by fluctuations in water flow.
They are also used in chemical factories, water treatment facilities, and the oil and gas industries. Surge tanks can easily neutralise the effect to stop system failures and blowouts because they are designed to handle a wide range of pressure and volume. In two-phase separation processes where an extended retention period is required for the best separation, surge tanks are used in the chemical industry.
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Surge Tanks Market: Dynamics
The surge tanks market is being driven by rising demand from power and energy applications, particularly as a result of new hydropower facilities being built in both established and developing nations. Additionally, the surge tanks market will expand as a result of increased investments in the construction of water infrastructure around the world.
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.
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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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Key Segments in the Surge Tanks Market
By Type:
- Simple Surge Tanks
- Gallery type Surge Tanks
- Inclined Surge Tanks
- Inclined Surge Tanks
By Capacity:
- Below 1000 gallon
- 1000-8000
- Above 8000 gallon
By Construction Material:
- Stainless steel
- Coated Carbon Steel
- Others
By Pressure Capacity:
- Below 350 psi
- 350 – 500 psi
- Above 500 psi
By Application:
- Hydropower Electricity
- Industrial Use
- Water transportation & Distribution Network
- Oil & Gas
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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