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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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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.
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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:
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.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Based on capacity, the global surge tanks market is segmented into:
Based on construction material, the global surge tanks market is segmented into:
On the basis of pressure capacity, the global surge tanks market is segmented into:
Based on type, the global surge tank market is segmented into
Based on the application, the global surge tanks market is segmented into:
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The post Surge Tanks Market is estimated to reach a net worth of US$ 2.9 Billion by 2032: FMI appeared first on Future Market Insights.
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