Overhead tanks are water storage tanks, usually placed at a certain height. Ground level water is pumped and filled into overhead water tanks. Overhead tanks allow even dispersal of water and maintains constant flow and pressure at the time of water discharge when it comes down from a specific altitude.
Rising urbanization and increasing investment in infrastructure development are driving the demand for overhead tanks. Overhead tanks are increasingly used in industrial as well as residential buildings to ensure uninterrupted water supply for cleaning, washing, cooking, bathing, etc. Further, growth in the hospitality and healthcare sector is anticipated to drive the demand for overhead tanks in hospitals, hotels, resorts, and other related sectors.
Key manufacturers are launching diversified products in terms of water storage capacity, colors, design, and material. Virgin and food grade materials are increasingly used by emerging brands to provide sustainable and eco-friendly solutions.
Based on material used, there are four types of overhead tanks - plastic, concrete, fiberglass, and metal. Metal tanks are usually made with stainless steel and used in industrial water storage applications. Plastic and concrete tanks are widely preferred by residential and commercial end-users.
Fiberglass tanks usually feature a food-grade coating on their interior surface. The coating is cured before the tanks are offered for sale. Most fiberglass overhead tanks contain a resin, which is mixed with a hardener, along with glass fibers to make it rigid and stiff.
Opportunities in the Global Overhead Tanks Market
Rising population and systematic urbanization requires well developed systems for potable as well as general-purpose water storage and distribution. Municipal corporations and government authorities are focused on improved water distribution systems to meet increasing demand across both rural and urban areas. This in turn is expected to offer lucrative opportunities to the overhead water tanks market in the near future.
Asia Pacific Overhead Tanks Market to Expand at Highest CAGR during 2021-2031
By region, the global overhead tanks market is classified into South America (SA), North America (NA), Europe (EU), Middle East & Africa (MEA), and Asia Pacific (APAC).
Country-level bifurcation of North America market includes the forecast and analysis for the U.S., Canada, and Rest of North America. The country-level analysis and forecast of the Europe market covers the overhead tanks market in the U.K., Germany, France, and Rest of Europe. The country-level analysis and forecast for the Asia Pacific market includes major countries in the region such as India, China, Japan, and Rest of Asia Pacific. Middle East & Africa country-level analysis and forecast of the overhead tanks market includes GCC countries, South Africa, and Rest of Middle East & Africa. The South America overhead tanks market is categorized into Brazil, and Rest of South America.
Rising urbanization in Asia Pacific is necessitating increased water supply infrastructure. The growth in urban settlements is usually accompanied by industrial growth and migration from rural areas. Further, key drivers identified for urbanization include economic growth, socio-economic factors, and demographic changes, which requires the expansion of water supply and sanitation services. Governments and municipalities are investing in water distribution systems for residential and commercial units.
Key companies are investing in new materials and manufacturing processes to develop advanced solutions in the field of drinking water supply. Wide product portfolio with multiple dimensions and materials are used to target a potential customer base. Increasing adoption of digital technology in various business activities is identified as a major industry trend. Digitization involves mobile apps for on-site installation support, web-based tools for dimension calculations, BIM (Building Information Modelling) software, and online product catalogues.
Some of the major companies identified in the global overhead tanks market are:
