Underground storage tanks which are used to store liquid or semi-solid product such as water, petrochemical, chemical and hazardous substances. The underground storage tank are available in various shape and size such as horizontal and vertical cylindrical, flat bottom, dish bottom and slope bottom and closed top.
An underground storage tank (UST) is, as per U.S. government guidelines, a limit of tank, barring any underground piping related with the tank that has in any occasion 10% of its volume underground.
This does exclude, in addition to different things, any residential or farm tank of 1,100 gallons or less limit utilized for putting away engine fuel for noncommercial purposes, tanks for taking care of warming oil for use on the premises, or infected tanks.
Underground storage tanks system that contains chemical, fuel, water and wastes are various and broad and represent a critical danger to ground water quality in the United States.
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Underground Storage Tanks: Market Dynamic
Underground Water Storage Tanks are commonly used for the storage of natural drinking water cisterns, irrigation water storage, fire protection, rain harvesting systems, and several other waste water uses that include the demand for underground storage tank will increase in upcoming forecast period of time.
Petroleum vapors have the ability to penetrate buildings from leaking underground storage tanks, where they could pose a risk to the health of occupants. This issue is called Intrusion of Petroleum Vapor. This might hinder the growth of the demand for underground storage tanks.
The initial construction costs of underground storage tanks that are used to store hazardous goods, chemical and defective installations, and the pathetic maintenance and operating services are hampering the growth of the demand for underground storage tanks.
The underground storage tank will remain the major component, and due to the increasing development of new chemical plants and increased concern for the recycling of industrial chemicals, it is also projected to see the highest growth during the forecast period.
COVID-19 Impact on Underground Storage Tanks
The covid-19 crisis is anticipated to have a consequential impact on the global economic growth for the period of 2020-2021. The global underground storage tanks market growth is projected to be affected by the pandemic crisis, and is expected to witness a significant drop in demand in 2020.
With gradual and long term investments planned for areas in water conservation in developing countries, the underground storage tanks market growth is expected to register a sound growth in the next 2-3 years, whereas the industrial sector is anticipated to witness prudent investments in capital equipment.
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Underground Storage Tanks: Regional Outlook
North America underground storage tanks market demand is expected to significantly increase due to increasing in research and production activities in U.S. and Canada with increasing demand for storage and transportation of natural gas in expected forecast period.
Asia pacific is anticipated to register fastest growth in upcoming year due to increase in demand for end use industry. India, ASEAN, Australia and China are the prominent markets in Asia Pacific region due to rapidly expanding end use industries in this countries.
Middle East & Africa underground storage tanks market is also anticipated to register significant growth of rate during the forecast period due to increase urbanization, water conservation programs in rural centers, government regulations and surge in oil production in different region in Middle East.
Underground Storage Tanks: Key Market Player
- Xerxes Corporation
- Containment Solutions, Inc.
- Southern Tank & Manufacturing, Inc
- Stanwade Metal Products, Inc.
- Tank Connection
- TATSUNO Corporation
- Tamada Corporation
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Underground Storage Tanks: Market Segmentation
The underground storage tanks can be segmented by type, capacity, application and end use industry wise:
By type :
- Aluminum or Steel Tanks
- Composite Over wrapped
- Thermoplastic Tanks
- Cisterns
By capacity wise :
- Less than 1000 gallons
- 1001 to 10000 gallons
- Above 10000 gallons
By application wise :
- Industrial chemical
- Oils
- Fuel
- Water
- Others
By end use industry wise :
- Industrial
- Municipal/ Community centers
- Domestic/ residential