Mobile Tanks Market Future Forecast Indicates Impressive Growth Rate
Mobile Tanks Market By Material Type (Carbon Steel, High-Density Polyethylene (HDPE), Stainless Steel), By by End Use (Chemical, Oil & Gas, Aviation, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026
The global mobile tanks market size is poised to attain valuation of US$ 809 million by 2026, According to a new research report by Acumen Research and Consulting. The market is growing at striking CAGR around 4 % over the forecast time frame 2019 – 2026.
The mobile tanks are used to transfer oil & gas, water and other material from one place to another. Mobile tanks are very helpful in transportation of water to places were the land is challenging. Mostly the mobile tanks are used to transport water to remote locations. Mobile liquid tanks are more capable for offsite locations where activities only last for a short period of time.
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Major factors expected to drive the growth of the global mobile tanks market are rising development activities in developed and developing countries, growing water demand, coupled with government approach towards providing water to remote places. In addition, developing oil & gas sector in developing countries, along with adoption of mobile tanks for transportation of fuel to where there is limited access to places due to challenging land is another factor expected to boost the growth of the global market.
Moreover, deployment of mobile tank feet by manufactures in order to transfer chemical and fuel at various in house stations and across various industry verticals is another factor expected to further support the growth of the target market to a certain extent.
However, high cost associated to manufacturing and maintenance of tanks is a major factor expected to hamper the growth of the global mobile tanks market. In addition, limited carrying capacity is expected to limit the adoption thus challenging the growth of the target market.
Technological advancements in development of more advanced tanks material is expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period. In addition, business development activities in order to increase customer base is expected to further revenue support the growth of the target market.
The global mobile tanks market is segmented into material type, and region. The regional market is further bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East. The market in North America is expected to contribute a major revenue share in 2018. This can be attributed to rising demand from chemical industry. Flourishing chemical sector, increasing spending smart transportation solution is resulting in growing demand for mobile water tanks. In addition, increasing presence of major manufacturers, coupled with introduction of new products with better quality is expected to boost the growth of the target market in this region.
The Asia Pacific is expected to witness faster growth, owing to developing economic situation, high spending on oil & gas sector, coupled with introduction of mobile tanks by manufacturers in order to carry oil & gas to remote locations. In addition, rising offsite construction and development activities coupled with approach towards increasing efficiency by deploying mobile tanks on these locations is expected to further boost the growth of target market in this region. Increasing merger and acquisition activities in order to expand business is another factor expected to support the target market growth in this region.
The mobile tanks market in segmented in to material type and application. The material type segment is bifurcated into Carbon Steel, High-Density Polyethylene (HDPE), and Stainless Steel. The stainless steel segment is expected to account for significant revenue share as compared to other product segment. This can be attributed to increasing demand from water industry and oil & gas industry. Stainless steel tanks are majorly used to transport water, fuel oil, chemicals and as do not react with the liquid in the tank.
The global mobile tanks market was valued at around US$ 580 Mn in 2018. Among the material type segment the High-Density Polyethylene (HDPE) segment is expected to contribute significant revenue shares in the market globally.
Key Players
Some of the major players operating in the global mobile tanks market are Generac, Abi Attachments, GEI Works, Pro Tank & Equipment, Wastecorp Pump, Gas- Safe-T-Tank, Hill Welding, Transcube, Western Global, and Central Plains Ind. The market players are focused on introduction of more advanced product at low cost in order to expand the product portfolio and attract new customers.
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