The Septic Tanks Industry size was valued at $4.8 billion in 2021, and is estimated to reach $8 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.
Septic tanks are installed under the ground of residential and non-residential buildings. Water and wastewater running out is carried directly into septic tanks through underground pipes. A septic tank tends to be more cost-efficient since extensive underground sewer lines are quite costly to build, install, and maintain. A septic tank, on the other hand, is much cheaper to install and does not require monthly maintenance costs to homeowners.
In 2021, Asia-Pacific dominated the global market, accounting for the highest septic tanks market share, followed by Europe and North America. Moreover, the market in Asia-Pacific is growing with high CAGR, owing to urbanization and industrial development in countries such as China, India and Japan.
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Moreover, favorable government investments to promote infrastructure construction such as malls and airport propel the market growth. In addition, rise in awareness regarding wastewater treatment and better sanitation facilities are providing lucrative growth in the market.
Furthermore, on the basis of application, the residential segment is anticipated to grow rapidly during the forecast period, owing to rise in population in emerging countries, which further increases demand for septic tanks. For instance, in February 2020, the government of UAE passed a tender of $2.7 billion for infrastructure projects under its public-private partnership (PPP) model. These infrastructure projects include industrial and commercial structures. Similarly, in October 2020, the government of South Korea and Inter-American Development Bank (IDB) collaborated to invest around $1.3 billion in Latin American smart city projects. All such factors are expected to drive the septic tanks market growth.
However, during the COVID-19 pandemic, various manufacturers in the septic tanks market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of septic tanks companies. In addition, lack of manpower and raw materials also constricted supply of equipment of septic tanks system, which negatively influenced growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of septic tank companies.
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