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Procurement Market Intelligence Report

Field-Erected Tanks
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Field-Erected Tanks?

What is the average price of Field-Erected Tanks?

This procurement report includes pricing information to help you purchase Field-Erected Tanks. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Field-Erected Tanks been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Field-Erected Tanks yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Field-Erected Tanks?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Field-Erected Tanks with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

Field-erected tanks can be procured from an estimated 650 suppliers, 45.8% of which have fewer than 20 employees. ProcurementIQ estimates that the top four vendors of field-erected tanks, Bechtel, McDermott, WorleyParsons and KBR account for less than 30.0% of market share, indicating a low level of concentration. Concentration in the... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?


How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?


How many collective years of experience does your staff have in this field? How does that measure up to the market average?

Who will be present during face-to-face meetings, versus doing or overseeing the fieldwork?

What specific projects have you worked on in the past that are similar to this one?

What type of storage tanks do you have the most experience building?


Do you source materials with high exposure to market disruptions resulting from the coronavirus? How are you coping with these disruptions?

How diversified is your supplier base for inputs? Do you source from multiple suppliers in different global regions?

Amidst widespread health concerns, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle increased/reduced demand?

Competition & Barriers to Entry

Do you have a relationship with a key supplier (e.g. a steel distributor) that no other competitor has?

How do you win and retain business?

What competitive advantages do you have over other contractors, and how are your construction services and tanks superior?

What is your reputation among customers and how have you developed it?

Cash Flow Management

What is the current value of your backlog?

Have you ever had cash flow issues in the past? What steps did you take to resolve those issues and ensure the project met budget and time deadlines?

As a large firm with many projects underway, how do you ensure cash flows are not spread too thin?

As a specialist or niche business with only a few projects underway, how do you manage cash flows to ensure each project is completed within budget and on time?

Work Routine

How familiar are you with the weather in this area and its impact on construction projects?

Will your company's backlog create a delay in our project's completion?

How often can I expect progress reports?

Will you be working on multiple projects during this time or just our project?

How are you planning on organizing this project in terms of milestones?

Cost Overruns

Does handling the project from the planning or design phase eliminate the risk of cost overruns?

In your experience, have you been able to accurately budget contingency amounts?

Have you had challenges staying within the budget of a contract? If so, why and how did you handle it?

What cost-saving measures do you employ at your firm?

How do you balance cost savings with maintaining high-quality work?

Market Regulation

Do you carry adequate liability insurance, worker's compensation, bond surety and other necessary insurance?

How familiar are you with specific regulations pertaining to where the project is located?

How do you stay informed about ongoing regulatory changes?

Does new regulation change your pricing? How do you anticipate it will change in the future?

How do you manage regulatory change?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should specify their budget for each individual tank as well as a total budget involving cost of labor, future maintenance services, and additional parts.

Buyers should break down their total budget based on per hour service rates and rate per tank.

Buyers should include a general payment schedule.

For help creating a budget, buyres can reference the Benchmark Price and Total Cost of Ownership sections of this report.

Selection Criteria

Buyers should select a vendor who is able to build tanks meeting the buyer's quality and budgetary requirements.

Buyers should select a vendor who has a track record of reliability as shown in previous client references.

Buyers should select a vendor who is financially stable enough to remain operating throughout the duration of the contract.

Buyers should create a selection criteria weight key pricing and quality factors. For more information, buyers can reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should provide bidders with the project timeline and include all relevant dates.

Buyers should note all relevant dates in the RFP process and when final bid awards will be announced.

Buyers should look to schedule periodic maintenance on field-erected tanks on behalf of the vendor in order to maximize the life of their investment.

Evaluate major factors to mitigate risk

How risky is the supply chain?

Buyers of field-erected tanks face a moderate degree of supply chain risk, which limits buyer power. Suppliers rely heavily on iron and steel manufacturers, which typically carry a high level of risk. The world price of steel is subject to significant price fluctuations due to changes in global demand for... Subscribe to learn more.