Depends how far you tank is from the main panel. Larger conductors are mainly for voltage drops over large distance.
Usually equipment operates 90-120 VAC. Usually a 20 amp circuit should have a load about max 15amps
NEC says 16 max, so that sounds perfectly reasonable. Loss is also a function of current, not just distance, and why one should do the math on conductor loss. IMHO anyone who can't either do the math on conductor loss or know how to size conductors per the NEC isn't in a great spot to be running new circuits from the panel. It's just V=IR, V is predictable, I can be measured or added up, and there are published tables for R. Most of my devices (lights, return pumps, powerheads) are all DC devices so while their power supplies are capable of operating with a very wide input voltage the power supplies are also going to draw more current if the voltage is lower so that they can output the correct amount of power. My LEDs don't dim if the wall voltage drops, even if the few remaining incandescent bulbs in the house do.
To put some numbers to it
Take my case at the last place, 100' run to the box (across the garage, up to the attic, across the house, back down to the 1st floor), so 200' round trip for the portion I have easy control over. Say I'm running a 15 A circuit and opt to use 14 gauge copper. Also assume I'm running 10 A at 120 V. R = 0.505 Ω/200', so power lost to the line is roughly 50.5 W. Arguably a bit higher as the device will want to pull more power.
Say you step up to 12 gauge, which you'd need to do in order to run a 20 A circuit anyways. Now you're only losing just shy of 32 W. Bump to 10 gauge just because you can and it's roughly 20 W. Assume 12 hours/day and $0.25/kW-hr and you have $33.44 per year in electrical savings going 14 ga to 10 ga. Plan to keep the tank 10 years and it's $334.42 in electrical savings. Subtract whatever the difference in wire cost is. Right now going from 14/2 to 12/2 is <$20 difference for a 250 ft spool. Going 10/2 is a much bigger jump in price so maybe not worth it. Wire cost mostly scales with the shorter run, although the loss decreases too. We could debate future value of money too vs investing in wire, but I'll leave that to someone more versed in it.