A water storage system is a system designed to store a large volume of water, usually for use in a variety of applications. Examples of water storage systems include rainwater harvesting, cisterns, underground water tanks, above-ground water tanks, and reservoir systems. Water storage systems are used for storing, transporting, and distributing water for various purposes such as drinking, irrigation, and industrial use. They are also used for flood control, wastewater management, and fire protection.
The global Water storage systems market size is projected to reach USD 25.1 billion by 2027 from USD 16.5 billion in 2022 growing at a CAGR of 8.7%., according to a new report by MarketsandMarkets, expanding at a CAGR of 6.2% from 2020 to 2027. Increasing investments in the development of water infrastructure and rising demand for efficient water storage systems are key factors driving market growth.
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The concrete segment is the fastest-growing material segment during the forecast period.
The concrete segment is expected to witness the fastest growth over the forecast period, due to its high strength and durability, low maintenance costs, low cost of production, and easy availability. This material is widely used in the construction industry, particularly in the residential and commercial sectors. Furthermore, the segment is also witnessing significant advancements with the introduction of more advanced and innovative concrete solutions, such as self-consolidating concrete, ultra-high-performance concrete, highly durable concrete, and sustainable concrete. This is expected to further drive growth of the segment during the forecast period.
The hydraulic fracture storage & collection segment to lead the water storage systems market during the forecast period.
The growing demand for hydraulic fracture storage and collection systems for the storage and collection of water used in the hydraulic fracturing process is expected to drive the growth of the water storage systems market in the coming years. The hydraulic fracturing process utilizes a large amount of water, which needs to be stored and collected efficiently. Hydraulic fracture storage and collection systems are designed to do this efficiently and cost-effectively. These systems are increasingly being used in oil and gas production sites as they are able to store and collect large volumes of water quickly and cost-effectively. This is expected to drive the growth of the water storage systems market.
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The United States Environmental Protection Agency estimates that coal mining will be responsible for around 10% of global methane emissions in 2030. China, Russia, the US, India, Australia, and other major coal-producing nations are responsible for a sizable portion of these emissions. According to the EPA, a collection of currently available technologies may reduce emissions by as much as 64% by 2030; this potential for reduction is anticipated to hold true through 2050. Thus, the global coal market has a wide range of commercial opportunities for American suppliers, project managers, and other partners. Over the anticipated term, this will increase demand for hydraulic fracture storage and collection.
Asia Pacific water storage systems market is estimated to register the highest CAGR during the forecast period.
The Asia Pacific region is expected to witness the highest growth in the water storage systems market, owing to the increasing urbanization, industrialization, and population growth in the region. Additionally, the increasing demand for potable water is expected to further drive the market growth in the region. China, India, and Japan are the major contributors to the regional market growth. Additionally, the increasing investment in the water infrastructure and the expanding wastewater treatment facilities are expected to propel the market growth in the region. Moreover, the governments of the countries in the region are taking initiatives to reduce the water scarcity through the implementation of sustainable and resilient water systems. Among these countries, China accounted for the largest share of 40.9% of the Asia Pacific water storage systems market. For instance, in 2019, the government of India announced an investment of US$ 3.9 billion to develop the water infrastructure in the country. Such initiatives are expected to drive the market growth in the region.
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CST Industries Inc. (US), ZCL Composites Inc. (Canada), Synalloy Corporation (US), AG Growth International Inc. (Canada), McDermott International Inc. (US), BH Tank (US), Fiber Technology Corporation (US), Caldwell Tanks (US), Containment Solutions Inc. (US), Maguire Iron Inc (US) and others are significant players in the water storage systems market (US).
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