The global water storage systems market size is projected to grow from USD 16.5 billion in 2022 to USD 25.1 billion by 2027, at a CAGR of 8.7%. Water storage systems are required for the efficient use and storage of water for various applications. Depending on the application and end use, these storage systems are constructed using various materials. The capacities of storage systems differ according to the specific applications. The water storage systems market has a large number of players, but most of them only have a local footprint. Most players focus on offering a particular kind of water storage system to be used for specific end uses. Only a few big companies, such as Caldwell Tanks (US) and CST Industries (US), offer water storage systems for almost all end uses. A majority of the companies in this market rely on expansion (either geographic or capacity expansion) as a strategy to increase their sales margins. Companies also focus on R&D to develop highly sophisticated products.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=112310652
The water storage systems market is divided into hydraulic fracture storage and collection, onsite water & wastewater collection, potable water storage systems, fire suppression reserve & storage, rainfall harvesting & collection, and other storage systems based on application. Irrigation, secondary containment systems, and maritime applications are some of the various uses for water storage tanks. Hydraulic fracture storage & collection accounted for the largest share and is a major type of water storage system. Due to the growing oil & gas activities, such as shale and tight oil exploration, this segment is expected to continue to lead the overall water storage systems market in the near future as well.
Based on material type, the water storage systems market is segmented into steel, fiberglass, glass, concrete, plastic, and others. The others segment includes collapsible tanks, wood tanks, and open-lined pits. The demand for these material types depends mainly on the properties required such as corrosion resistance, durability, weight, strength, and cost, among others. The concrete segment holds the largest share of the water storage systems market and will continue to be the largest market during the forecast period as well. The share of steel storage tanks has decreased, and the consumption of fiberglass and plastic tanks is expected to increase in the coming years.
Based on end use, the water storage systems market is segmented into residential, commercial, industrial, and municipal. Municipal end-use includes water supply to public systems in cities and towns. Commercial end use includes water usage by hospitals, schools, colleges, and other commercial buildings. Industrial end-use refers to water usage by pharmaceutical, automotive, chemical, oil & gas, and other industries. Residential usage refers to the water consumed for domestic purposes. In terms of value, the municipal water storage systems segment accounted for the largest share of the water storage systems market. This growth can be attributed to the rapidly increasing population, rapid urbanization, and increasing water scarcity.
The water storage systems market in the Middle East & Africa is projected to register the second highest CAGR, in terms of value, between 2022 and 2027. The Middle East and Africa is one of the world’s most water-stressed areas. Changing climate, rising population, economic progress, and environmental concerns all contribute to this. The majority of the Middle East and Africa region is classified as dry or semi-arid, with few freshwater supplies. Nations in the region mostly rely on desalination facilities and water imports from other countries for freshwater.
According to UNICEF, whereas agribusiness consumes 70% of the world’s water on average, it consumes more than 80% in the Middle East and Africa. Conflict, notably in Syria, Yemen, and Sudan, population growth, inadequate water administration, deteriorating water systems, and political issues are all key contributors to water scarcity.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=112310652
The water storage systems market has various small, medium, and large players. Some of the major market players include 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) among others, have framed their strategies to penetrate and create bases in these emerging markets. Moreover, major companies are focusing on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the water storage systems market over the next five years.
Read Our Trending Press Release Below:
Aluminum Foam Market – Global Forecast to 2027
Rubber Coated Fabric Market – Global Forecast to 2028
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
