The Water Storage Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Water Storage Systems Global Market Report 2024, The water storage systems market size has grown strongly in recent years. It will grow from $17.59 billion in 2023 to $18.85 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to population growth and urbanization, industrial expansion, agricultural water management, climate variability and water scarcity, environmental awareness.
The water storage systems market size is expected to see strong growth in the next few years. It will grow to $24.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to climate change adaptation, rising demand for agriculture, infrastructure development projects, renewable energy integration, smart water management. Major trends in the forecast period include modular and scalable solutions, smart infrastructure integration, climate resilience, sustainable materials and design, stormwater harvesting, remote monitoring and control.
A rise in demand for freshwater is expected to propel the growth of the water storage systems market going forward. Any naturally occurring liquid, including frozen water, that contains trace levels of dissolved salts and other total dissolved solids are referred to as freshwater. Water storage systems are used to store fresh water. For instance, in October 2022, according to the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, the provision of clean drinking water services had increased to 74% in 2020, and global water efficiency grew by 12%. Further, the global water demand for agriculture is expected to increase by 19% by 2050 from current levels and 10 billion tons of freshwater globally. Therefore, the rise in demand for freshwater is driving the growth of the water storage systems market going forward.
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The water storage systems market covered in this report is segmented –
1) By Material: Steel, Fiberglass, Concrete, Plastic, Other Materials
2) By Location: Underground, Indoor, Outdoor
3) By Application: Hydraulic Fracture Storage And Collection, Onsite Water And Wastewater Collection, Potable Water Storage Systems, Fire Suppression Reserve And Storage, Rainwater Harvesting And Storage, Other Applications
4) By End-User: Residential, Commercial, Municipal, Industrial
Product innovation is a key trend gaining popularity in the water storage systems market. Companies operating in the water storage systems market are innovating new products to sustain their position in the market. For instance, in January 2022, Prayag, an Indian-based manufacturer of water storage tanks, launched Strudy water tanks. Sturdy water tanks possess the rare twin benefits of being lighter and far more durable than other common tanks. It is uniquely designed with roto-molding technology, and they contain strong exterior corners and ribs that are an essential aspect of the design for additional strength. Additionally, the tier’s special lid makes sure that the tanks are kept securely screwed shut and sealed for safety. associated with performance, reliability, and quality. In addition to their durability, these tanks are distinguished by having air vents on both sides of the lid, which keep the water cool and odorless. The product line is available in a variety of sizes with storage capacities ranging from 500 liters to 5000 liters, and it has a 7- to 10-year warranty.
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