Augmenting consciousness about the shortage of fresh and potable water and the increasing involvement of industries in the growing usage and application of recycled water is anticipated to bolster the Water Storage Systems market growth.
The Water Storage Systems Market is expected to reach a valuation of USD 24.36 Billion in 2027 from USD 16.10 Billion in 2019, registering a CAGR of 5.7% through the forecast period. The substantial market growth can be accredited to the augmenting awareness and apprehension about the shortage of fresh and potable water and the increasing consumption of clean water. Recycling of the wastewater produced by the factories and industries is further contributing to the industry growth. Regions suffering from harsh climatic settings and augmented risk of drought are contributing to the rapid adoption of innovative water storage systems.
Farmers’ escalating usage of water harvesting to prevent erosion, boost the crop yield, and enhance reliability is anticipated to bolster the demand of the market further. Moreover, the growing demand for processed and recycled water in oil and gas industries and the expansion of oil and gas exploration activities worldwide are anticipated to generate lucrative prospects for the established and novice players in the industry.
Furthermore, accelerated urbanization and an escalating population in emerging economies are adding to the demand for water storage systems. Increasing government initiatives to raise awareness about water conservation and consumption of safe and clean water are driving the market demand. The growing number of offices and commercial buildings are boosting the demand for potable water and water storage systems. However, the high costs associated with the installation of water storage systems are anticipated to impede the industry growth.
Key Highlights from the Report:
- The hydraulic fracture storage and collection sub-segment occupied a substantial share of the industry in 2019, accounting for a 39.1% share. The segment growth can be accredited to the growing usage of treated and clean water in refineries.
- The fiberglass material sub-segment is anticipated to proliferate at a significantly high CAGR of 6.7% throughout the projected timeframe. The growing usage of water tanks made from fiberglass material in the commercial and industrial sectors is propelled by the numerous advantages of fiberglass, such as anti-aging, fire-resistant, and reliable nature.
- In 2019, the municipal sub-segment held the largest share of the market owing to the escalating initiatives by the government to raise awareness about water conservation due to the growing shortage of water. This has boosted the usage of water storage systems by municipal corporations.
- Asia Pacific region is foreseen to be the key revenue-generating market in the global landscape during the projected timeframe. This can be ascribed to the accelerating urbanization and industrialization coupled with the augmenting population of the APAC region.
- Prominent players of the industry are Sintex Plastics Technology Limited, Containment Solutions, Inc., CST Industries, Inc., Synalloy Corporation, Mcdermott International, Inc., Fiber Technology Corporation, AG Growth International Inc., Caldwell Tanks, Snyder Industries, and BH Tank.
- AG Growth International, Inc., acquired Intellifarms, a leading provider of technology-based products that enable monitoring of grain conditions during storage, in 2019. The acquisition is set to expand the former’s presence and capabilities such as technology, controls, and project management services.
For the purpose of this report, Emergen Research has segmented the Global Water Storage Systems Market on the basis of application, material, end-use, and region:
Application Outlook (Revenue, USD Billion; 2017–2027)
- Rainwater Harvesting & Collection
- Hydraulic Fracture Storage & Collection
- On-site Water & Wastewater Collection
- Fire Suppression Reserve & Storage
- Potable Water Storage System
Material Outlook (Revenue, USD Billion; 2017–2027)
End-use Outlook (Revenue, USD Billion; 2017–2027)
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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