Global Water Storage Systems Market Insights Forecasts to 2032
- The Global Water Storage Systems Market Size was valued at USD 18.38 Billion in 2022.
- The Market Size is Growing at a CAGR of 7.6% from 2022 to 2032
- The Worldwide Water Storage Systems Market Size is expected to reach USD 38.52 Billion by 2032
- North America is expected To Grow the fastest during the forecast period
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The Global Water Storage Systems Market Size is expected to reach USD 38.52 Billion by 2032, at a CAGR of 7.6% during the forecast period 2022 to 2032.
Regional water supply, government laws, environmental concerns, and investment in water infrastructure are all driving demand for water storage systems. Furthermore, due to increased water shortages, increased population growth, and urban development, the global water storage system market has been a rapidly expanding industry.
A water storage system is a mechanism or infrastructure that collects, stores, and manages water for a variety of uses. These systems are necessary for a wide range of applications, including domestic water supply, agricultural irrigation, industrial operations firefighting, and disaster relief. These systems are critical for guaranteeing a consistent and appropriate water supply, particularly in areas wherein water is scarce or accessibility to clean water is insufficient. The water storage system industry evolved rapidly as a result of growing anticipates concerning shortages of water, population increase, and climate change. Water storage systems are critical for efficiently administrating water resources, holding water during times of surplus, and releasing it during famine or excessive demand. The water storage system market covers a diverse variety of goods and solutions intended to economically conserve and manage water. These systems are critical for a variety of applications, including residential, commercial, industrial, agricultural, and municipal. The growing worldwide population, increased urbanization, water shortage concerns, and a growing emphasis on environmentally friendly water conservation methods are boosting the water storage system market.
Global Water Storage Systems Market Report Coverage
|Market Size in 2022:||USD 18.38 Billion|
|Forecast Period 2022-2032 CAGR:||7.6%|
|2032 Value Projection:||USD 38.52 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Material, By Application, By End-Use, By Region.|
|Companies Covered:||Aqua Dam Inc., CST Industries Inc., ZCL Composites Inc., Synalloy Corporation, AG Growth International Inc., McDermott International Inc., BH Tank, Fiber Technology Corporation, Caldwell Tanks, Containment Solutions Inc., Maguire Iron Inc., Superior Tank Co., Inc., Frontier Polymers Pvt. Ltd., Tank Connection L.L.C, Sintex Plastics Technology Ltd., and Snyder Industries LLC|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Factors such as growing urbanization, rising water demand, aging infrastructure, and increasing demand for environmentally friendly water conservation methods are driving the water storage system market. Additionally, government measures designed to encourage water conservation and water consumption limits are expected to influence the market over the forecast period. One of the major causes promoting the widespread use of water storage systems is the increased reliance on agricultural food products, combined with growing concern about water conservation. They are commonly employed in agriculture to water cattle, reduce erosion, and increase crop yields and farming reliability.
Moreover, numerous top manufacturers are concentrating on improving the overall appeal of their product versions. Technology advancements, for example, smart water storage systems that can monitor water levels, quality, and usage, are also altering market conditions. These systems frequently incorporate IoT (Internet of Things) sensors to give real-time data and boost the system's overall effectiveness. Companies that specialize in water infrastructure, engineering, and environmentally friendly approaches may be major players in the water storage system industry. Furthermore, as sustainable practices become more popular, there is an increasing demand for eco-friendly and novel water storage system markets.
By Material Insights
The fiberglass segment is dominating the market with the largest revenue share over the forecast period.
On the basis of material, the global water storage systems market is segmented into the steel, fiberglass, concrete, plastic, and others. Among these, the fiberglass segment is dominating the market with the largest revenue share of 43.8% over the forecast period. Fiberglass is a robust plastic composition that has been reinforced with microscopic glass fibers. Other terms used for it include glass-reinforced plastic and glass-fiber reinforced plastic. Fiberglass buildings are extremely strong and resistant to deterioration, rust, and corrosion. Fiberglass is widely used for a range of industrial applications due to its lightweight characteristics and durability. The inner layer of fiberglass storage tanks has a food-grade coating, making the stored water drinkable for a longer period of time.
By Application Insights
The onsite water & wastewater collection segment is witnessing significant CAGR growth over the forecast period.
On the basis of application, the global water storage systems market is segmented into hydraulic fracture storage & collection, onsite water & wastewater collection, portable water storage systems, rainwater harvesting & collection, fire suppression reserve & storage, secondary containment systems, and others. Among these, the onsite water & wastewater collection segment is witnessing significant CAGR growth over the forecast period. Onsite wastewater systems are multiple levels systems that collect, filter, and redistribute wastewater from a home or business. Instead of being gathered and sent to a wastewater treatment plant, wastewater is processed and released back into the environment. A basic onsite wastewater system consists of a tank for waste disposal and a drain field that releases wastewater into the soil underneath.
By End-Use Insights
The municipal segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of end-use, the global water storage systems market is segmented into residential, commercial, industrial, and municipal. Among these, the municipal segment is dominating the market with the largest revenue share of 57.2% over the forecast period, owing to the fact that supplying adequate and effective water storage is critical for every municipality. Municipal water tanks are commonly utilized in accordance with certain criteria or regulations depending on the region's municipal codes, as well as to meet peak needs, such as fire flows when water levels are high. Furthermore, during the research period, the residential segment is predicted to increase at a rapid pace. Growing recognition of the exhaustion of groundwater reserves and the rapidly growing scarcity of freshwater supplies around the world has resulted in a greater implementation of efficient water saving techniques among numerous households, thus driving the segment market's expansion.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. Asia Pacific has undergone remarkable advancements in both society and economy in the recent past. India and China have experienced rapid GDP growth and substantial population growth recently. These emerging countries have experienced rapid industrialization as well as a growth in oil and gas activity, which has increased the overall number of water storage systems in the region. The river systems of these countries are insufficient to meet the water demands of these highly populated nations. In addition, socioeconomic factors drive population expansion, which is expected to have an impact on water scarcity in the Asia Pacific region. Water scarcity has also been caused by fluctuating rainfall levels in many Asia Pacific countries, which is expected to increase demand for water storage systems over the projection period.
North America, on the contrary, is expected to grow the fastest during the forecast period. This can be ascribed to the widespread use of water supply in nations such as the United States and Canada for commercial, industrial, irrigation, and household applications, as well as the presence of one of the world's main gas reserves in the United States. Water supplies are being depleted as a result of factors such as increased industrialization and population growth. Government action and growing worries about water scarcity have fueled significant growth in the region's water storage systems market.
List of Key Market Players
- Aqua Dam Inc.
- CST Industries Inc.
- ZCL Composites Inc.
- Synalloy Corporation
- AG Growth International Inc.
- McDermott International Inc.
- BH Tank
- Fiber Technology Corporation
- Caldwell Tanks
- Containment Solutions Inc.
- Maguire Iron Inc.
- Superior Tank Co., Inc.
- Frontier Polymers Pvt. Ltd.
- Tank Connection L.L.C
- Sintex Plastics Technology Ltd.
- Snyder Industries LLC
Key Market Developments
- On July 2023, NEC XON Systems and the Lebalelo Water User Association (LWUA) have collaborated to install an emergency Battery Energy Storage System (BESS) at the Clapham pump station in Limpopo. This collaboration aims to reduce the risk of water reservoirs running dry owing to anticipated power outages, providing a steady supply of water to communities and commercial users.
- On March 2022, TRUFLO announced the start-up of new water storage tanks from its Telangana factory to meet demand from the southern market. The water storage solutions will initially be created at a capacity of 45 lakh liters per month and will be expanded further as demand grows.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Water Storage Systems Market based on the below-mentioned segments:
Water Storage Systems Market, Material Analysis
Water Storage Systems Market, Application Analysis
- Hydraulic Fracture Storage & Collection
- Onsite Water & Wastewater Collection
- Portable Water Storage Systems
- Rainwater Harvesting & Collection
- Fire Suppression Reserve & Storage
- Secondary Containment Systems
Water Storage Systems Market, End-Use Analysis
Water Storage Systems Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1.What is the market size of the Water Storage Systems market?The Global Water Storage Systems Market is expected to grow from USD 18.38 billion in 2022 to USD 38.52 billion by 2032, at a CAGR of 7.6% during the forecast period 2022-2032.
2.Which are the key companies in the market?Aqua Dam Inc., CST Industries Inc., ZCL Composites Inc., Synalloy Corporation, AG Growth International Inc., McDermott International Inc., BH Tank, Fiber Technology Corporation, Caldwell Tanks, Containment Solutions Inc., Maguire Iron Inc., Superior Tank Co., Inc., Frontier Polymers Pvt. Ltd., Tank Connection L.L.C, Sintex Plastics Technology Ltd., and Snyder Industries LLC
3.Which segment dominated the Water Storage Systems market share?The municipal segment in end-use type dominated the Water Storage Systems market in 2022 and accounted for a revenue share of over 57.2%.
4.Which region is dominating the Water Storage Systems market?Asia Pacific is dominating the Water Storage Systems market with more than 38.7% market share.
5.Which segment holds the largest market share of the Water Storage Systems market?The fiberglass segment based on material type holds the maximum market share of the Water Storage Systems market.
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