The global water storage systems market size is estimated to be USD 15.6 billion in 2019 and projected to reach USD 20.5 billion by 2024, growing at a CAGR of 5.6% from 2019 to 2024. Rapidly increasing population & urbanization, recycling of industrial wastewater, water scarcity, ineffective water management, stringent regulation for conservation & consumption of water, and falling levels of rainfalls are the significant drivers for the growth of the water storage systems industry.
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By region, the industry is segregated into Asia Pacific, the Middle East & Africa, North America, Europe, and South America. Among these, Asia Pacific is expected to lead the water storage systems market during the forecast period. This growth is attributed to the scarcity of water, ineffective utilization of water, inefficient recycling of industrial wastewater for reuse, rapidly growing population & urbanization, stringent regulation for water conservation & discharges into the environment, and falling levels of rain, among others.
Companies such as CST Industries, Inc. (US) and McDermott International Inc. (US), Containment Solutions Inc., (US), DN Tanks (US), Caldwell Tanks (US), Balmoral Tanks Limited (UK), and Synalloy Corporation (US) are the major players in the water storage systems market. These players have been focusing on strategies such as acquisitions, new product developments & launches, agreements, and investments that have helped them to expand their businesses in untapped and potential markets. The diversified product portfolio and multiple uses are factors responsible for strengthening the position of these companies in the global market.
Concrete material is expected to lead the water storage systems market
Based on material, the market is segmented into steel, fiberglass, concrete, plastic, and others. The others include collapsible tanks, wood tanks, and open-lined pits. The demand for these water storage systems depends mainly on the properties of the raw materials such as corrosion resistance, durability, weight, strength, and cost, among others. The concrete segment holds the largest share of the global water storage systems market and will continue to be the largest segment during the forecast period as well.
Hydraulic fracture storage & collection application is expected to lead the water storage systems industry
Based on application, the water storage systems industry is divided into hydraulic fracture storage & collection, on-site water & wastewater collection, potable water storage systems, fire suppression reserve & storage, rainwater harvesting & collection, and others. The other applications of water storage tanks include irrigation, secondary containment systems, and marine applications. Increasing oil & gas exploration activities around the globe with major ongoing projects such as Zubair Oil Field-Rehabilitation Phase (RP) and Enhanced Re-Development Phase in Iraq, East Natuna Block (Natuna D-Alpha) project in Indonesia and others are expected to drive the growth of hydraulic fracture storage & collection water storage systems market.
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