Factors that Impact on the Water Storage Systems Market Industry in Upcoming Years !

Updated on : March 1, 2023 - In terms of value, 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, water scarcity, ineffective water management, recycling of industrial wastewater, increasing urbanization, stringent regulation for conservation & consumption of water, and falling levels of rainfall are among major drivers for the growth of the water storage systems industry.

Browse 184 market data Tables and 41 Figures spread through 212 Pages and in-depth TOC on "Water Storage Systems Market by Material (Steel, Fiberglass, Concrete, Plastic), Application, End Use (Residential, Commercial, Industrial, and Municipal), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast"

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Major companies operating in the water storage systems market include 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),among others. Moreover, these companies hold a potential share in the water storage systems industry.

CST Industries, Inc. (US) is one of the leading players in the water storage systems market, which has been adopting inorganic strategies to sustain their market position. For instance, in April 2019, CST Industries, Inc. partnered with Greatario Engineered Storage Systems, an established and recognized market leader in Ontario, Canada, to design and build bolted steel tanks & covers for liquid storage. With this partnership, CST Industries intends to expand its Aquastore brand of storage tanks in six province territories in the western region of Canada, including British Columbia, Alberta, Saskatchewan, Manitoba, Yukon, Northwest Territories, and Nunavut. Moreover, in January 2018, the company announced the expansion of its product portfolio with pre-configured epoxy coated storage tank systems. The company launched Vulcan; a pre-engineered, pre-configured flat panel bolted storage tank line. The storage tank is made available in capacities of 15 cubic meters to 3,000 cubic meters and is designed specifically for the municipal water, wastewater, and fire protection markets.

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McDermott International, Inc.(US) is another major company in the water storage systemsindustry. It has been adopting organic and inorganic strategies to sustain its position in the water storage systems market. For instance, in May 2018, McDermott International acquired Chicago Bridge & Iron Company N.V. (CB&I), headquartered in Hague, the Netherlands, a leading provider of conceptual design, technology, engineering, procurement, fabrication, modularization, construction, commissioning, maintenance, program management, and environmental services to customers in the energy and infrastructure market. This business combination with CB&I has transformed McDermott International, Inc. into a top -tier, integrated provider of engineering and construction solutions for the energy industry.

The global water storage systems market size is estimated to be USD 15.6 billion in 2019 and is projected to reach USD 20.5 billion by 2024, at a CAGR of 5.6% from 2019 to 2024. Rapidly increasing population, water scarcity, ineffective water management, recycling of industrial wastewater, increasing urbanization, stringent regulation for conservation & consumption of water, and falling levels of rainfall are among significant drivers for the growth of the water storage systems market.

Based on material, the market has been classified into steel, fiberglass, concrete, plastic, and others. The others include collapsible tanks, wood tanks, and open lined pits. Among these concrete water storage systems accounted for the largest share. This growth can be attributed to cost-effectiveness for installation, coupled with the low maintenance cost of concrete material. Additionally, fiberglass material water storage systems are expected to register the highest CAGR during the forecast period.

Based on application, hydraulic fracture storage & collection, onsite 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. Among these hydraulic fracture storage & collection accounted for the largest share in 2018. This growth is attributed to increasing oil & gas activities around the globe, such as shale and tight oil coupled with Increasing environmental concerns regarding the availability of water resources for future generations.

Based on the end-use industry, the water storage systems market has been classified into four different categories, namely, municipal, industrial, commercial, and residential. Municipal applications include water supply to public systems in various cities, towns, and other domestic regions. Commercial applications include water usage by hospitals, schools, colleges, and other commercial buildings. Industrial applications refer to the water usage by several industries, such as pharmaceutical, automotive, chemical, oil & gas, and other similar industries. Residential usage refers to the water consumed for domestic purposes, such as shower, kitchen, toilets, and others. In terms of value, municipal water storage systems accounted for the largest share in the water storage systems market in 2018. This growth can be attributed to a rapidly increasing population, rapid urbanization, and water scarcity. Additionally, residential end-use industry to register the highest CAGR during the forecast period

Based on geography, the water storage systems market is segregated into five regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South Africa. In terms of value, Among these, Asia Pacific accounted for the largest share and is also expected to grow at the highest CAGR 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 and discharges into the environment, and falling levels of rain, among others.