The report "Water Storage Systems Market by Material (Concrete, Steel, Plastic, Fiberglass), Application, End-use Industry (Municipal, Industrial, Residential, Commercial), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2024" The global water storage systems market size is expected to grow from 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. Major drivers of the water storage systems industry include the rapidly growing population, water scarcity, stringent regulation for conservation & consumption fo water and others.
Concrete material is projected to lead the water storage systems market during the forecast period
Based on the material, the water storage systems industry is segregated 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 of the global water storage systems market share. This growth can be attributed to cost-effectiveness for installation, coupled with the low maintenance costs of concrete material. Fiberglass water storage systems to grow at the highest CAGR during the forecast period.
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Hydraulic fracture storage & collection application is projected to lead the water storage systems market during the forecast period
Based on the application, the water storage systems industry is segregated into 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 the increasing oil & gas activities around the globe, coupled with the rising environmental concerns regarding the availability of water resources for future generations.
The municipal industry is the major consumer of water storage systems during the forecast period
Based on the end-use industry, the market is segregated into municipal, industrial, commercial, and residential. In terms of value, Municipal water storage systems accounted for the most significant share in the water storage systems market. This growth can be attributed to a rapidly increasing population, water scarcity, and rapid urbanization. Additionally, the residential end-use industry is expected to register the highest CAGR during the forecast period.
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Asia Pacific is projected to be the largest consumer of water storage systems during the forecast period.
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.
Key players in the water storage systems market are 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) and 18 others are considered for the study.
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