|Market Size in 2018||Market Forecast in 2025||CAGR (in %)||Base Year|
|USD 11.83 Billion||USD 15.38 Billion||3.72%||2018|
Water Storage Systems Market
Water is an essential commodity in our day-to-day operations. With groundwater scarcity, it has become important to store water. Thus, the need for water storage system arises. Water storage systems play an important in industrial, residential and commercial sectors. Tanks are considered as one of the important mediums of water storage. Water tanks are situated both above and below the ground. Basically, water storage means storage of potable water for consumption and the storage of non-potable water for other purposes. Apart from non-consumption, in many countries, especially in dry regions, there is a need for storage of potable drinking water.
The global water storage systems market is likely to experience significant growth in the future, owing to the growing scarcity of water, which is a global issue. The demand for water storage systems is likely to increase in the years ahead to store water. Furthermore, the increased use of water in various industrial applications is also projected to boost the water storage systems market development. Rapid industrialization in various regions is expected to use 4% more water annually in the future. Consequently, there will be a rise in global water consumption. Apart from residential and commercial sectors, the water consumption of the industrial sector will rise by 38% by 2050. Since there is a scarcity in groundwater resources, the only option is to recycle and store water to cater to the needs and demands of the industrial sector. This, in turn, will further contribute to the water storage systems market growth in the upcoming years. However, the high installation costs associated with the water storage systems may hamper the market growth in the future.
Based on type, the water storage systems market is segmented into plastic tanks, metal tanks, concrete tanks, fiberglass tanks, and others. By application, the water storage systems market is categorized into industrial, residential, municipal, and commercial.
By region, North America held an extensive share of the global water storage systems market in 2018 and is expected to continue its regional authority in the upcoming years as well. This regional growth can be attributed to the rising oil and gas exploration activities in the Gulf region. Europe is expected to provide significant growth opportunities for the global water storage systems market in the future, owing to the increasing adoption of plastic water tanks across the region and stringent government rules and regulations regarding storage and quality monitoring of water.
Some major players operating in the global water storage systems market include AG Growth International, Synalloy Corporation, Aqua Dam, Fiber Technology Corporation, American Structures, Aqua Nishihara Corporation Limited, DN Tanks, Pulsed Hydraulics, De Nora Water Technologies, Superior Tank, and GenMod.