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The Global Water Storage System Market size is expected to reach $27.8 billion by 2028, rising at a market growth of 7.9% CAGR during the forecast period
Systems that help in the storage of water and facilitate its further use through a well-developed network of conduits and pipes are referred to as water storage systems. A water reserve is considered a significant necessity as water is used across every sector and industry.
New York, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Water Storage System Market Size, Share & Industry Trends Analysis Report By Application, By End Use, By Material, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06412096/?utm_source=GNW
There is a growing requirement for water storage systems, especially in the rapidly increasing construction industry across the industrial, commercial, residential, and municipal end users across the world.
The growth of the demand for water can also be ascribed to rising shortages of water, rapidly growing urbanization and population, strict regulations for water discharge and conservation, and drastically changing climatic conditions. Presently, around 1.1 billion people in the world do not have access to clean water, and about 2.7 billion people face water scarcity for approximately a month a year.
In addition to this, for about 2.4 million people, lack of water propagates the issue of inadequate sanitation. Such individuals, as a result, become exposed to hazards like typhoid fever, cholera, and many other water-borne diseases. Consequently, annually approximately 2 million people die because of diarrheal diseases.
Climate changes have turned many water systems, and their surrounding water stressed. Lakes, aquifers, and rivers are either becoming unusable because of pollution or are drying up. As a result, organizations and governments around the world have launched numerous initiatives that aim to increase the awareness of water scarcity and conservation among the general public and subsequently widen water conservation efforts. This is considerably impacting the water storage systems demand.
COVID-19 Impact Analysis
Except for a few sectors, the COVID-19 pandemic slowed down investment in many sectors throughout the world, including the water sector. This has further raised the importance of the reliability of operations because of cost disruptions, trade restrictions, and labour shortages. The shifts in the pattern of water demand, along with emergency measures implemented by the numerous governments to handle the pandemic, are the main factors that induce operational needs. Proper and frequent handwashing was the most crucial and basic frontline defence aimed at mitigating and containing the pandemic. As a result, this substantiated the increase in the demand for water storage systems.
Market Growth Factor
Sharp increase in the population of the world
The population of the world has increased by over three times since the middle of the 20th century. In mid-November 2022, there were approximately 8.0 billion people on the planet, according to the United Nations Organization. Because of the interconnectivity of the growing population’s increased need for drinking water and water for agriculture, the concurrent and future water shortages, predicted to affect many parts of the world, will significantly impact people’s lives. As a result, world leaders are investing heavily in finding ways to conserve and protect their national water resources. Consequently, the efforts by the various governments of the world to preserve water are propelling the growth of the water storage system market.
Increasing adoption of plastic and reused & recycled plastic storage tanks
Most households that store water are adopting plastic storage tanks as these tanks have a long life and are cost-effective compared to tanks made from other materials. Additionally, plastic or polyethylene tanks are recyclable, which makes them environmentally friendly as well. As a result, more manufacturers are looking for ways to make tanks from recycled plastics. While the use of food-grade plastics is encouraged in making water storage tanks, those not made from the same are still recyclable. These factors help in the expansion of the adoption of plastic water storage tanks among places where a limited supply of water needs to be maintained. Consequently, it also boosts the development prospects of the water storage system market.
Market Restraining Factor
Fluctuation in the cost of raw materials
Steel prices are very cyclical in nature, with prices changing from high to low every few years. Hot rolled coil (HRC) or reinforcing bar prices reached their most recent notable peaks in 2021. Additionally, metal prices are falling as a result of numerous international factors, including disputes between countries, COVID-induced supply chain delays, and increasing inflation. The fluctuation in prices of raw materials directly affects the demand for the product, with many consumers delaying their purchases. This discourages the manufacturers from expanding the production of products. Hence, the fluctuation in prices hampers the growth of the water storage system market.
Application Outlook
On the basis of application, the water storage system market is divided into hydraulic fracture storage & collection, onsite water & wastewater collection, potable water storage systems, rainwater harvesting & collection, fire suppression reserve & storage, and others (marine, secondary containment systems, and irrigation). The hydraulic fracture storage and collection segment acquired the largest revenue share in the water storage system market in 2021. Rising applications of fresh and treated water in oil & gas refining processes are the primary factors that propel the growth of the segment.
End Use Outlook
Based on end use, the water storage system market is segmented into residential, commercial, industrial, and municipal. The residential segment procured a remarkable growth in the water storage system market in 2021. Rising awareness of people regarding the depletion of groundwater levels and the subsequent growing scarcity of freshwater resources has raised the adoption of water-saving techniques in many households.
Material Outlook
Based on material, the water storage system market is categorized into steel, fiberglass, concrete, plastic, and others (collapsible tanks, wood tanks, and open-lined pits). The concrete segment garnered the highest revenue share in the water storage system market in 2021. The growth of the segment is attributable to the high cost-effectiveness and low maintenance of concrete water storage tanks.
Regional Outlook
On the basis of region, the water storage system market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment acquired the highest revenue share in the water storage system market in 2021. The region has been witnessing rapid social and economic developments over the past few decades. Human capital development, along with the rising number of good water management practices, is critical in the promotion of economic growth and social well-being of the region. This has accelerated the water conservation schemes, which consequently boosts the expansion of the segment.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include CST Industries, Inc., Superior Tank Co., Inc., Ag Growth International, Inc., American Tank Company, Inc. (BH Tanks), McDermott International, Ltd., Fiber Technology Corporation, Maguire Iron, Inc., Preload LLC and Containment Solutions, Inc. (NOV, Inc.)
Scope of the Study
Market Segments covered in the Report:
By Application
• Hydraulic Fracture Storage & Collection
• Potable Water Storage Systems
• Rainwater Harvesting & Collection
• Fire Suppression Reserve & Storage
• Onsite Water & Wastewater Collection
• Others
By End Use
• Municipal
• Industrial
• Commercial
• Residential
By Material
• Concrete
• Steel
• Fiberglass
• Plastic
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• CST Industries, Inc.
• Superior Tank Co., Inc.
• Ag Growth International, Inc.
• American Tank Company, Inc. (BH Tanks)
• McDermott International, Ltd.
• Fiber Technology Corporation
• Maguire Iron, Inc.
• Preload LLC
• Containment Solutions, Inc. (NOV, Inc.)
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06412096/?utm_source=GNW
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