LOS ANGELES, TOKYO and HAMBURG, Germany, June 12, 2019 /PRNewswire/ -- QY Research has published the latest report titled, "Global Water Storage Systems Market Report 2019". The report studies about various market drivers and restraints along with their impact on the market scenario over the forecast period.
According to the report, the global water storage systems market is estimated to reach US$3992.28 mn by 2025 from US$3107.67 mn in 2019. The market will register at a moderate CAGR of 4.26% between 2019 and 2025.
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Global Water Storage Systems Market: Drivers and Restraints
Water scarcity in the several regions has led to extensive usage of water storage system across commercial, industrial, residential, and municipal sectors. The need for recycled water and fresh water for various purposes, especially in the oil and gas refineries, has fuelled the growth of the water storage systems market. Exponentially growing population has led to an increase in the demand for potable water for domestic use in urban and rural areas.
The global market for water storage systems has immense growth opportunities with focus on reused and recycled water. Rising modification and innovation of water storage systems are also likely to propel the growth of the market over the forecast period.
However, the high cost of capital investment required for the installation of the water storage systems that creates a negative impact on the growth of the market.
Global Water Storage Systems Market: Forecast by Segments
The market is segmented into applications and product type. Based on the product type, the market is segmented into the fiberglass tank, concrete tank, plastic tank, and metal tank. The application segment is segmented into industrial, commercial, municipal, and residential. Municipal segment is the leading segment in the water storage systems market as the municipal industry is responsible for distribution and supply of potable water across rural, urban, and semi-urban regions.
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Global Water Storage Systems Market: Regional Outlook
North America is expected to witness significant growth in the water storage systems market due to an extensive extraction of oil and gas activities that requires the recycled and reused water. Asia Pacific is also likely to grow at a promising rate, as the countries such as India is witnessing a severe shortage of water that results in increasing the demand for water storage systems in this region.
Global Water Storage Systems Market: Top Players
AGI, CST Industries, Poly-Mart, Caldwell Tanks, Kaveri Plasto Containers, HUBER SE, Florida Aquastore, McDermott, Dalsem, ZCL Composites, Aquality, Crom, Maguire Iron, DN Tanks, WATTS, Containment Solutions, American Tank, SBS Tank, BUWATEC, Hendic, and Snyder Industries are the major players that are operating in the global water storage systems market.
Global Water Storage Systems Market: Competitive Landscape
Players are focusing on adoption of product expansion to increase their current market share. For instance, CST Industries has announced in January 2019 its expansion of product portfolio with pre-configured epoxy coated storage tank systems that will assist in saving money and time of the customers.
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