Water Storage Systems Market Worth US$ 25.1 Billion by 2027- Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 19, 2022 /PRNewswire/ -- The report "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 to 2027", size is projected to grow from USD 16.5 billion in 2022 to USD 25.1 billion by 2027, at a CAGR of 8.7%. Market growth is attributed to the rising demand for water storage systems in the growing construction industry in residential, commercial, industrial, and municipal end users across the world. This growth is attributed to the increasing scarcity of water, rapidly growing population & urbanization, stringent regulations for water conservation and discharge, and changing climatic conditions, among others.
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The concrete segment is the fastest-growing material segment during the forecast period.
Based on material, the concrete segment is expected to be the largest segment during the forecast period. Concrete water storage systems can be used for long periods due to their superior strength, non-corrosive properties, and durability. These tanks are environment-friendly and are used for both residential and commercial purposes as concrete provides natural insulation, which keeps the water cool and minimizes the amount of bacterial growth in the water. Concrete tanks can be used for a variety of applications such as fire suppression & prevention, community water storage systems, agriculture irrigation, winery production, ranch & livestock water supply, and landscape water storage, among others. Moreover, with time, the lime in concrete leaks into the water, which reduces the acidity of rainwater, making it safer to drink. These factors are expected to drive the use of concrete water storage systems. Concrete tanks are the preferred choice for large-capacity water storage.
The hydraulic fracture storage & collection segment to lead the water storage systems market during the forecast period.
Based on application, the water storage systems market is segmented into Hydraulic fracture storage & collection, Onsite water & wastewater collection, Potable water storage systems, Fire suppression reserve & storage, Rainwater harvesting & collection, and Others (irrigation, secondary containment systems, and marine). After the COVID-19 crisis caused an unexpected drop in demand in 2020, global oil markets are rebalancing. The world economy and oil markets are recouping from the record drop in demand induced by the COVID-19 pandemic. The massive inventory excess that accumulated in 2020 is being depleted, and global oil stockpiles, excluding strategic reserves, reverted to pre-pandemic levels in 2021. Water used in the oil & gas sector should be processed for reuse or discharge in accordance with various environmental and regulatory norms and regulations. Oil and natural gas are valuable commodities that enable diverse countries to satisfy their energy needs. Natural gas, combined with coal and oil, accounts for 85% of total energy consumption in the US. However, as traditional resources become scarce, there has been a greater emphasis on unconventional sources such as shale gas, tight sands, and coal bed methane.
According to the EPA (United States Environmental Protection Agency), coal mining will contribute to around 10% of worldwide methane emissions in 2030. A significant number of these emissions are produced by major coal-producing countries such as China, Russia, the US, India, and Australia. The EPA predicts that a suite of existing technologies may save around 64% of estimated 2030 emissions; this abatement potential is expected to stay steady through 2050. The international coal market thus offers considerable business opportunities for U.S. vendors, project developers, and other partners. This will boost the demand of hydraulic fracture storage & collection over the forecasted period.
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Asia Pacific water storage systems market is estimated to register the highest CAGR during the forecast period.
The Asia Pacific region is the largest market for water storage systems across the globe. The market in the Asia Pacific has been studied for China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific (Thailand, Taiwan, Indonesia, and Malaysia). Among these countries, China accounted for the largest share of 40.9% of the Asia Pacific water storage systems market.
India and China have experienced close to double-digit GDP growth in recent years, as well as a population boom. The river basins in the countries are unable to meet the water demand of these heavily populated countries. Additionally, socioeconomic factors cause a rise in population, which is expected to lead to the scarcity of water in the Asia Pacific region. The fluctuating levels of rainfall in some countries of Asia Pacific have also led to water scarcity, which is expected to increase the demand for water storage systems in the near future.
Major players operating in the water storage systems include CST Industries Inc. (US), ZCL Composites Inc. (Canada), Synalloy Corporation (US), AG Growth International Inc. (Canada), McDermott International Inc. (US), BH Tank (US), Fiber Technology Corporation (US), Caldwell Tanks (US), Containment Solutions Inc. (US), and Maguire Iron Inc. (US).https://www.marketsandmarkets.com/requestsampleNew.asp?id=149638848 - &utm_source=PRNewswire&utm_medium=Referal&utm_campaign=PaidPR
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