Water Storage Systems Market Size (2023-2028):

The Global Water Storage Sytems Market is predicted to have a value of USD 16.1 billion in 2022 and is predicted to reach a value of USD 20.9 billion by 2028, with a current CAGR of 6.0% from 2023-2028.

Systems Storage tanks are employed in various end-use industries such as commercial, residential, municipal, and industrial. Municipalities are the largest end-use industry in the market since they are dedicated to the supply and distribution of drinking water to urban, semi-urban, and rural areas. Municipalities operate an extensive network of water storage systems to store and supply water according to the needs of the communities. In terms of application, the worldwide market for water storage systems has seen high calls from the oil and gas industry, where hydraulic fracturing requires the storage of a large amount of water. Wastewater after the hydraulic fracturing process must be stored and treated before being released into the environment. Escalated oil and gas exploration activity has contributed to the call for water storage systems. Water scarcity in several regions has led to the intensive use of water storage systems in the residential and municipal sectors. In the commercial and industrial sectors, the need for recycled or treated freshwater for different purposes, especially in oil and gas refineries, has driven the call for water storage systems. Water storage systems are made from materials like steel, fibreglass, plastic, and concrete. Consumers generally prefer concrete water storage systems.

The plastic water storage tank has evolved as a better alternative to these conventional water storage methods. Plastic water storage tanks are made of a very durable thin layer of plastic that is lighter in weight and also takes up less storage space than concrete tanks. Also, plastic water storage tanks are much more flexible compared to other conventional storage tanks. Plastic water storage tanks are usually made of low-density linear polyethylene, polypropylene, or fibreglass. It is necessary that the polymers and additives that compose it are inert with the water of any other stored liquid.

Market Drivers:

Rapid population expansion has resulted in a growing call for potable water in urban and rural areas and in public and domestic services. Water scarcity is predicted to be the most important result of worldwide warming. Roughly half the world's population could face severe water shortages by 2030, when call is predicted to exceed supply by 40 percent, according to a new United Nations report. Growing concern about prudent water use due to drinking water shortages in various regions has fueled the expansion of the worldwide market for water storage systems. Escalating water use in the industrial and commercial sectors has also driven the call for water storage systems. Emerging trends that have a direct impact on the dynamics of the water storage tank industry include the escalating use of rotational molding powder to make profitable tanks and the escalating call for four-layer water storage tanks.

Market Restraints:

The high capital investments and financing required for the installation of water storage systems are predicted to hamper market expansion in the near future.

Market Opportunities:

The global water storage systems market offers immense expansion opportunities, driven by the escalated focus on recycled and reemployed water by the industrial sector. The focus on innovation and modification of water storage systems is also predicted to drive the market.

Market Challenges:

High investment costs are predicted to hamper the market for water storage systems during the foreseen period.

WATER STORAGE SYSTEMS MARKET REPORT COVERAGE:

Water Storage Systems Market Segmentation as per the research report until 2028.

Water Storage Systems Market - By Material:

• Concrete
• Steel
• Plastic
• Fiberglass

Concrete is predicted to dominate the market for water storage systems. The call for these water storage systems depends mainly on the properties of the raw materials such as corrosion resistance, durability, weight, resistance, and cost, among others. The concrete segment has the largest share of the worldwide water storage systems market and will remain the largest segment during the foreseen period.

Water Storage Systems Market - By End-Use Industry:

• Municipal
• Industrial
• Residential
• Commercial

The expansion of municipal water storage on the basis of value can be attributed to rapid population expansion, rapid urbanization, and water scarcity. The residential end-use industry is predicted to record the highest CAGR during the foreseen period.

Water Storage Systems Market - By Application:

• Hydraulic fracture storage & collection
• On-site water & wastewater collection
• Potable water storage systems
• Fire suppression reserve & storage
• Rainwater harvesting & collection
• Others

The hydraulic fracture collection and storage application is predicted to be the industry leader in water storage systems during the foreseen period.

Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Asia-Pacific is the biggest customer of water storage systems and is predicted to rise at the quickest CAGR throughout the foreseen period. Growing water scarcity, inefficient use of water, unproductive recycling of industrial wastewater for reuse, rapid population increase and urbanization, strict regulations for water conservation and discharge, and changing weather conditions, among others, are some of the main factors driving regional expansion. The developed economies of North America and Europe have contributed significantly to the expansion of the worldwide market for water storage systems; However, the market in Asia-Pacific and the rest of the world has great potential for expansion, as the growing shortage of drinking water has led to escalated awareness of water conservation in these regions. This has fueled the call for water storage systems. In Asia-Pacific, countries like India are experiencing severe water shortages. As a result, the call for water storage systems is escalating. In North America, the rapid expansion of the water storage systems market can be attributed to extensive oil and gas extraction activities that require fresh and reemployed water.

Market Key Developments:

• The Association of Plumbing and Heating Contractors (APHC) has launched a new Home Hot Water Storage (Ventless) Systems course specially developed for online delivery using webinar software.
• Mixing traditional science with nanotechnology, the start-up Nano safe Solutions, incubated by IIT Delhi, has developed a range of antimicrobial water storage containers, i.e. antiviral, antibacterial and antifungal, and 'launched under the name' AqCure', which is based on the inherent antimicrobial properties of copper.

Market Key Players:

1. CST Industries, Inc.
2. McDermott International Inc. (US)
3. Containment Solutions Inc., (US)
4. DN Tanks (US)
5. Caldwell Tanks (US)
6. Balmoral Tanks Limited (UK)
7. Synalloy Corporation (US)