IMARC Group’s latest report, titled “Water Storage Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global water storage systems market size reached US$ 16.4 Billion in 2022. Water storage systems are tanks or structures designed to store excess water for use during shortages or low supply. They are usually manufactured from concrete, plastic, fiberglass, and steel and come with an attached pump. They are commonly available in various sizes and types in the market, ranging from water tanks and rain barrels to industrial reservoirs. They aid in reducing the risk of algae formation, minimizing the need for chlorine treatment, and lowering overall maintenance costs. At present, water storage systems are widely employed for domestic, agricultural, and industrial purposes across the globe.
Global Water Storage Systems Market Trends:
The surging need for water conservation due to rising instances of water scarcity and escalating demand for clean drinking water represents the primary factor driving the market growth. Moreover, there has been a rise in product use across the agriculture industry for watering crops, reducing erosion, and improving farm yields and production reliability. Along with this, the increasing adoption of water storage systems in fire suppression water tanks and the mining sector for secure access to water with efficient storage has augmented the product demand. In addition, the emerging applications of large-capacity water storage systems in energy generation for industrial and commercial sectors have catalyzed market growth. Furthermore, the leading players are utilizing advanced coatings, such as ceramic epoxy paints, in potable water storage systems to widen their existing customer base and gain a competitive edge in the market. In line with this, the development of novel product variants that can resist water-borne chemicals and extreme environmental conditions, such as temperature and seismic loads, is further anticipated to expand product applications in the residential sector. Other factors, including rising consumer preferences for treated or recycled water, growing need for fresh water in oil and gas refineries, increasing reliance on agricultural food products, shifting focus toward industrial wastewater recycling, and favorable government initiatives, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 23.5 Billion by 2028, expanding at a CAGR of 6.3% during 2023-2028.
- Based on the material, the market has been classified into concrete, metal, plastic, fiberglass, and others.
- On the basis of the application, the market has been segmented into rainwater harvesting and collection, fire suppression reserve and storage, portable water storage systems, on-site water and wastewater collection, hydraulic fracture storage and collection, and others.
- The market has been divided based on the end user into municipal, industrial, commercial, and residential.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being AG Growth International Inc., Aqua Nishihara Corporation Limited, Balmoral Group Holdings Ltd., Caldwell Tanks Inc., Containment Solutions Inc. (National Oilwell Varco- NOV), CST Industries Inc., Dn Tanks Inc., Fiber Technology Corporation, McDermott International Inc., Sintex Plastics Technology Ltd., Snyder Industries LLC, and Tank Connection LLC.
|Base Year of the Analysis
||Material, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||AG Growth International Inc., Aqua Nishihara Corporation Limited, Balmoral Group Holdings Ltd., Caldwell Tanks Inc., Containment Solutions Inc. (National Oilwell Varco- NOV), CST Industries Inc., Dn Tanks Inc., Fiber Technology Corporation, McDermott International Inc., Sintex Plastics Technology Ltd., Snyder Industries LLC and Tank Connection L.L.C
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