Water Storage Systems Market Prospective to be Strong Throughout 2020-2027
According to a recent Emergen Research study, the global water storage systems market will be worth USD 24.36 billion by 2027. This market expansion can be attributed to rising awareness of fresh water scarcity and consumption of clean drinking water. The recycling of wastewater generated by industries is also helping to grow the market for water shortage systems. Countries that face severe weather and a high risk of drought are increasingly implementing water storage systems.
Steel, fibreglass, concrete, plastic, and other materials dominate the market. Collapsible tanks, wood tanks, and open-lined pits are among the others. The demand for these water storage systems is primarily determined by raw material properties such as corrosion resistance, durability, weight, strength, and cost, among others. The concrete segment currently holds the largest share of the global water storage systems market and will continue to do so during the forecast period.
The global water storage systems market is expected to grow significantly over the forecast period as people become more aware of water scarcity. Furthermore, rising demand for treated or recycled water, as well as fresh water, in oil and gas refineries is expected to drive the growth of the water storage systems market over the forecast period. Water is stored in tanks attached to a pump, which aids in delivering the stored water to various end-users, including industries, municipal, residential, and commercial structures, in water storage systems. Concrete, plastic, fibreglass, and steel are used to make these storage systems.
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Key Highlights of Report
AG Growth International, Inc. acquired Intellifarms in March 2019, which provides growers and grain processors with technology-based products such as hardware and software for monitoring grain conditions during storage. AG Growth International; Inc. expects the acquisition to help it expand its controls, technology, and project management capabilities.
In 2019, the hydraulic fracture storage and collection segment had the largest market share of 39.1%. During the forecast period, the segment is expected to be driven by increased utilisation of treated and fresh water in oil and gas refineries.
During the forecast period, the fibreglass material segment is expected to grow at the fastest CAGR of 6.7%. The anti-aging, safe, dependable, and fire-resistant nature of fibreglass, as well as its long service life, are increasing the use of fiberglass-based water tanks in commercial and industrial sectors.
Synalloy Corporation, CST Industries, Inc., Mcdermott International, Inc., AG Growth International Inc., BH Tank, Caldwell Tanks, Sintex Plastics Technology Limited, Fiber Technology Corporation, Snyder Industries, and Containment Solutions, Inc. are among the key market participants.
Emergen Research has segmented the global water storage systems market based on application, material, end-use, and region:
Application Outlook (Revenue, USD Billion; 2017–2027)
- Hydraulic Fracture Storage & Collection
- Rainwater Harvesting & Collection
- On-site Water & Wastewater Collection
- Potable Water Storage System
- Fire Suppression Reserve & Storage
Material Outlook (Revenue, USD Billion; 2017–2027)
End-use Outlook (Revenue, USD Billion; 2017–2027)
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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