PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1141975
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1141975
The global water storage systems market 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%, between 2022 and 2027. Residential, commercial, industrial, and municipal end users are driving the market growth thanks to the growing construction industry. A variety of causes contribute to this increase, including water shortages, fast exponential population growth and urbanization, rigorous water conservation and discharge rules, and changing climate conditions.
The plastic segment is one of the fastest-growing material segment during the forecast period.
Based on material, the plastic segment is expected to be one of the largest segment during the forecast period. Plastics are used to manufacture tanks with a capacity of up to 20,000 gallons. Plastic tanks are suitable for storing water as well as chemicals such as chlorine, bleaches, and acids, and are mostly made of food-grade standard plastic using a rotational molding process. This helps in inhibiting the growth of algae and other bacteria in the stored water.
A plastic storage tank is a huge container meant to store water for households, agriculture, irrigation, and industrial applications. Water tanks are manufactured in a variety of styles to satisfy the demands of certain applications, with specialty models designed to meet specific criteria and regulations. The term plastic water tank refers to a broad category of plastic tanks used to store water..
The rainwater harvesting & collection segment is expected to register the second-highest CAGR during the forecast period.
Rainwater collection tanks can also be referred to as rain tanks, rainwater harvesting tanks, or rainwater storage tanks. Rainwater tanks are a good way to supplement water sources, especially during times of shortage, dry weather, or contaminated water supplies. The UV inhibitors included in rainwater storage tanks prevent the tank from sun deterioration, allowing it to be utilized both indoors and outdoors. Because they are resistant to impact, corrosion, and rust and, thus, have a long lifespan. Rainwater tanks with capacities ranging from 100 to 12,500 gallons are available.
Rainwater harvesting is a technique for collecting, storing, and reusing rainwater for household or commercial applications. Rainwater is collected from a variety of hard surfaces, such as rooftops and other constructed aboveground hard surfaces, and stored in tanks for later use. Rainwater harvesting and collecting systems exist in a variety of sizes and designs, depending on the amount of precipitation and the available space. Water is purified and stored for later use in purification systems.
The water storage systems market in the municipal segment is expected to hold the largest share during the forecast period.
Housing estates and residential & public service firms utilize municipal water. The amount of water utilized is determined by the expanding population's demand. Municipal water systems require a large and comprehensive network of supply and delivery. Water from water treatment facilities must be kept before being distributed via the municipal network. In the municipal system, water storage systems are utilized to store and provide water as needed. Municipal water storage systems contain enormous storage tanks used to provide water to certain divisions. All activities require these water storage systems, whether for pre-treatment storage or post-treatment storage. As per a study published by the International Institute for Applied Systems Analysis in June 2018, by the 2050s, water demand in Asia is projected to be higher than in all other continents put together. As a result of socioeconomic development in Asia, municipal water demand will rise by a minimum of 176% and up to 245%.
Asia Pacific water storage systems market is estimated to register the highest CAGR during the forecast period.
Europe accounted for a share of 19.2% of the water storage systems market in 2021 and is expected to register a CAGR of 7.4% during the forecast period. The market in Europe has been studied for Germany, France, the UK, Italy, Spain, and the Rest of Europe (Russia, Netherlands, Belgium, Ukraine, and Greece).
According to EurEau, the drinking water system in Europe has an overall length of 4.3 million kilometers or 11 times the distance between the Earth and the Moon. This infrastructure needs upkeep and reinvestment to ensure the operation and supply everyone with pure, safe water that meets the high requirements. The extent of the drinking water distribution network per linked resident varies from 4.35 meters per linked resident in Romania to 19.57 meters per connected resident in Finland.
Information was gathered from secondary research and In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the water storage systems market to verify the market size of several segments and subsegments.
The key companies profiled in this report are 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).
Key Benefits of Buying the Report
From an insight perspective, this research report focuses on various levels of analyses - industry analysis (industry trends), market ranking of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.