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Water Storage Systems Market size is predicted to reach $32 billion by 2030, growing at a CAGR of 8.4% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Water storage systems are containers used to store water for later use. They come in all shapes and sizes, from small rooftop containers to large underground tanks. The water storage systems market is on the rise due to water scarcity, government regulations and incentives & growing need for water security., finds IndustryARC in its recent report, titled “Water Storage System Market – By Type (Potable Water Storage Systems, Non-Potable Water Storage Systems), By Material (Fiberglass, Concrete, Metal, Plastic, Others), By Storage Capacity (Up to 1,000 Gallons, 1,000 to 10,000 Gallons, More than 10000 Gallons), By Installation (Under Ground, Above Ground), By Application (Onsite Water & Wastewater Collection, Rainwater Harvesting, and Collection, Fire Suppression Reserve and Storage, Hydraulic Fracture Storage and Collection, Agricultural Irrigation Storage, Emergency Water Storage, Others), By End User Industry (Residential, Agriculture, Automotive, Chemical, Energy and Power, Food and Beverage, Electronics & ICT, Lifesciences and Healthcare, Aerospace and Defense, Mining, Oil & Gas, Others), By Geography – North America, South America, Europe, APAC, RoW Opportunity Analysis & Industry Forecast, 2024-2030”
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North America to Register Highest Growth:
North America is anticipated to experience the highest growth of CAGR of 11.5% in the Water Storage System Market between 2024 and 2030. The growing need for effective water management solutions in the face of growing water scarcity and infrastructure modernization is expected to propel the water storage system market in North America. To guarantee a consistent supply of water, several areas are investing in modernizing their antiquated water storage systems. Drought is becoming more common, and unpredictable weather means that reliable water storage systems are needed to control variations in water supply. Water storage systems become more durable and efficient with new materials and building methods. Growing infrastructural projects in the US fuel the growth of this region. For instance, in May 2024, Pennsylvania American Water revealed its plan to build four new tanks and renovate ten existing ones as part of its 2024 tank infrastructure investment plan. By examining, sandblasting, and repainting tanks, Pennsylvania American Water’s tank rehabilitation program prolongs the tanks’ useful lives and contributes to the preservation of water quality. This year, the business will improve its water storage systems at a total cost of about $28.3 million. These are the factors contributing to the growth of Water storage systems in North America.
Water Storage System Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
8.4% |
|
Market Size in 2030 |
$32 billion |
|
Segments Covered |
Type, Material, Storage Capacity, Installation, Application, End User Industry and Geography. |
|
Geographies Covered |
North America, South America, Europe, APAC, RoW |
|
Key Market Players |
1.McDermott International Ltd. 2. Ascent Industries Co 3. CST Industries, Inc. 4. DN Tanks 5. Sintex Plastics Technology Limited 6. Caldwell Tanks 7. National Oilwell Varco (NOV) 8. Balmoral Tanks Limited 9. Snyder Industries 10. Enduramaxx Limited |
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Water Storage System Market Report – Key Takeaways:
Fiberglass Segment to Register the Fastest Growth
In the Water Storage Systems Market analysis, the fiberglass segment is estimated to grow with the highest CAGR of 9.8% during the forecast period. The market for water storage systems is expanding rapidly, with the fiberglass category predicted to increase at the quickest rate in the upcoming years. Fiberglass water storage tanks are an appealing alternative for a variety of applications due to their many benefits, which include resistance to corrosion, lightweight design, and high durability. Because fiberglass tanks are resistant to rust and corrosion, they have a longer lifespan and require less maintenance than metal tanks. Fiberglass tanks are substantially lighter than their metal equivalents, making shipping and installation more feasible and cost-effective. These tanks are extremely resilient and able to survive adverse environmental conditions because of the inherent strength and resilience of fiberglass materials.
Onsite Water & Wastewater Collection Segment to Register the Fastest Growth
In the Water Storage Systems Market analysis, the onsite water & wastewater collection segment is estimated to grow with the highest CAGR of 9.2% during the forecast period. Onsite water and wastewater collection system adoption is being driven by strict environmental rules and policies that support sustainable water management practices. These systems guarantee appropriate water collection, treatment, and reuse, which assists businesses and cities in adhering to requirements. Effective water management solutions are required due to the growing problems of water scarcity in different places. Water conservation and reuse are made possible by onsite water and wastewater collection systems, which lessen reliance on outside water sources and support sustainability initiatives. On-site water and wastewater collection is now more effective and economical thanks to advancements in water storage technology, such as sophisticated filtration and treatment systems. These developments increase the systems’ capacity to manage different water quality and quantities, which encourages the adoption of these systems in a variety of applications.
Addressing Water Scarcity that is Exacerbated by Climate Change is a Significant Challenge
The problem is made worse by urbanization and population growth, which put more strain on the infrastructure and water supplies already in place. The current infrastructure frequently fails to fulfill the growing need for dependable water storage systems. Large investments are needed for modernizing and growing water storage facilities, which are hard to come by in areas where money is tight. Another level of complication is added by the energy-intensive design of water distribution and storage systems. More ecological and energy-efficient solutions are required because of the high energy prices and the carbon footprint connected with these systems. Improving storage systems to alleviate water scarcity requires a multipronged strategy that includes major infrastructural investments, improved resource management techniques, and the adoption of cutting-edge technologies. A steady and dependable water supply is essential in light of the escalating environmental and financial difficulties.
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Key Opportunity Analysis:
Integration of Smart Water Management Technologies
The market for water storage systems has a lot of potential due to the integration of smart water management technology. Smart water management systems can maximize water distribution, storage, and utilization thanks to developments in sensors, data analytics, and IoT (Internet of Things). These technologies enable effective water allocation depending on demand, leak detection, and real-time monitoring of water levels. Municipalities and businesses may increase water conservation efforts, decrease water loss, and boost overall efficiency by implementing smart technologies. It is possible to forecast water demand, make plans for future water requirements, and improve the management of water resources by using the data gathered from these systems. Furthermore, intelligent water management may guarantee safer water supplies for communities by assisting in the early discovery of problems like contamination. The implementation of smart technologies can lead to cost savings, improved water management, and a more sustainable approach to water storage and usage.
Expansion of Municipal Water Storage Infrastructure
The growth of municipal water storage infrastructure presents a significant opportunity in the market for water storage systems. The need for water in urban areas is expanding as a result of population growth and urbanization. Municipalities are under pressure to manage wastewater effectively and offer a steady supply of water. This demand can be met in part by increasing the infrastructure for water storage, such as by constructing new reservoirs, renovating current storage facilities, and creating decentralized storage systems. Investing in municipal water storage infrastructure promotes public health and economic prosperity in addition to guaranteeing a steady supply of water. Better storage facilities can act as a buffer during extreme weather events, lessening the effects of droughts and floods. For instance, Under the Rural Infrastructure Development Fund (RIDF), the National Bank for Agriculture and Rural Development approved Rs 32.45 billion for irrigation and rural drinking water delivery projects in Gujarat in the 2021–2022 fiscal year. Moreover, modernized infrastructure can enhance the efficiency of water distribution networks, reduce water losses, and support sustainable urban development. Governments and local authorities can collaborate with private sector partners to fund and implement these projects, ensuring long-term water security for urban populations.
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The Report also Covers the Following Areas:
Water Storage System Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic has had a significant impact on the global Water Storage system market. Lockdowns, supply chain disruptions, and economic slowdowns caused by the pandemic led to delays in government scheme implementations, affecting the demand for Water Storage Systems. Additionally, stringent health and safety measures in industrial facilities and construction sites further slowed down the deployment of water storage systems.
The war in Ukraine has also affected the Water Treatment System market. The conflict has caused disruptions in commodity markets and supply chains, leading to uncertainty and volatility. Instability in the region affects the availability of raw materials and increased production costs for Water Treatment System manufacturers. Furthermore, geopolitical tensions and trade disruptions could hamper market growth and investment in affected regions..
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List of Key Market Players in Mobile Money Market:
The Water Storage System Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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