Government initiatives regarding water conservation and consumption of clean water are boosting the water storage systems market growth.
Vancouver, British Columbia, Jan. 06, 2021 (GLOBE NEWSWIRE) — The Global Water Storage Systems Market is estimated to be valued at USD 24.36 Billion by 2027, according to the current analysis by Emergen Research. This growth of the market can be attributed to growing government initiatives regarding water conservation led by rising water scarcity in developing economies. The increasing number of commercial buildings led by the rise in the number of office spaces is boosting the demand for drinking water and water storage systems. Rapid urbanization and growing population in developing economies are driving the demand for drinking water in both urban and rural areas. This, in turn, is fueling the water storage systems market. Moreover, the rising need for freshwater for high-intensity farming has boosted the demand for water storage systems. However, the high installation cost of water storage systems is likely to restrain the water storage systems market during the forecast period.
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Key Highlights of Report
- In March 2019, AG Growth International, Inc. announced that it acquired Milltec Machinery Limited for USD 109.5 Million. The acquisition is expected to help AG Growth International, Inc. expand its controls, technology, and project management capabilities in the near future.
- The rainwater harvesting & collection segment held the second-largest market share of 16.3% in 2019. The reduction in the amount of rainfall is driving the progress of the rainwater harvesting & collection segment.
- The concrete material-based water tanks segment accounted for the largest market share of the water storage systems market in 2019. The cost-effectiveness associated with concrete material-based water tanks and low maintenance costs of these tanks is augmenting the segment.
- The residential segment is projected to expand at the most rapid CAGR during the forecast period, owing to the escalating adoption of plastic material-based water storage systems among residential consumers.
- Asia Pacific accounted for the largest share of the global water storage systems market in 2019. The increasing adoption of plastic material-based water tanks by residential consumers in the region is likely to drive the water storage systems market in the region during the forecast period.
- Key market participants include 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.
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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)
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- 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
- North America
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