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Government initiatives regarding water conservation and consumption of clean water are boosting the market
Vancouver, Nov. 08, 2023 (GLOBE NEWSWIRE) — The global water storage systems market is likely to be valued at USD 32.14 Billion by 2032, according to a 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 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 fresh water for high-intensity farming has boosted the demand for water storage systems. However, high installation cost of water storage systems is likely to restrain the water storage systems market during the forecast period.
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Scope of Research
| Report Details | Outcome |
| Market size value in 2019 | USD 16.10 Billion |
| CAGR (2023–2032) | 5.7% |
| Revenue forecast in 2032 | USD 32.14 Billion |
| Base year for estimation | 2019 |
| Historical data | 2016–2018 |
| Forecast period | 2023–2032 |
| Quantitative units | Volume in tons, revenue in USD Thousand, and CAGR from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Application, material, end-use, and region |
| Regional scope | North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
| Country scope | U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey |
| Key companies profiled | 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. |
| Customization scope | 10 hours of free customization and expert consultation |
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MAJOR COMPANIES and Market Share Analysis
The water storage systems market is moderately fragmented, with a large number of small and medium-sized manufacturers accounting for a major share of the global market. Manufacturers are well-equipped with manufacturing facilities and are involved in several research and development activities. Some of the prominent players in the water storage systems market are:
- 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
- Containment Solutions, Inc.
In January 2019, AG Growth International, Inc. acquired Improtech Ltd., which is a Canada-based provider of engineering solutions to the food & beverages industry. Acquisition of Improtech Ltd. is expected to help AG Growth International, Inc. strengthen its product portfolio and add complementary engineering capabilities, enhancing the company’s ability to provide complete engineering solutions to a diverse customer base.
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Key Highlights of Report
- In March 2019, AG Growth International, Inc. announced to have completely 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. Reduction in the amount of rainfall is driving 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 are augmenting the segment.
- The residential segment is projected to expand at the most rapid CAGR during the forecast period, due to increasing 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. 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.
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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; 2019–2032)
- Hydraulic Fracture Storage & Collection
- Rainwater Harvesting & Collection
- On-site Water & Wastewater Collection
- Potable Water Storage System
- Fire Suppression Reserve & Storage
- Others
- Material Outlook (Revenue, USD Billion; 2019–2032)
- Plastic
- Concrete
- Fiberglass
- Steel
- Others
- End-Use Outlook (Revenue, USD Billion; 2019–2032)
- Commercial
- Municipal
- Residential
- Industrial
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
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