Global Water Storage Systems Market Size To Exceed USD 38.52 Billion by 2032 | CAGR of 7.6%.
The Global Water Storage Systems Market Size was valued at USD 18.38 Billion in 2022 and the Worldwide Water Storage Systems Market Size is expected to reach USD 38.52 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: Aqua Dam Inc., CST Industries Inc., ZCL Composites Inc., Synalloy Corporation, AG Growth International Inc., McDermott International Inc., BH Tank, Fiber Technology Corporation, Caldwell Tanks, Containment Solutions Inc., Maguire Iron Inc., Superior Tank Co., Inc., Frontier Polymers Pvt. Ltd., Tank Connection L.L.C, Sintex Plastics Technology Ltd., Snyder Industries LLC and other key vendors.
New York, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The Global Water Storage Systems Market Size is To Grow from USD 18.38 Billion in 2022 to USD 38.52 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.6% during the projected period. The rising adoption of water storage systems in various applications such as hydraulic fracture storage & collection, onsite water & wastewater collection, portable water storage systems, rainwater harvesting & collection, fire suppression reserve & storage, secondary containment systems, and others in several end-use segments including residential, commercial, industrial, and municipal is expected to boost the demand for the water storage systems market during the forecast period.
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A water storage system is an infrastructure or mechanism that collects, stores, and manages water for a range of purposes. These systems are required for a variety of purposes, such as home water supply, agricultural irrigation, industrial firefighting, and disaster relief. Water storage systems are crucial for successfully managing water resources, storing surplus water, and releasing it during times of famine or excess demand. The water storage system industry encompasses a wide range of products and services designed to economically conserve and manage water. Regional water supply, government regulations, environmental concerns, and water infrastructure investment are all increasing demand for water storage systems. Furthermore, the worldwide water storage system market has been significantly rising as a result of increased water scarcity, population growth, and urban development. The increased reliance on agricultural food items, combined with growing awareness about water conservation, is one of the key factors driving the widespread adoption of water storage systems. In agriculture, they are widely used to water livestock, minimize erosion, and boost crop yields and farming reliability. Furthermore, as environmentally friendly and unique water storage system markets become more popular, there is an increased demand for eco-friendly and novel water storage system markets.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on* *the "*Global Water Storage Systems Market** Size, Share, and COVID-19 Impact Analysis, By Material (Steel, Fiberglass, Concrete, Plastic, Others), By Application (Hydraulic Fracture Storage & Collection, Onsite Water & Wastewater Collection, Portable Water Storage Systems, Rainwater Harvesting & Collection, Fire Suppression Reserve & Storage, Secondary Containment Systems, Others), By End-Use (Residential, Commercial, Industrial, Municipal), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."*
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*The fiberglass segment is dominating the market with the largest revenue share over the forecast period.*
On the basis of material, the global water storage systems market is segmented into the steel, fiberglass, concrete, plastic, and others. Among these, the fiberglass segment is dominating the market with the largest revenue share of 43.8% over the forecast period. Fiberglass is an extremely resilient plastic material reinforced with microscopic glass strands. Fiberglass structures are exceptionally durable and resistant to degradation, rust, and corrosion. Because of its lightweight properties and durability, fiberglass is widely used in a variety of industrial applications.
*The onsite water & wastewater collection segment is witnessing significant CAGR growth over the forecast period.*
On the basis of application, the global water storage systems market is segmented into hydraulic fracture storage & collection, onsite water & wastewater collection, portable water storage systems, rainwater harvesting & collection, fire suppression reserve & storage, secondary containment systems, and others. Among these, the onsite water & wastewater collection segment is witnessing significant CAGR growth over the forecast period. Onsite wastewater systems are multiple levels systems that collect, filter, and redistribute wastewater from a home or business.
*The municipal segment accounted for the largest revenue share of more than 57.2% over the forecast period.*
On the basis of end-use, the global water storage systems market is segmented into residential, commercial, industrial, and municipal. Among these, the municipal segment is dominating the market with the largest revenue share of 57.2% over the forecast period, owing to the fact that supplying adequate and effective water storage is critical for every municipality. Municipal water tanks are typically used to meet particular criteria or restrictions based on the municipal ordinances of the region, as well as to meet peak needs, such as fire flows when water levels are high.
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*Asia Pacific dominates the market with the largest market share over the forecast period.*
Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. In recent years, Asia Pacific has seen phenomenal developments in both society and the economy. Recently, India and China have experienced tremendous GDP growth as well as significant population expansion. These developing countries have undergone fast industrialization as well as a surge in oil and gas activity, which has boosted the region's total number of water storage systems. On the other hand, North America is predicted to expand the fastest during the forecast period. This is due to the widespread usage of water supplies in countries such as the United States and Canada for commercial, industrial, agricultural, and home purposes, as well as the presence of one of the world's major gas reserves in the United States.
*Competitive Analysis:*
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Water Storage Systems Market include Aqua Dam Inc., CST Industries Inc., ZCL Composites Inc., Synalloy Corporation, AG Growth International Inc., McDermott International Inc., BH Tank, Fiber Technology Corporation, Caldwell Tanks, Containment Solutions Inc., Maguire Iron Inc., Superior Tank Co., Inc., Frontier Polymers Pvt. Ltd., Tank Connection L.L.C, Sintex Plastics Technology Ltd., Snyder Industries LLC, and several others.
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*Recent Developments*
· *On June 2023, *Tennessee Department of Environment and Conservation (TDEC) awarded 131 grants totaling $299,228,167 from the state's American Rescue Plan (ARP) budget, a portion of which TDEC administers as drinking water, wastewater, and stormwater infrastructure funds. There are 29 collaborative awards and 102 non-collaborative grants among the 131 grants announced today. Collaborative grants involve many entities (cities, counties, or water utilities) collaborating on projects to achieve a common goal. All 469 individual drinking water, wastewater, and/or stormwater infrastructure projects are represented by the grants.
*Market Segment*
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Water Storage Systems Market based on the below-mentioned segments:
*Water Storage Systems Market, Material Analysis*
· Steel
· Fiberglass
· Concrete
· Plastic
· Others
*Water Storage Systems Market, Application Analysis*
· Hydraulic Fracture Storage & Collection
· Onsite Water & Wastewater Collection
· Portable Water Storage Systems
· Rainwater Harvesting & Collection
· Fire Suppression Reserve & Storage
· Secondary Containment Systems
· Others
*Water Storage Systems Market, End-Use Analysis*
· Residential
· Commercial
· Industrial
· Municipal
*Water Storage Systems Market, Regional Analysis*
· *North America*
· US
· Canada
· Mexico
· *Europe*
· Germany
· Uk
· France
· Italy
· Spain
· Russia
· Rest of Europe
· *Asia Pacific*
· China
· Japan
· India
· South Korea
· Australia
· Rest of Asia Pacific
· *South America*
· Brazil
· Argentina
· Rest of South America
· *Middle East & Africa*
· UAE
· Saudi Arabia
· Qatar
· South Africa
· Rest of Middle East & Africa
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