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Water storage systems are used to store water which can be further used for various applications using a well-organized piping network. Water being the basic need across every sector, a reserve for the same is looked upon as an important factor. With the rising population around the world and increased industrialization, oil, and gas activities, the water demand has increased immensely over the last decade. Adding up to this has been the decrease in rainfall which has led governments around the world to recognize water scarcity as a major issue and look for solutions such as rainwater harvesting and others, therefore, building a well-organized water storage systems network. The other factors which are expected to drive the market growth are rising consumer awareness regarding clean water, regulations for water conservation and consumption, and increasing urbanization.
The global water storage system market is segmented based on material, application, and end-use industry. Based on material, the market is segmented into concrete, steel, plastic, fiberglass, and others. The concrete segment dominates the market as these tanks are capable of handling a huge amount of water as compared to other materials and can be constructed as per the requirement for a single-use or number of consumers. Also, these can be constructed underground which avoids usage of space on land. Based on the end-use industry, the market is segmented into municipal, industrial, residential, and commercial. The municipal sector has been the leading sector as a major portion of the water demand is from the residential sector. Also, water harvesting techniques have been introduced at a residential level which has added up to the growth of the segment.
Based on application the market is segmented into hydraulic fracture storage & collection, onsite water and wastewater collection, potable water storage system, fire suppression reserve and storage, rainwater harvesting and collection, and others. Hydraulic fracture storage has been one of the leading applications of the market as water is required in huge amounts during hydraulic fracturing. Owing to contain carbon emissions the use of natural gas has been on a rise in recent years which has led hydraulic fracturing activities to rise and therefore create opportunities for market expansion.
The key market driver is the increasing population around the world which increases the demand from each sector such as oil and gas, industrial, agriculture, and others which in turn drives the growth of the water storage systems market. As per the report by the United Nations Department of Economic and Social Affairs, the global population is expected to rise from the current 7.7 billion to 9.7 billion in 2050.
The key market restraint which can act as a blockade to the growth is the high capital required for the construction of a water storage system. Also, the constructed storage systems need to be maintained at the highest level for proper functioning as any malfunctioning can lead to severe water loss.
Key Market Driver -
Increasing population around the globe directly drives up the demand for water storage systems.
Key Market Restraint -
Frequent maintenance required and high capital
Some of the key market players include AGI - Ag Growth International, CST Industries, Inc., Containment Solutions, DN Tanks, Balmoral Tanks, Caldwell Tanks, Inc., Aqua Dam Inc., Sintex Plastics Technology Limited., Superior Tank Co., Inc., Frontier Polymers Pvt. Ltd., Tank Connection
The global market is studied across five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific has dominated the market over the years owing to the rising population in countries such as China, and India. These developing nations have had massive industrialization and an increase in oil and gas activities which has driven the number of water storage systems. North America also holds a significant share in the market majorly due to the enormous hydraulic fracturing actives carried out in the U.S. Europe holds immense growth opportunities for the market with an expanding industrial sector, initiatives for rainwater harvesting, and an increasing number of commercial and residential buildings in the region.
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