In terms of value, water storage systems market is projected to grow at a CAGR of 5.6% between 2019 and 2024
NEW YORK, Nov. 18, 2019 /PRNewswire/ --
In terms of value, water storage systems market is projected to grow at a CAGR of 5.6% between 2019 and 2024.
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In terms of value, the global water storage systems market size is estimated to be USD 15.6 billion in 2019 and projected to reach USD 20.5 billion by 2024, growing at a CAGR of 5.6% from 2019 to 2024. Rapidly increasing population, water scarcity, ineffective water management, recycling of industrial wastewater, increasing urbanization, stringent regulation for conservation & consumption of water, and falling levels of rainfall are among major drivers for the growth of the water storage systems industry.
Concrete is the dominant material which is likely to drive the market during the forecast period.
Based on material, the market has been classified into steel, fiberglass, concrete, plastic, and others.The others include collapsible tanks, wood tanks, and open lined pits.
Among these, concrete water storage systems accounted for the largest of the water storage systems market share globally.This growth can be attributed to cost-effectiveness for the installation of water storage systems coupled with the low maintenance cost of concrete material.
Moreover, fiberglass water storage systems are expected to grow at the highest CAGR during the forecast period.
Hydraulic fracture storage & collection is the dominant application which is likely to drive the market during the forecast period.
Based on application, the water storage systems market has been classified into hydraulic fracture storage & collection, onsite water & wastewater collection, potable water storage systems, fire suppression reserve & storage, rainwater harvesting & collection, and others.The other applications of water storage tanks include irrigation, secondary containment systems, and marine.
Among these, hydraulic fracture storage & collection accounted for the largest share in the water storage systems industry. This growth can be attributed to increasing environmental concerns regarding the availability of water resources for future generations, coupled with rising oil & gas activities around the globe.
Municipal is the major consumer of water storage systems market and is expected to grow further.
Based on the end-use industry, the market has been classified into municipal, industrial, commercial, and residential.In terms of value, the municipal sector accounted for the largest share and is expected to grow moderately during the forecast period.
Increasing urbanization, rapid population growth, and scarcity of water are among the major drivers for the growth of the municipal water storage systems market. Moreover, the residential end-use industry is expected to register the highest CAGR during the forecast period.
Asia Pacific occupied for the majority of the market share in 2018 and is projected to witness the fastest growth during the forecast period.
Based on geography, the water storage systems market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South Africa.In terms of value, the Asia Pacific region accounted for the largest share in the market.
This growth is attributed to the scarcity of water, ineffective utilization of water, inefficient recycling of industrial wastewater for reuse, rapidly growing population & urbanization, stringent regulation for water conservation and discharges into the environment, and falling levels of rains, among others.
Breakdown of primary interviews for the report on the water storage systems market
• By Company Type – Tier 1 – 20%, Tier 2 –45%, and Tier 3 – 35%
• By Designation – C-Level – 20%, Director Level – 25% and Others – 55%
• By Region –Europe- 50%, North America – 20%, Asia Pacific– 15%, South America- 10%. Middle East & Africa – 5%
The leading water storage systems manufacturers, globally, profiled in this report are CST Industries, Inc. (US) and McDermott International Inc. (US), Containment Solutions Inc., (US), DN Tanks (US), Caldwell Tanks (US), Balmoral Tanks Limited (UK), and Synalloy Corporation (US), and others.
Research Coverage:
The report covers the water storage systems market based on material, application, end-use industry, and region.This report aims at estimating the size and future growth potential of the water storage systems industry across various segmentations.
The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report has been focusing on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the water storage systems market, high-growth regions, and drivers, restraints, opportunities, and challenges in the market.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on various water storage systems offered by top players operating in the water storage systems market.
• Product Development/Innovation: A detailed insight into upcoming materials to manufacture water storage systems, R&D activities, and new applications in various end-use industries in the water storage systems market.
• Market Development: Comprehensive information about the lucrative and emerging markets. The report analyzes the markets for water storage systems across different regions.
• Market Diversification: An exhaustive information about new products, untapped geographies, recent developments, and investments in the water storage systems industry.
• Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the water storage systems market.
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