Water scarcity in various regions has led to the extensive usage of water storage systems across the residential and municipal sectors. In the commercial and industrial sectors, the need for recycled or treated and fresh water for different purposes, especially in oil and gas refineries, has propelled the demand for water storage systems. Water storage systems are composed of materials such as steel, fiberglass, plastic, and concrete. Water storage systems made of concrete are usually preferred by consumers.
Water storage systems are used in various end-use industries such as commercial, residential, municipal, and industrial. Municipal is the largest end-use industry in the market, as it is engaged in the supply and distribution of potable water to urban, semi-urban, and rural regions. Municipalities look after a vast network of water storage systems to store and deliver water according to the needs of communities. In terms of application, the global water storage systems market has been witnessing significant demand from the oil and gas industry, where hydraulic fracture requires a large amount of water to be stored. The used water after the fracturing process needs to be further stored and treated before being released into the environment. Rise in oil and gas exploration activities has contributed to the demand for water storage systems.
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Water Storage Systems Market: Overview
Rapid increase in population has led to a rising demand for potable water across urban and rural areas and domestic and public service enterprises. Water scarcity is expected to be the single most impactful outcome of global warming. According to a new report by the United Nations, about half of the world’s population could be facing severe water scarcity by 2030, when demand is expected to outstrip supply by 40%. Growing concerns for conservative water usage due to the scarcity of potable water across various regions has propelled the growth of the global water storage systems market. Increase in the usage of water across the industrial and commercial sectors has also fuelled the demand for water storage systems.
However, high capital investment and funding required for the installation of water storage systems is expected to hamper the growth of the market in the near future. The global water storage systems market offers immense growth opportunities, led by the increased focus on recycled and reused water by the industrial sector. Focus on innovation and modification of water storage systems is also expected to boost the market.
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Water Storage Systems Market: Region-wise Outlook
The global water storage systems market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. Developed economies in North America and Europe have contributed significantly toward the growth of the global water storage systems market; however, the market in Asia Pacific and Rest of the World has high potential to expand, as rising scarcity of potable water has led to increased awareness about water conservation in these regions. This has fueled the demand for water storage systems. In Asia Pacific, countries such as India are witnessing severe water shortage. As a result, the demand for water storage systems is rising. In North America, the rapid growth of the water storage systems market can be attributed to extensive oil and gas extraction activities that require reused as well as fresh water.
Key players operating in the global water storage systems market include AG Growth International Inc., Synalloy Corporation, Aqua Dam Inc., Fiber Technology Corporation Inc., American Structures Inc., Aqua Nishihara Corporation Limited, DN Tanks, Pulsed Hydraulics Inc., De Nora Water Technologies, Superior Tank Co. Inc., and GENMOD SERV. Key market players are exploring mergers and acquisitions, while focusing on the development of water storage systems with novel materials.
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