Water Storage Systems Market to Witness Impressive Growth During 2023-2028
Executive Summary
According to Stratview Research, the global water storage systems market size was reached USD 16.87 billion in 2022 and it is expected to reach USD 27.83 billion by 2028, growing at a CAGR of 8.7% over the forecast period of 2023-2028. The growth of the market is attributed to the increasing need to store water due to the scarcity of water in remote areas, along with the rise in population. Additionally, the growing awareness about the importance of water conservation and the need to reduce water wastage is driving the demand for water storage systems.
The key growth drivers of the water storage systems market include:
- Increasing demand for water from various sectors such as residential, commercial, industrial, and agricultural
- Growing water scarcity in remote areas
- Rising population
- Increasing awareness about the importance of water conservation
- Need to reduce water wastage
The major opportunities in the water storage systems market include:
- Growing demand for decentralized water storage systems
- Increasing adoption of water storage systems in developing countries
- Rising demand for water storage systems in industries such as oil and gas, mining, and food and beverage
- Growing popularity of rainwater harvesting systems
The key challenges in the water storage systems market include:
- High cost of water storage systems
- Lack of awareness about water storage systems in rural areas
- Stringent government regulations on water storage
Competitive Landscape
The global water storage systems market is highly competitive. The major players in the market include:
- CST Industries
- Caldwell Tanks
- HUBER SE
- McDermott
- ZCL Composites
- Aquasource International
- Atlantis Technologies
- Pentair
- Rotoplas
- Tanks-A-Lot
- Xerxes Corporation
These companies are offering a wide range of water storage systems to meet the diverse needs of customers. They are also investing heavily in research and development to develop new and innovative water storage solutions.
Growth Drivers
Increasing demand for water from various sectors
Water is an essential resource for all sectors of the economy, including residential, commercial, industrial, and agricultural. The demand for water is expected to increase significantly in the coming years due to the growing population and urbanization. This is driving the demand for water storage systems, as they can help to ensure a reliable supply of water to all sectors, even during periods of drought or other water shortages.
Growing water scarcity in remote areas
Water scarcity is a major challenge in many parts of the world, especially in remote areas. Water storage systems can help to address this challenge by providing a reliable supply of water to people in these areas.
Rising population
The global population is expected to reach 9.7 billion by 2050. This increasing population is putting a strain on water resources, which is driving the demand for water storage systems.
Increasing awareness about the importance of water conservation
There is a growing awareness about the importance of water conservation and the need to reduce water wastage. Water storage systems can help to conserve water by collecting and storing rainwater, which can then be used for irrigation, watering lawns and gardens, and other non-potable purposes.
Need to reduce water wastage
Water wastage is a major problem around the world. According to the United Nations, up to 40% of the world's drinking water is wasted. Water storage systems can help to reduce water wastage by collecting and storing rainwater, which can then be used for various purposes.
Opportunities
Growing demand for decentralized water storage systems
Centralized water storage systems are vulnerable to disruptions caused by natural disasters and other events. Decentralized water storage systems, on the other hand, are more resilient and can help to ensure a reliable supply of water in the event of a disruption. As a result, the demand for decentralized water storage systems is growing.
Increasing adoption of water storage systems in developing countries
Water storage systems are becoming increasingly popular in developing countries, as they can help to address the challenge of water scarcity in these countries.
Rising demand for water storage systems in industries such as oil and gas, mining, and food and beverage
Industries such as oil and gas, mining, and food and beverage require large amounts of water for their operations. Water storage systems can help these industries to ensure a reliable supply of water, even during periods of water shortages.
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian