DUBLIN--(BUSINESS WIRE)--The "Water Storage Systems Market by Material (Concrete, Steel, Plastic, Fiberglass), Application, End-use Industry (Municipal, Industrial, Residential, Commercial), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
Market Dynamics
Drivers
- Rapidly Increasing Population
- Limited Availability of Water
- Increasing Capital Expenditure on Water Infrastructure
Restraints
- High Initial Investments
Opportunities
- Focus on Recycling and Reuse
- Increasing Number of Desalination Plants
Challenges
-
Financing Gaps for Maintenance
Companies Profiled
- CST Industries Inc.
- ZCL Composites Inc.
- Synalloy Corporation
- AG Growth International Inc.
- Grupo Rotoplas S.A.B. De C.V.
- McDermott International Inc.
- BH Tank
- Fiber Technology Corporation
- Caldwell Tanks
- Containment Solutions Inc.
- Maguire Iron Inc.
- Snyder Industries
- Crom Corporation
- Tank Connection
- Contain Enviro Services Ltd.
- HMT LLC
- DN Tanks
- Hendic B.V.
- Sintex Plastics Technology Limited
- Balmoral Tanks Limited
-
and more...
For more information about this report visit https://www.researchandmarkets.com/r/4xwelr
