Rising awareness regarding scarcity of fresh water and growing interest of industries in usage of recycled water are driving the market.
water storage systems Market Size – USD 16.10 billion in 2019, Market Growth – at a CAGR of 5.7%, Market Trends – Increasing demand for recycled water in oil and gas refineries
The global water storage systems market is likely to reach value of USD 24.36 Billion by 2027, according to a current analysis by Emergen Research. This growth of the market can be attributed to rising awareness regarding scarcity of fresh water and consumption of clean drinking water. Recycling of the wastewater generated through industries is also contributing to growth of the water shortage systems market. Countries facing severe climatic conditions and a high risk of drought are increasingly adopting water storage systems. Rising utilization of water harvesting by farmers to reduce erosion and increase crop yields and product reliability is expected to drive the water storage systems market in the near future. Rising demand for treated water in oil and gas refineries and growth in oil & gas exploration activities globally are likely to offer lucrative opportunities for major market players in the water storage systems market in the near future.
The fiberglass material segment is projected to expand at the most rapid CAGR of 6.7% during the forecast period. Anti-aging, safe, reliable, and fire-resistant nature of fiberglass and its long service life is boosting usage of fiberglass material-based water tanks in commercial and industrial sectors.
Key market participants include Synalloy Corporation, CST Industries, Inc., Mcdermott International, Inc., AG Growth International Inc., BH Tank, Caldwell Tanks, Sintex Plastics Technology Limited, Fiber Technology Corporation, Snyder Industries, and Containment Solutions, Inc.
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The global Water Storage Systems market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Water Storage Systems market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Application Outlook (Revenue, USD Billion; 2017–2027)
Hydraulic Fracture Storage & Collection
Rainwater Harvesting & Collection
On-site Water & Wastewater Collection
Potable Water Storage System
Fire Suppression Reserve & Storage
Material Outlook (Revenue, USD Billion; 2017–2027)
End-use Outlook (Revenue, USD Billion; 2017–2027)
The global Water Storage systems market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Water Storage systems market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
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The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in R&D activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.
The report also talks about the shift in demands and emerging trends that are expected to drive the growth of the market. The rising demand for the Water Storage Systems products is expected to drive the demand for Water Storage Systems, thereby bolstering the growth of the industry. Moreover, the report also studies the impact of the COVID-19 pandemic on the market.
The Asia Pacific region is expected to be the most rapidly expanding region of the global market during the forecast period. Rapid urbanization and industrialization and increasing population in developing economies is driving the water storage systems market in the region.
In March 2019, AG Growth International, Inc. acquired Intellifarms, which provides technology-based products such as hardware and software for monitoring grain conditions during storage for growers and grain processors. The acquisition is expected to help AG Growth International; Inc. expand its controls, technology, and project management capabilities.
The report gives an industry chain analysis, highlighting the upstream raw material suppliers and the major downstream buyers across the globe. The data is highlighted through the use of tables and figures, which also include manufacturing cost structure and market channel analysis. The key participants involved in the Keyword industry are identified, along with their market share and the product types they offer.
This report encompasses the current scenario and growth prospects of Global water storage systems for the period 2020 – 2025. The study is a meticulously framed, in-depth study, with multiple tables charts and graphs that provide vital information on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in that specific market.
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