Water Storage Systems Market- Key Driving Factors

The global water storage systems market size is expected to grow from USD 15.6 billion in 2019 and is projected to reach USD 20.5 billion by 2024, at a CAGR of 5.6% from 2019 to 2024. Major drivers of the water storage systems industry include the rapidly growing population, water scarcity, stringent regulation for conservation & consumption for water and others.

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Hydraulic fracture storage & collection application is projected to lead the water storage systems market

Based on the application, the water storage systems industry is segregated 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 2018. This growth is attributed to the increasing oil & gas activities around the globe, coupled with the rising environmental concerns regarding the availability of water resources for future generations.

Recent Developments

In April 2019, CST Industries, Inc. partnered with Greatario Engineered Storage Systems, an established and recognized market leader in Ontario, Canada, to design and build bolted steel tanks and covers for liquid storage. With this partnership, CST Industries intends to expand its Aquastore brand of storage tanks in six province territories in the western region of Canada, including British Columbia, Alberta, Saskatchewan, Manitoba, Yukon, Northwest Territories, and Nunavut.
In May 2018, McDermott International acquired Chicago Bridge & Iron Company N.V. (CB&I), headquartered in Hague, the Netherlands, a leading provider of conceptual design, technology, engineering, procurement, fabrication, modularization, construction, commissioning, maintenance, program management, and environmental services to customers in the energy and infrastructure market. This business combination with CB&I has transformed McDermott International, Inc. into a top -tier, integrated provider of engineering and construction solutions for the energy industry.

Asia Pacific is projected to be the largest consumer of water storage systems during the forecast period.

By region, the industry is segregated into Asia Pacific, the Middle East & Africa, North America, Europe, and South America. Among these, Asia Pacific is expected to lead the water storage systems market during the forecast period. 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 & discharges into the environment, and falling levels of rain, among others.

Key players in the water storage systems market 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 18 others are considered for the study.

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