Nowadays, water scarcity is the major problem faced by people all over the world. The major reason of this scenario is the extensive usage of water and wastage of water at a high level. This has led to the increasing demand for water storage systems across the residential and municipal sectors. Along with these sectors, other sectors such as commercial and industrial sectors also need the recycled/treated and fresh water for various purposes, especially in oil and gas refineries. This, in turn, has fostered the demand for water storage systems across the globe. Water storage systems are made of different materials such as fiberglass, steel, plastic, and concrete. Water storage systems of concrete material are usually preferred by consumers owing to their advantages over other types.
On the basis of material type, the global water storage systems market is segmented as concrete and steel. Based on the application, the global market is classified as hydraulic fracture storage and collection, onsite water, and wastewater collection. On the basis of end-use, the global water storage systems market is further segmented as commercial, municipal, residential, and industrial. Of which, the municipal segment is the largest end-use industry in the market owing to its involvement in the supply and distribution of potable water to various regions such as urban, semi-urban, and rural.
Rising oil and gas exploration activities around the globe have contributed to the demand for water storage systems. This, in turn, has impacted the global water storage systems market in a positive way. In addition, the rapidly increasing population has led to the rising demand for potable water in urban and rural areas along with domestic and public service enterprises. Furthermore, growing concerns for conservative water usage owing to the scarcity of potable water in various regions around the globe has fostered the global water storage systems market growth. On the other hand, the requirement of high capital investment and funding for the installation of water storage systems is expected to hinder the growth of the global market in the future.
North America and Europe have significantly contributed to the growth of the global water storage systems market. Also, Asia Pacific and Rest of the World are anticipated to witness high growth owing to the rising scarcity of potable water and increasing awareness about water conservation in these regions. This, in turn, has boosted the demand for water storage systems.
Some of the major players dominating the global water storage systems market are Synalloy Corporation, AG Growth International Inc., Fiber Technology Corporation Inc., De Nora Water Technologies, American Structures Inc., and Aqua Nishihara Corporation Limited. Other key players influencing the global market are DN Tanks, Pulsed Hydraulics Inc., Aqua Dam Inc., Superior Tank Co. Inc., and GENMOD SERV.