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, growing at a CAGR of 5.6% from 2019 to 2024. Rapidly increasing population, water scarcity, ineffective water management, recycling of industrial wastewater, increasing urbanization, stringent regulation for conservation & consumption of water, and falling levels of rainfall are among major drivers for the growth of the water storage systems industry.
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Based on the end-use industry, the market has been classified into municipal, industrial, commercial, and residential. In terms of value, municipal water storage systems accounted for the largest share in the water storage systems market. This growth can be attributed to the rapidly increasing population, rapid urbanization, and increasing water scarcity. The residential end-use industry is projected to register the highest CAGR during the forecast period.
The water storage systems industry is divided into hydraulic fracture storage & collection, on-site 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 applications. Increasing oil & gas exploration activities around the globe with major ongoing projects such as Zubair Oil Field-Rehabilitation Phase (RP) and Enhanced Re-Development Phase in Iraq, East Natuna Block (Natuna D-Alpha) project in Indonesia and others are expected to drive the growth of hydraulic fracture storage & collection water storage systems market.
Asia Pacific is the largest consumer of water storage systems and is expected to grow at the highest CAGR during the forecast period. The increasing scarcity of water, ineffective utilization of water, inefficient recycling of industrial wastewater for reuse, rapidly increasing population & urbanization, stringent regulations for water conservation and discharge, and the changing climatic conditions, among others, are some of the main factors driving the regional growth.