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Water Storage Systems Market Growth Forecast 2024-2033: What’s the Expected Rate?

The market size for water storage systems has experienced robust growth in the past few years. Expected to rise from $17.59 billion in 2023 to $18.85 billion in 2024, this market is predicted to witness a compound annual growth rate (CAGR) of 7.1%. The significant growth in the past can be accredited to factors such as population surge and urbanization, expansion of industries, management of water in agriculture, unpredictable climate patterns and water shortages, as well as a heightened environmental consciousness.

The market size for water storage systems is predicted to witness robust expansion in the ensuing years, escalating to a value of $24.4 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 6.7%. The projected growth within this period can be associated with factors such as adaptation to climate change, increased requirement for agriculture, infrastructure advancement projects, incorporation of renewable energy, and smart water governance. Key trends expected during this period comprise of scalable and modular solutions, integration with intelligent infrastructure, resilience against climate, sustainable materials and designs, stormwater harvesting, along with remote monitoring and control.

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What Factors Are Impacting the Growth of the water storage systems Market?

The expected increase in freshwater needs is projected to drive the expansion of the water storage systems market. Freshwater refers to any naturally occurring liquid, can also be frozen water, that showcases traces of dissolved salts and other total dissolved solids. Fresh water is stored using water storage systems. For example, as per the World Economic Forum, a non-governmental international organization based in Switzerland that advocates globally, the availability of uncontaminated drinking water services escalated to 74% in 2020 and global water efficiency registered a growth of 12%. In addition, the worldwide water requirement for agriculture is estimated to surge by 19% by 2050 compared to present levels, and 10 billion tons of freshwater at the global level. As a result, the escalating demand for freshwater is propelling the expansion of the water storage systems market.

What Are the Fundamental Segments in the Water Storage Systems Market?

1) By Material: Steel, Fiberglass, Concrete, Plastic, Other Materials

2) By Location: Underground, Indoor, Outdoor

3) By Application: Hydraulic Fracture Storage And Collection, Onsite Water And Wastewater Collection, Potable Water Storage Systems, Fire Suppression Reserve And Storage, Rainwater Harvesting And Storage, Other Applications

4) By End-User: Residential, Commercial, Municipal, Industrial

What Trends Are Shaping the New Direction of the Water Storage Systems Market?

Product innovation is becoming an increasingly significant trend in the water storage systems market. To retain a competitive edge in the market, companies are introducing innovative new products. For instance, in January 2022, Prayag, a leading Indian company specialised in manufacturing water storage tanks, unveiled the Sturdy water tanks. These tanks are lighter yet more durable than other conventional tanks, making them unique. They have been engineered using roto-molding technology and have reinforced exterior corners and ribs for extra strength. Another important feature is the distinct lid that ensures the tanks are securely closed and sealed for safety. They offer advantages like performance, reliability, and quality. Along with durability, these tanks stand out for their unique air vents on both sides of the lid that helps to keep the water cool and without any odors. The product range can be found in various sizes with storage capacities from 500 liters to 5000 liters, and they come with a 7- to 10-year warranty.

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Which Regions Are Making a Mark in the Water Storage Systems Market Growth?

Asia-Pacific was the largest region in the water storage systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global water storage systems market report during the forecast period. The regions covered in the water storage systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Water Storage Systems Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the water storage systems market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Water Storage Systems Market Include

1. Water Storage Systems Market Executive Summary

2. Water Storage Systems Market Segments

3. Water Storage Systems Market Size And Template Market Growth Rate

4. Key Water Storage Systems Market Trends

5. Major Water Storage Systems Market Drivers

……

25. Key Mergers And Acquisitions In The Water Storage Systems Market

26. Top Water Storage Systems Companies

27. Water Storage Systems Market Opportunities And Strategies

28. Water Storage Systems Market, Conclusions And Recommendations

29. Appendix

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