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Water Storage Systems Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033
Water Storage Systems Global Market
According to The Business Research Company's, The water storage systems market size has grown strongly in recent years. It will grow from $17.59 billion in 2023 to $18.85 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to population growth and urbanization, industrial expansion, agricultural water management, climate variability and water scarcity, environmental awareness.
The water storage systems market size is expected to see strong growth in the next few years. It will grow to $24.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to climate change adaptation, rising demand for agriculture, infrastructure development projects, renewable energy integration, smart water management. Major trends in the forecast period include modular and scalable solutions, smart infrastructure integration, climate resilience, sustainable materials and design, stormwater harvesting, remote monitoring and control.
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Market Drivers and Trends:
A rise in demand for freshwater is expected to propel the growth of the water storage systems market going forward. Any naturally occurring liquid, including frozen water, that contains trace levels of dissolved salts and other total dissolved solids are referred to as freshwater. Water storage systems are used to store fresh water. For instance, in October 2022, according to the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, the provision of clean drinking water services had increased to 74% in 2020, and global water efficiency grew by 12%. Further, the global water demand for agriculture is expected to increase by 19% by 2050 from current levels and 10 billion tons of freshwater globally. Therefore, the rise in demand for freshwater is driving the growth of the water storage systems market going forward.
Product innovation is a key trend gaining popularity in the water storage systems market. Companies operating in the water storage systems market are innovating new products to sustain their position in the market. For instance, in January 2022, Prayag, an Indian-based manufacturer of water storage tanks, launched Strudy water tanks. Sturdy water tanks possess the rare twin benefits of being lighter and far more durable than other common tanks. It is uniquely designed with roto-molding technology, and they contain strong exterior corners and ribs that are an essential aspect of the design for additional strength. Additionally, the tier's special lid makes sure that the tanks are kept securely screwed shut and sealed for safety. associated with performance, reliability, and quality. In addition to their durability, these tanks are distinguished by having air vents on both sides of the lid, which keep the water cool and odorless. The product line is available in a variety of sizes with storage capacities ranging from 500 liters to 5000 liters, and it has a 7- to 10-year warranty.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
CST Industries Inc.; ZCL Composites Inc.; Ascent Industries Co; Ag Growth International; McDermott International Ltd; BH Tank Inc.; Fiber Technological Corporation; Caldwell Tanks Inc.; Containment Solutions Inc.; DN Tanks Inc.; Synder Filtration Inc.; Tank Connection LLC; Superior Tanks Co Inc.; Balmoral Tanks Ltd.; Maguire Iron Inc.; Aquamate LLC; Norwesco Industries Inc.; Enduraplas Inc.; Pioneer Water Tanks America Inc.; Waterplex Group Pty Ltd.; Premier Tech Aqua; Water Storage Australia Pty Ltd.; Bushman Tanks; Polymaster Group; JoJo Tanks Ltd.; National Storage Tank Inc.; Rainwater Management Solutions Inc.; Waterworks Technologies Inc.; Paul Mueller Company
Water Storage Systems Market 2024 Key Insights:
• The water storage systems market will grow to $24.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Driving Forces Behind Water Storage Systems Market Growth
• Innovative Evolution Reinventing Water Storage Systems With Advanced Products
• Asia-Pacific was the largest region in the water storage systems market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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