The global water storage systems market size is projected to grow from USD 16.5 billion in 2022 to USD 25.1 billion by 2027, at a CAGR of 8.7%. The increasing demand for water storage systems from end uses, such as residential, commercial, industrial, and municipal, drives the market. Demand for water tanks is encouraged by many companies to formulate different developmental strategies in the water storage systems market to expand their footprint in the market. The companies have adopted various strategies, such as investment & expansion, merger & acquisition, new product launches, and joint ventures to increase their global presence and maintain sustained growth in the water storage systems market.
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Water storage systems find end uses in residential, commercial, industrial, and municipal. The municipal accounted for the major share of the water storage systems market in 2021. This growth can be attributed to the rapidly increasing population, rapid urbanization, and increasing water scarcity Municipal applications include water supply to public systems in cities, towns, and other domestic areas. In the municipal system, water storage systems are utilized to store and provide water as needed. Municipal water storage systems contain enormous storage tanks used to provide water to certain divisions
The water storage systems market in the Asia Pacific is forecasted to register the highest CAGR, in terms of value, between 2022 and 2027. The growth is attributed to increasing consumption of water storage systems, rapid modernization, and urbanization in different countries. High industrial growth is witnessed in Japan, China, South Korea, and India, among other countries. This growth is attributed to the increasing scarcity of water, rapidly growing population & urbanization, stringent regulations for water conservation and discharge, and changing climatic conditions, among others across the region.
There are various small, medium, and large players operating in the market. Some of the major market players include CST Industries Inc. (US), ZCL Composites Inc. (Canada), Synalloy Corporation (US), AG Growth International Inc. (Canada), McDermott International Inc. (US), BH Tank (US), Fiber Technology Corporation (US), Caldwell Tanks (US), Containment Solutions Inc. (US), Maguire Iron Inc. (US). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.
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CST Industries Inc is a key player in the water storage systems market. The CST Industries, Inc. is a global leader in storage tanks & covers and provides complete storage systems for engineering and manufacturing customers across different end-use industries. The company specializes in the manufacturing of factory-coated metal storage tanks, aluminum domes, and specialty covers. It operates five manufacturing facilities & technical design centers and multiple regional sales offices in North America and Europe.
McDermott International, Inc is the second most active company in the water storage systems market. McDermott International, Inc. is a multinational, fully integrated provider of technology, engineering, and construction solutions to the energy, power, industrial, and water & wastewater sectors. The companys global product line includes offshore & subsea systems, downstream processing, LNG, power, industrial storage, and pipe fabrication.
The company serves global customers through five business segments: North, Central, and South America (NCSA); Europe, Africa, Russia, and Caspian (EARC); the Middle East and North Africa (MENA); Asia Pacific (APAC); and Technology.
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