The global water-storage systems market size is estimated at $15.6 billion in 2019 and projected to reach $20.5 billion by 2024, growing at a compound annual growth rate (CAGR) of 5.6 percent. Rapidly increasing population, water scarcity, ineffective water management, recycling industrial wastewater, increasing urbanization, stringent regulation for conservation and consumption of water, and falling levels of rainfall are among major drivers for the growth of the waterstorage systems industry.
Based on application, the water-storage systems market has been classified into hydraulicfracture storage and collection, on-site water and wastewater collection, potable water-storage systems, fire suppression reserve and storage, rainwater harvesting and collection, and others. The other applications of water-storage tanks include irrigation, secondary containment systems and marine.
Among these, hydraulicfracture storage and collection accounted for the largest share in the water-storage systems industry. This growth can be attributed to increasing environmental concerns regarding the availability of water resources for future generations, coupled with rising oil and gas activities around the globe.
Concrete water-storage systems constituted the largest share globally of the water-storage systems market. Their growth is attributed to their cost-effective installation and lowcost maintenance.
Asia Pacific held the majority of the market share in 2018 and is projected to witness the fastest growth during the forecast period. The leading water-storage systems manufacturers are CST Industries, Inc. (U.S.), McDermott International Inc. (U.S.), Containment Solutions Inc. (U.S.), DN Tanks (U.S.), Caldwell Tanks (U.S.), Balmoral Tanks Limited (UK) and Synalloy Corporation (U.S.).