Water Storage Systems Global Market Report 2024

The water storage systems market 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 expansion observed in the historical period can be attributed to factors such as the growth of the population and urbanization, the expansion of industrial activities, effective agricultural water management, the impacts of climate variability, water scarcity concerns, and increased environmental awareness.

The water storage systems market 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 anticipated growth in the forecast period can be attributed to factors such as climate change adaptation, increased demand for agriculture, ongoing infrastructure development projects, the integration of renewable energy, and the implementation of smart water management practices. Major trends expected in the forecast period include the adoption of modular and scalable solutions, the integration of smart infrastructure, emphasis on climate resilience, utilization of sustainable materials and design, implementation of stormwater harvesting techniques, and the adoption of remote monitoring and control systems.

An increase in the demand for freshwater is expected to drive the growth of the water storage systems market in the future. Freshwater, defined as any naturally occurring liquid containing trace levels of dissolved salts and other total dissolved solids, is crucial for various applications, and water storage systems play a key role in storing this valuable resource. For example, a report from the World Economic Forum in October 2022 highlighted that the provision of clean drinking water services increased to 74% in 2020, and global water efficiency saw a 12% growth. Additionally, the global water demand for agriculture is projected to increase by 19% by 2050, amounting to 10 billion tons of freshwater globally. Therefore, the growing demand for freshwater is a significant factor propelling the water storage systems market forward.

Government initiatives aimed at promoting water storage systems are anticipated to boost the growth of the water storage systems market. Government initiatives encompass specific actions, programs, policies, or measures implemented by governmental bodies at various levels to address specific issues, promote development, or achieve specific objectives within society. These initiatives play a crucial role in advancing the development, maintenance, and sustainability of water storage systems. They contribute to addressing water challenges, enhancing water security, and fostering overall socio-economic and environmental well-being. For instance, in November 2023, the US Environmental Protection Agency, a government agency in the United States, introduced the Bipartisan Infrastructure Law, which includes substantial investments in water infrastructure projects. These projects encompass water storage and conveyance, water purification and reuse, desalination, and dam safety. This initiative stands as the largest investment in water infrastructure in American history. Therefore, government initiatives for water storage systems are instrumental in driving the water storage systems market.

Product innovation stands out as a prominent trend gaining traction in the water storage systems market. Companies engaged in the water storage systems sector are actively introducing new products to maintain their competitive positions. For example, in January 2022, Prayag, an Indian-based water storage tank manufacturer, unveiled its Strudy water tanks. These tanks offer a unique combination of being lighter and more durable than common alternatives. Constructed using roto-molding technology, Strudy water tanks feature robust exterior corners and ribs for enhanced strength. The tanks also incorporate a special lid design, ensuring secure closure and sealing for safety. Notably, air vents on both sides of the lid contribute to keeping the water cool and odorless. The product line is available in various sizes, ranging from 500 liters to 5000 liters, and comes with a 7- to 10-year warranty.

Leading companies in the water storage systems market are actively pursuing technologically advanced solutions, such as roto-mold technology, to gain a competitive edge. Roto-molding is a manufacturing process utilized for creating diverse items, including water storage tanks, containers, playground equipment, automotive components, and more. Its advantages encompass the ability to produce large, hollow, and complex shapes with uniform wall thickness, durability, and corrosion resistance. In October 2022, Skipper, an India-based water storage system manufacturer, introduced the Skipper Marina Tank, a new water storage tank product. Manufactured using high-quality hygienic and anti-bacterial plastic, the tank incorporates 4 and 3 layers of foam insulation, ensuring safe and hygienic water storage while mitigating the risk of bursting, even under full capacity.

In March 2023, Welspun, an India-based provider in textiles, infrastructure, steel, and line pipes, completed the acquisition of Sintex-BAPL Ltd. for an undisclosed amount. This strategic move is anticipated to bolster Welspun's reach in the high-end consumer market within India and enhance its business-to-consumer (B2C) prospects. Sintex-BAPL Ltd. is an India-based manufacturer specializing in water tanks and other plastic products.

Major companies operating in the water storage systems market report are 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.

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 countries covered in the water storage systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary material types employed in water storage systems include steel, fiberglass, concrete, plastic, and others. Steel, an alloy of iron and carbon with heightened strength and fracture resistance compared to other iron types, is a notable material choice. These water storage systems can be strategically located underground, indoors, or outdoors. They serve diverse purposes such as hydraulic fracture storage and collection, on-site water and wastewater collection, potable water storage systems, fire suppression reserve and storage, rainwater harvesting and storage, among others. Various end-users, including residential, commercial, municipal, and industrial entities, utilize these water storage systems.

The water storage systems market research report provides water storage systems market statistics, including water storage systems industry global market size, regional shares, competitors with a water storage systems market share, detailed water storage systems market segments, market trends and opportunities, and any further data you may need to thrive in the water storage systems industry. This water storage systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The water storage systems market consists of sales of water tanks, water barrels, and easy-clean tanks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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