Water Storage Systems Market size was valued at USD 17.46 billion in 2023 and is projected to exceed USD 50.42 billion by 2036, registering over 8.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of water storage systems is evaluated at USD 18.65 billion. The growth of the market can be attributed to the increasing need to store water due to the scarcity of water in remote areas, along with the rise in population. According to a report by the UNICEF, 4 billion people, which is almost two thirds of the global population suffers from severe water scarcity every year. It is expected that by 2040, 1 in every 4 individuals will be living in water shortage. The growing population, especially in the urban areas, has created scattered slums in cities, where water shortage is common. To overcome this shortage of water, government is spending increasingly on water storage systems, which is estimated to boost the market growth. In addition to this, the rising awareness regarding the conservation of water is another factor estimated to act as a growth driver for the market.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.5% |
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Base Year Market Size (2023) |
USD 17.46 billion |
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Forecast Year Market Size (2036) |
USD 50.42 billion |
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Regional Scope |
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The market is segmented by material into steel, plastic, fiberglass, and others out of which, the plastic segment is anticipated to hold the largest share in the global water storage systems market over the forecast period on account of easy availability of raw material, longer life and resistance to corrosion. Moreover, lower cost of plastic is another growth driver for the segment. On the basis of end-user, the market is segmented into residential, municipal, industrial, and others, out of which, the municipal segment is estimated to gain significant share over the forecast period, on the back of increasing need for water storage for mass supply, backed by scarcity of water in low-income economies.
Our in-depth analysis of the global market includes the following segments
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By Material
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By End-User |
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North America Market Analysis
On the basis of geographical analysis, the global water storage systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is predicted to dominate majority revenue share by 2036, on the back of rising awareness amongst the population in the United States to conserve water, which is estimated to increase the demand for residential water storage systems. According to survey conducted by a local NGO in the U.S., every household is capable of saving over 40 gallons water per day. Moreover, people are installing water storage systems inn their houses, which is estimated to boost the market growth.
APAC Market Statistics
The market in the Asia Pacific is estimated to garner notable share during the forecast period as the government in countries, such as, Indonesia, India, and Bangladesh are focusing on providing water in rural and sub-urban areas, which is foreseen to increase the construction of large water storage systems. Moreover, people are adopting rainwater harvesting systems in the region to overcome the issue of water scarcity, which is estimated to boost the market growth.
The market in the Middle East and Africa is also projected to hold significant share by the end of 2030, owing to the severe shortage of water in the region. Moreover, countries, such as, UAE and Qatar are experiencing economic development, which is estimated to fuel the market growth.
Author Credits: Abhishek Verma
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