Water Storage Systems Market Size

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.