Rapidly Increasing Population to Fuel Growth of Water Storage Systems Market
Rapid population growth has increased the demand for water in both urban and rural areas, as well as in public and domestic services. Water scarcity is expected to be the most significant consequence of global warming. According to a new United Nations estimate, over half of the world's population could face severe water shortages by 2030 when demand is expected to exceed supply by 40%.
For instance, with a population of 7.7 billion people today, the world is expected to reach 9.7 billion people in 2050. It is estimated that 52.8 million gallons of water are required per second. According to the United Nations, approximately 2 billion people live in nations with severe water scarcity. By 2040, it is anticipated that 600 million children will be living in locations with significant water stress, resulting in 700 million people being displaced globally. Water scarcity will affect an estimated 1.8 billion people by 2025, with two-thirds of the world's population living in water-stressed areas as a result of use, growth, and climate change.
Moreover, growing concern about water conservation as a result of drinking water shortages in various parts of the world has spurred the growth of the global market for water storage systems. Water storage systems have become more popular as industrial and commercial water usage has increased. The increasing use of rotational moulding powder to create profitable tanks and the growing demand for four-layer water storage tanks are two emerging trends that have a direct impact on the dynamics of the water storage tank business.
Anti-Corrosion Properties of Fibreglass to Make it Ideal for Water Storage System
The fibreglass is expected to be the fastest-growing segment of the water storage systems market over the forecast period. The growing need to make water tanks resistant to corrosion, wear loss, and ageing has expanded the fibreglass category. Furthermore, the anti-ageing, safe, dependable, and fire-resistant nature of fibreglass, as well as its long service life, are increasing the use of these tanks in commercial and industrial sectors. Furthermore, the concrete water tank segment is estimate to account for the major market share in the near future. This segment will be driven by the cost-effectiveness of concrete and the low maintenance cost of the materials. Concrete-based water tanks are extremely affordable, highly durable, and simple to maintain hygiene, which has increased their popularity.
Increased Water Scarcity to Drive Growth of Asia Pacific Water Storage Systems Market
Asia Pacific is the largest user of water storage systems and is expected to grow at the fastest rate throughout the forecast period. Growing water scarcity, inefficient water usage, unproductive industrial wastewater treatment for reuse, rapid population growth and urbanisation, tight water conservation and discharge rules, and changing weather conditions, among other causes, are driving regional expansion. The market in Asia Pacific and the rest of the world, on the other hand, has a lot of room for growth, as the growing scarcity of drinking water has raised awareness of water conservation in these areas. Water storage systems have become more popular as a result of this.
Countries in Asia Pacific, such as India China, Japan, and other major economies, are facing acute water shortages. In the face of water scarcity and drought, conserving water and making better use of it has become imperative. With population expansion around the world, ensuring safe drinking water is getting more difficult. For instance, India is one of the world's most populous countries, accounting for 17.1% (> 1.3 billion) of the global population. India has had amazing economic progress during the previous three decades. Water consumption in the country is greatly influenced by its booming economy, population growth, and increasing urbanisation. Although India receives adequate rainfall during the monsoon, only a small fraction of the water is contributed to the reserve due to a shortage of storage. The issue becomes problematic in India, where there is a substantial mismatch between the spatial distribution of accessible water and the population; ironically, less water is available where more people reside. Similarly, in August 2019, the Indian government announced the Jal Jeevan Mission (JJM), which aims to supply safe drinking water to all rural families by 2024. JJM concentrates on 1592 water-stressed blocks spread throughout 256 districts.
Moreover, the rapid growth of the water storage systems market in North America can be ascribed to the large oil and gas production activities that demand fresh and reused water. For instance, as per the U.S. Energy Information Administration, crude oil production has increased to 11,312 thousand barrels per day in February 2022 from 9,773 thousand barrels per day in February 2021. In addition, some of the primary factors driving the growth of the U.S. water storage systems market are ageing infrastructure, large capital investment, severe laws for water conservation and consumption, recycling of industrial effluent, poor water utilisation, and rainfall harvesting.
Global Water Storage Systems Market: Competitive Landscape
Companies in the global water storage systems market are introducing new products alongside initiation collaborations, alliances and partnership agreements. For instance, in 2020, Nanosafe Solutions, a start-up incubated by IIT Delhi, has developed a range of antimicrobial water storage containers, including antiviral, antibacterial, and anti-fungal, and has 'launched under the brand' AqCure,' which is based on the intrinsic antimicrobial characteristics of copper. On the other hand, in December 2020, The Estevan city council (Canada) granted the KGS Group a $74,964 contract for the refurbishment of the Estevan water tower. The city's finest backup system is the water tower, which is currently in need of restoration due to wear and tear.
Few of the players in the water storage systems market include CST Industries, Inc. (US), McDermott International Inc. (US), Containment Solutions Inc., (US), DN Tanks (US), Caldwell Tanks (US), Balmoral Tanks Limited (UK), and Synalloy Corporation (US).
Regional Classification of the Global Water Storage Systems Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Water Storage Systems Market
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