Water Storage Systems Market Size and Share | Analysis - 2032
According to the latest research report from Global Industry Hub, the market size for water storage systems market is projected to reach USD 38.66 billion by 2032. This estimation is based on various industry segments including Type, Deployment, Organization Size, Application, and more.
Water Scarcity Drives the Market Growth
The world is in a worse state of water crisis than people can imagine. Water stress stretches across Asia; 80% of those living under water stress reside there, especially northeast China, India, and Pakistan. This factor drives the market growth for water scarcity as projected against the urban population facing water scarcity, estimated to hit 1.7-2.4 billion people in 2050 with India topping the list. For this reason, governments have developed strict measures about the conservation of water and its subsequent discharge. This has resulted in a need for effective storage systems regarding water to minimize waste and maximize usage.
? Asia Pacific is the Largest Region
The Water Storage Systems market is dominated by the Asia Pacific region due to the water scarcity of the region. According to the World Bank, India has 18% of the world's population but only 4% of its water resources. Thus, India is one of the world's most water-stressed countries. According to NITI Aayog, a large proportion of Indians face high to extreme water stress. The United Nations Global Water Security 2023 Assessment has classified Pakistan, Afghanistan, and Sri Lanka as critically water insecure. So there is an urgent need for Water Storage Systems in the region.
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? Potable Water Storage Systems will add the highest growth.
Potable water storage is going to increase at the fastest rate primarily due to growing concerns in various parts of the world about water scarcity, population growth, and finally the need for proper access to clean drinking water. Government regulations and initiatives that encourage provision also contribute a lot. For instance, in February 2021 the Mangaluru government announced that with the aid of ADB, Asian Development Bank, 20 storage tanks would be built in the city under the Jalasiri Scheme to supply drinking water. Such developments spur investments in potable water storage infrastructure.
? The biggest application sector is Hydraulic Fracture Storage and Collection
By application, hydraulic fracture storage and collection is the biggest category. Hydraulic fracture or fracking uses millions of gallons of water to fracture the rock formations to release oil or gas. As considered by the American Petroleum Institute, the average fracking job uses roughly 4 million gallons of water per well. The demand for oil and gas extraction increased the number of fracking sites, driving the demand for water storage. This respect to water management in environmental protection demands secure water storage, which must be compliant with set regulations.
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