The Asia Pacific Water Storage System Market would witness market growth of 8.2% CAGR during the forecast period (2022-2028).
The increasing water use constraints and water scarcity in many regions have propelled the use of storage tanks across the residential sectors. More residences are now adopting water use minimization and storage solutions because of the growing awareness about the decreasing replenishing abilities of water bodies.
Consequently, manufacturers have started producing residence-appropriate storage tanks. Additionally, a number of top producers are concentrating on boosting the aesthetic attractiveness of their product variations. They are offering water storage systems that can withstand toxins found in water as well as extreme weather conditions like high temperatures and earthquake loads. These are expected to increase demand for such systems in the domestic segment over the next few years.
Additionally, it is projected that growing water conservation concerns due to a lack of drinkable water will positively affect the market. The increase in population has also expedited the demand for potable water in both urban and rural areas. This demand is also raised by the growing number of industrial and commercial sectors. Potable water requirement in commercial buildings, including hotels, restaurants, malls & complexes, schools, warehouses, shops, and government buildings, is also anticipated to increase as the population grows.
Many East Asian nations in the region have established advanced water delivery and treatment systems, which have helped them in securing economic water security, similar to many developed countries. However, despite the many developments of the region across many industries, approximately 1.5 billion of the rural population and 0.6 billion of the urban population still do not receive an adequate supply of water and sanitation facilities. Policies like Clean India Mission in India are greatly helping the water distribution and preservation programs and schemes in the nation. Similar efforts throughout the region have expedited the development and expansion of the water storage system market in the region.
The China market dominated the Asia Pacific Water Storage System Market by Country in 2021; thereby, achieving a market value of $3,170 million by 2028. The Japan market is registering a CAGR of 7.5% during (2022 - 2028). Additionally, The India market is would showcase a CAGR of 8.9% during (2022 - 2028).
Based on Application, the market is segmented into Hydraulic Fracture Storage & Collection, Potable Water Storage Systems, Rainwater Harvesting & Collection, Fire Suppression Reserve & Storage, Onsite Water & Wastewater Collection and Others. Based on End Use, the market is segmented into Municipal, Industrial, Commercial and Residential. Based on Material, the market is segmented into Concrete, Steel, Fiberglass, Plastic and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Water Storage System Market is Projected to reach USD 27.8 Billion by 2028, at a CAGR of 7.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include CST Industries, Inc., Superior Tank Co., Inc., Ag Growth International, Inc., American Tank Company, Inc. (BH Tanks), McDermott International, Ltd., Fiber Technology Corporation, Maguire Iron, Inc., Preload LLC and Containment Solutions, Inc. (NOV, Inc.)
By Application
By End Use
By Material
By Country
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