The Europe Water Storage System Market would witness market growth of 7.6% CAGR during the forecast period (2022-2028).
The increase in urbanization and industrialization raises the demand for basic resources like food, which further facilitates the expansion of agricultural activities. The increasing dependence on agriculture to meet food and grain production requirements has subsequently increased the demand for water. In addition, the deteriorating climatic conditions have made it necessary for many drought-prone regions to manage their water requirements, which has increased the demand for water storage systems.
Apart from agriculture, its associated activities like maintenance of livestock, maintaining soil properties, improving crop production, and maintaining yield reliability are all highly water-demanding. Furthermore, in arid and semi-arid regions, water storage systems also help maintain water accessibility and connectivity. Since water storage systems are efficient in maintaining connectivity, these are widely used in fire suppression and mining activities.
In addition to these activities, water storage systems are used in a large capacity in commercial and energy generation sectors. Since plants require extra water due to heat stress, countries with harsh climates and the danger of drought are increasingly implementing water storage systems. Additionally, the need for water storage systems has increased due to the growing requirement for freshwater for intensive farming.
The region has an extensive water and wastewater treatment network. Most countries in the region collect and treat sewage to up to tertiary levels, as a result of which the public urban wastewater treatment systems connect the almost three-fourths population of the region to tertiary level treatment systems. Such an extensive system was established because of the Urban Waste Water Treatment (UWWT) Directive of the European Union. In order to deal with these problems, governments are moving swiftly to deploy water storage systems. As a result, in the coming years, it is anticipated that these factors will boost the need for the water storage system and thus fuel the expansion of the market.
The Germany market dominated the Europe Water Storage System Market by Country in 2021; thereby, achieving a market value of $1,673.1 million by 2028. The UK market is exhibiting a CAGR of 6.8% during (2022 - 2028). Additionally, The France market would experience a CAGR of 8.4% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Water Storage System Market will Hit $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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