Global Water Storage Systems Market - 2022-2029
The global water storage systems market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.
Long-term droughts are induced by a changing climate, limiting the naturally available groundwater and surface water sources normally used to combat fires. A key to alleviating water scarcity, stress and water deficit is securing adequate water storage systems. Water tanks are the traditional means of enclosed water storage and are evolving to satisfy the challenges of an increasingly unstable climate.
Water storage systems, large or small, must minimize the potential for the formation of algae, need to be resistant to weather and temperature variations while handling snow and rain and have to be structurally stable and resistant. The storage systems should be self-standing without the need for support structures such as exterior columns and reinforcements. The storage systems must also screen out pollutants like trash and disease vectors, have an attractive architectural appearance and be lined with coatings that reduce maintenance expenses and paint.
The global water storage systems market is boosted by the rising need to provide adequate water resources to the general public.
Rising need to provide adequate water resources to the general public
According to UN-Water, water scarcity will have displaced between 24 and 700 million people by 2030. Asia is home to 4.5 billion people, who consume around 65% of the world's water. About 30% of Asia's population is already experiencing water constraints. Furthermore, increased water conservation concerns due to a lack of drinking water are expected to positively impact the demand for water storage systems. Securing adequate water storage systems is fundamental for relieving water shortage, stress, and water deficit.
Various countries have already made essential investments to offer adequate water resources to the public. For instance, In 2021, The Yurok Tribe reached signed an agreement with the Klamath Community Services District to establish a 125,000-gallon water tank on tribal property in Klamath. The Yurok Tribe has also agreed to spend for the design and implementation of the tank installation through Indian Health Service grant dollars. Moreover, In 2021, Water Transportation and Technology Company in Saudi Arabia signed a service agreement with the Saline Water Conversion Corporation. The company will be responsible for over 8,400km of existing transmission and water storage systems, handling 7 million cubic meters a day (cm/d) of desalinated water.
Growing number of strict standards for the maintenance of tanks
To protect public health, international and ensure drinking water safety through elimination or, as far as national guidelines and standards have been established for maintaining drinking water quality. The regulations are intended to remove contaminants that pose a health risk potential. Consequently, those regulations provide the fundamentals to evaluate the impact of drinking water storage systems on drinking water quality.
The American Water Works Association recommended that all water storage structures be thoroughly evaluated every three to five years. Storage tanks that are elevated or above ground should be drained, cleaned, inspected, repaired and painted regularly. Cleaning the inside surfaces with a high-pressure water jet or sweeping and scrubbing should be done thoroughly. All filth and debris should be removed from the tank and it should be re-coated completely or on a spot basis. It applies to new construction and tanks that have been taken out of operation for maintenance. Moreover, National Sanitation Foundation has formed various potable water storage and handling systems standards.
COVID-19 Impact Analysis
The emergence of COVID-19 is expected to hold down investments in the water sector worldwide. Due to the high downtime cost, operational reliability has become even more important. Changes in demand patterns, supply disruptions and the different emergency measures governments take to deal with the pandemic have all contributed to these operating requirements. As municipalities prioritize Opex and emergency response, new capital projects will likely be delayed. According to Global Water Intelligence, capital expenditures in the water sector are expected to drop over the 2020-21 timeframe before returning to pre-crisis predicted levels, according to Global Water Intelligence. The worldwide water industry Capex for 2020 is projected to be downward by 7%.
Many significant water users have scaled back their operations, resulting in lower industrial demand. Due to lockdowns and travel restrictions, water utilities have seen a major drop in demand from large industrial and commercial users, resulting in a considerable reduction in revenue. According to a Global Water Leaders Group survey, COVID-19 has reduced industrial water usage by an average of 27%. According to the Global Water Leaders Group, water and wastewater utilities worldwide have predicted a 15% drop in revenue collections due to the COVID-19 situation. In the medium run, well-regulated markets are likely to compensate for revenue losses through postponed payment installments, government transfers and tariff modifications.
The global water storage systems market is segmented based on material, application, end-user and region.
Municipal and county fire codes have boosted the demand for water storage systems in fire suppression reserves & storage
Based on application, the global water storage systems market is segmented into onsite water & wastewater collection, hydraulic fracture storage & collection, potable water storage, fire suppression reserve & storage, rainwater harvesting & collection and others.
Fire protection water storage tanks are vital in protecting commercial, residential and institutional facilities. Water demand can surpass the supply available from the local municipal water pipe system during firefighting scenarios, especially in suburban or rural regions. Municipal and county fire codes may necessitate the installation of fire protection water storage tanks as a cost-effective option to update the municipal water distribution system. The utilization of a firefighting water storage tank can significantly enhance emergency response times. The tanks may be necessary to get property insurance for your building in some instances. Finally, they aid in the control of liability in terms of safety and reduce financial risk liability from fire.
The market has several fire protection water storage options, including corrugated, steel welded, fiberglass, steel bolted and concrete. Fiberglass tanks are considered an economical solution for the fire protection water storage tank for projects that require smaller storage volumes.
When it comes to cost, tank quality, tank erection time and product longevity, a corrugated, bolted steel liner water tank have the biggest advantages over other types for most projects. Water tanks with corrugated, bolted steel liners can be built quickly onsite and don't require welding or field coating. It significantly lowers the price of these tanks when compared to alternative solutions.
Rapid advancements in the rehabilitation and construction of water storage tanks will boost the market in North America
Wildfires are a natural feature of many ecosystems, but they have recently become more severe in the western U.S, burning more acres and causing havoc. These wildfires destroy trees, grass, wildlife and infrastructure. During the active burning of a wildfire and years later, water supplies were harmed. Ash and toxins connected with ash settle on streams and water reservoirs during active burning, which has boosted the demand for water storage systems.
Experts believe that contaminated tap water causes tens of millions of diseases each year, contributing to 1,000 fatalities in the U.S. According to officials in other states, tanks are inspected every three to five years during hygienic assessments mandated by federal law. The brown water residents of Delray Beach, Fla., found sediment built up inside a water tower that had no records of being cleaned since 1972. The Association of State Drinking Water Administrators asked its members about water tank regulations. Of the 41 states that reacted to the survey, 37 require visual inspections outside of water tanks and towers. Still, only nine need interior inspections to check for sediment buildup or animal carcasses that have contaminated the supply.
In 2021, Pennsylvania American Water announced plans to rehabilitate 11 water storage tanks and construct 7 new structures. Pennsylvania American Water's tank rehabilitation program of sandblasting, inspecting and repainting tanks extends their service lives and helps protect water quality. Pennsylvania American Water has invested more than US$ 40 million to maintain, rehabilitate and construct water storage tanks during the past five years.
The global water storage systems market is moderately competitive and needs high-level investments. Players in the market include Containment Solutions Inc, CST Industries, Inc., Pennsylvania American Water, McDermott, Caldwell Tanks, DN Tanks, Balmoral Tanks Limited, Synalloy Corporation, Balmoral Group Holdings Ltd., Water Storage Tanks Inc, AQUA Nishihara Corporation, among others.
The major players in the market are known to incorporate numerous market strategies to achieve growth in the global water storage systems market; these include new projects, product launches and collaborations.
Overview: McDermott is a fully integrated provider of construction and engineering solutions to the energy industry. From concept to commissioning, the company's expertise and capabilities advance the next generation of global energy infrastructure. McDermott operates in over 54 countries and has more than 30,000 workers and a diversified fleet of specialty marine construction vessels and fabrication facilities.
Product Portfolio: Waterspheroids (Single Pedestal Elevated Water Storage) is available with 150,000 to 2,000,000 gallons storage capacities. The sleek design has comparatively low capital maintenance costs and a small footprint that need minimal land use.
Key Development: In 2022, CB&I, McDermott's storage business, CB&I, received a contract to design and build two liquefied natural gas storage tanks in southeastern Wisconsin. The facilities can store 12 million gallons of liquefied natural gas and will be accompanied by construction of an above-ground water storage tank for fire protection.
To visualize the global water storage systems market segmentation by material, application, end-user and region and understand key commercial assets and players.
Identify commercial opportunities in the global water storage systems market by analyzing trends and co-development.
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Target Audience 2022
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