The Latin America, Middle East and Africa Water Storage System Market would witness market growth of 9.5% CAGR during the forecast period (2022-2028).
The emergence of the concept of sustainability has influenced the water sector and its associated industries. Efforts of sustainability are further pushed by factors like reduction in rainfall, ineffective water management, and recycling of industrial wastewater. These have adverse effects on water availability while simultaneously aggravating the negative effects. For example, fewer rainfall results in groundwater level depletion, which pushes many to increase the depth of boring or drilling to get access to groundwater.
To manage such issues, governments across the world have increased their capacities to treat water and wastewater, thereby ensuring water availability for all. This further increases the demand for storage systems at both the distribution and receiving ends. The industry is mainly driven by growing awareness of the freshwater shortage. In developing nations, population growth and rapid urbanization are generating a requirement for water storage systems. The water storage systems market is also being supported by the increased use of treated and fresh water in oil and gas refineries.
In the coming years, it is expected that the lack of access to safe drinking water will increase concerns about water conservation. The market is also expanding as a result of the recycling of wastewater produced by various sectors. The need for water storage systems is being driven by expanding government programs on water conservation and clean water usage. In addition, the increasing favorability towards the use of plastic tanks for water storage in developing nations is also aiding in the growth of the market.
Due to the rising domestic and toxic waste output from commercial and agricultural use and the decreased availability of clean water, several Latin American countries now require the construction of water treatment systems. Similarly, modern technology has been prioritized in the Middle East and Africa to enhance home and commercial water resources. The need for water storage systems in this region is also rising as water efficiency initiatives are gaining importance. All these elements present lucrative growth prospects for the regional water storage system market.
The Brazil market dominated the LAMEA Water Storage System Market by Country in 2021; thereby, achieving a market value of $459.6 million by 2028. The Argentina market is showcasing a CAGR of 10.1% during (2022 - 2028). Additionally, The UAE market would register a CAGR of 9.2% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Water Storage System Market is Predict to reach $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.)
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