Australia Water Storage System Market, By Material (Concrete, Metal, Plastic, Fiberglass, Others); By Application (Rainwater Harvesting & Collection, Fire Suppression Reserve & Storage, Portable Water Storage Systems, On-Site Water & Wastewater Collection

Australia Water Storage System Market, By Material (Concrete, Metal, Plastic, Fiberglass, Others); By Application (Rainwater Harvesting & Collection, Fire Suppression Reserve & Storage, Portable Water Storage Systems, On-Site Water & Wastewater Collection, Hydraulic Fracture Storage & Collection, Others); By End User (Municipal, Industrial, Commercial, Residential), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

Australia Water Storage System Market Size Expands at Significant CAGR of 8.5% during 2023-2029

Australia water storage system market size is flourishing due to increasing awareness about water conservation and adoption of water storage systems, availability of recycling and reuse options, and technology advancements in water storage systems.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Australia water storage system market size at USD 152.08 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Australia water storage system market size to grow at a significant CAGR of 8.49% reaching a value of USD 282.59 million by 2029. The growing need for water combined with rising awareness about water conservation is one of the major factors influencing the adoption of water storage systems. In agriculture, storage systems are commonly used to water livestock, reduce erosion, and increase crop yields and production reliability. These systems are increasingly being used in fire suppression water tanks and the mining industry because they provide secure access to water while also providing reliable storage. Another important application for large-capacity water storage systems is energy generation for the industrial and commercial sectors. Several major manufacturers are focusing on improving the visual appeal of their product variants. In the coming years, demand for water storage systems in the residential sector is expected to rise as a result of the introduction of systems that can withstand both the chemicals found in water and extreme weather conditions, such as high temperatures and earthquake loads.

Australia Water Storage System Market – Overview

A water storage system keeps the extra water and makes it available when there is a shortage or low supply. It is used in remote areas where there is little access to water sources. It is widely available in a range of sizes, from water tanks and rain barrels to industrial reservoirs. One of these that is frequently used in domestic and agricultural settings is water tanks. They help lower the risk of algae growth, the requirement for chlorine treatment, and the cost of routine maintenance. Several manufacturers are currently offering innovative coatings, like ceramic epoxy paints, in potable water storage tanks to expand their current clientele.

Increasing need to recycle and reuse of water spurs demand for storage systems

The rise in feedstock prices is currently affecting the plastics market. The high cost of feedstock will raise the cost of intermediate and finished goods. The plastic value chain is becoming more circular, and recycled plastics may become more affordable. Plastic fees and recycled content targets can create financial incentives to limit use and promote circularity, thereby supporting secondary plastics markets. The recent decoupling of prices for primary and secondary polyethylene terephthalate (PET), as well as rising innovation in recycling technology, are both positive indicators that these policies are assisting in the expansion of secondary markets. The final product will be more affordable and popular because finished goods will cost less as a result of the use of recycled plastics.

Restraints: Quality issues with storage systems and stored water

The purpose of running water storage tanks is to provide users with the best water possible. The water quality in water storage tanks can be impacted by an intrusion, improper coatings and linings that are improperly applied cured coatings and linings that have been applied or cured coatings and linings that are improperly applied or cured coatings and linings that are improperly applied or cured coatings and lining According to a study, potable water towers need to be inspected every three to five years. Potable water tank inspections are essential for proper water maintenance, along with the tank itself. Sediment may amass at the bottom of tanks over time. The structural integrity of the structure is unaffected by minor amounts of silt.

Impact of COVID-19 on Australia Water Storage System Market

The COVID-19 pandemic affected investments in the water sector. The excessive cost of downtime increased the importance of operational reliability. Shifting demand patterns, supply constraints, and the various pandemic emergency responses implemented by governments have all had an impact on these operational requirements. Municipalities postponed new capital projects to prioritize operating expenses and emergency preparedness. According to a research, capital expenditures in the water sector declined over the 2020-21 timeframe before returning to pre-crisis levels.

Australia Water Storage System Market – By End User

Australia's water storage system market is divided into municipal, industrial, commercial, and residential segments based on end user. The municipal segment holds the highest share of the water storage systems market. Population growth and rapid urbanization in Australia have increased demand for clean drinking water. As a result, municipalities are increasingly relying on water storage systems. Increased government water conservation programs in response to growing water scarcity have encouraged municipalities to use water storage systems. The residential segment is expected to grow at the fastest CAGR during the forecast period. Because of their high degree of flexibility and affordability, plastic material-based water storage systems have grown in popularity among residential consumers.

Competitive Landscape

Australia water storage system market is fiercely competitive. Prominent players in the market include AG Growth International Inc., Aqua Nishihara Corporation Limited, Balmoral Group Holdings Ltd., Caldwell Tanks Inc., Containment Solutions Inc., CST Industries Inc., Dn Tanks Inc., Fiber Technology Corporation, McDermott International Inc., Sintex Plastics Technology Ltd., Snyder Industries LLC, and Tank Connection LLC. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Australia water storage system market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Australia Water Storage System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Australia Water Storage System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.