North America Water Storage Systems Market Worth $4.1 Billion by 2024 - Exclusive Report by MarketsandMarkets™
Based on material, the North America water storage systems market is categorized into steel, fiberglass, concrete, plastic, and others.
CHICAGO, Dec. 17, 2019 /PRNewswire/ -- According to the new market research report "North America Water Storage Systems Market by Material (Concrete, Steel, Plastic, Fiberglass), Application, End-Use Industry (Municipal, Industrial, Residential, Commercial), and Country (United States, Canada, and Mexico) - Forecast to 2024", published by MarketsandMarkets™, the North America Water Storage Systems Market size is expected to grow from USD 3.4 billion in 2019 and is projected to reach USD 4.1 billion by 2024, growing at a CAGR of 4.4% from 2019 to 2024. Aging infrastructure, significant capital investment, stringent regulations for the conservation & consumption of water, recycling of industrial wastewater, and rainwater harvesting are among the major drivers for the growth of the North America water storage systems industry.
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Concrete material segment is projected to lead the North America water storage systems market during the forecast period
Based on material, the North America water storage systems market is categorized into steel, fiberglass, concrete, plastic, and others. The other materials include collapsible tanks, wood tanks, and open lined pits. Among these, concrete water storage systems accounted for the largest share in the North America water storage systems market in 2018. This growth can be attributed to cost-effectiveness in installation, coupled with the low maintenance costs of concrete material. The market for fiberglass water storage systems is projected to grow at the highest CAGR during the forecast period.
Hydraulic fracture storage & collection application is projected to lead the North America water storage systems market during the forecast period
Based on application, the North America water storage systems market is categorized into hydraulic fracture storage & collection, onsite water & wastewater collection, potable water storage systems, fire suppression reserve & storage, rainwater harvesting & collection, and others. The other applications of water storage tanks include irrigation, secondary containment systems, and marine. Among these, the hydraulic fracture storage & collection segment accounted for the largest share in 2018. This growth is attributed to increasing oil & gas activities around the globe, coupled with rising environmental concerns regarding the availability of water resources for future generations.
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US is projected to be the largest consumer of North America water storage systems during the forecast period
Based on country, the market comprises the US, Canada, and Mexico. Among these, the US is projected to lead the North America water storage systems market during the forecast period. This growth is attributed to the scarcity of water, ineffective utilization of water, inefficient recycling of industrial wastewater for reuse, stringent regulations for the conservation of water & discharge into the environment, and government investments, among others.
Key players in the North America Water Storage Systems Market are CST Industries, Inc. (US), McDermott International Inc. (US), Containment Solutions Inc., (US), DN Tanks (US), Caldwell Tanks (US), Synalloy Corporation (US), and 11 others considered for the study.
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