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″, 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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Based on material, the market has been classified 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. This growth can be attributed to cost-effectiveness in installation, coupled with the low maintenance cost of concrete material. The market for the fiberglass material water storage systems is expected to grow at the highest CAGR during the forecast period.
The application segment of the North America water storage systems market includes 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. The hydraulic fracture storage & collection segment accounted for the largest share of the North America water storage systems market in 2018. This growth is attributed to increasing oil & gas activities around the globe, such as shale and tight oil coupled with increasing environmental concerns regarding the availability of water resources for future generations.
Browse and in-depth TOC on “North America Water Storage Systems Market – Global Forecast to 2024”
32 – Tables
26 – Figures
105 – Pages
In terms of value, the North America water storage systems market size is estimated to be USD 3.4 billion in 2019 and 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 industrial wastewater, and rainwater harvesting are among major drivers for the growth of the North America water storage systems industry.
Major companies operating in the North America water storage systems market include CST Industries, Inc. (US) McDermott International Inc. (US), Containment Solutions Inc., (US), DN Tanks (US), Caldwell Tanks (US), and Synalloy Corporation (US), among others.
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CST Industries, Inc. (US) is one of the leading players in the North America water storage systems market and has been adopting inorganic strategies to sustain its market position. For instance, in April 2019, CST Industries, Inc. partnered with Greatario Engineered Storage Systems, an established and recognized market leader in Ontario, Canada, to design and build bolted steel tanks & covers for liquid storage. With this partnership, CST Industries intends to expand its Aquastore brand of storage tanks in six province territories in the western region of Canada, including British Columbia, Alberta, Saskatchewan, Manitoba, Yukon, Northwest Territories, and Nunavut. Moreover, in January 2018, the company announced the expansion of its product portfolio with pre-configured epoxy coated storage tank systems. The company launched Vulcan, a pre-engineered, pre-configured flat panel bolted storage tank line. The storage tank is made available in capacities of 15 cubic meters to 3,000 cubic meters and is designed specifically for the municipal water, wastewater, and fire protection markets.
McDermott International, Inc. (US) is another major company in the North America water storage systems industry. It has been adopting organic and inorganic strategies to sustain its position in the North America water storage systems market. For instance, in May 2018, McDermott International acquired the Chicago Bridge & Iron Company N.V. (CB&I), headquartered in Hague, the Netherlands, a leading provider of conceptual design, technology, engineering, procurement, fabrication, modularization, construction, commissioning, maintenance, program management, and environmental services to customers in the energy and infrastructure market. This business combination with CB&I has transformed McDermott International, Inc. into a top?-tier, integrated provider of engineering and construction solutions for the energy industry.
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