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.
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Concrete material segment is projected to lead the North America water storage systems market
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
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.
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.
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.
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