May 13, 2020
According to the research report titled ‘North America Water Storage Systems Market Size study, by Material Type (Concrete, Steel, Fiberglass, Plastic, Others) By Application (Hydraulic Fracture Storage & Collection, Onsite Water & Wastewater Collection, Potable Water Storage, Fire Suppression Reserve & Storage, Rainwater Harvesting & Collection, Other Applications), By End-Use Industry (Municipal, Industrial, Commercial, Residential) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, North America water storage systems market generated USD 3.3 billion in 2018 and is expected to grow with a CAGR of 9.1% during 2019-2026.
Notably, water storage systems are employed to store both non-potable and potable water which can later be used for various applications such as drinking water, irrigation agriculture etc.
Increasing industrial activities, scarcity of clean water and growing population are major factors driving water storage systems market in North America. Flourishing oil & gas industries in the U.S. is also contributing towards the market expansion. Exhaustion of ground water resources is further creating lucrative growth avenues for North America water storage systems industry.
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According to International Groundwater Resources Assessment Center, ground water is a significant source of irrigation water as well as drinking water. It was also stated that 60% of irrigation water is from groundwater resources. Similarly, Harvard University reported that by 2071, half of the 204 freshwater basins in the United States would not be able to fulfill the monthly demand for water. Hence, shifting focus towards reusing and recycling water is stimulating the industry outlook. However, lack of sufficient funding for setting up water storage systems may act as a restraining factor to the overall market growth.
As per the regional scope, U.S. water storage systems market is predicted to expand substantially during the estimated timeframe. Increasing oil & gas and other industrial activities along with diminishing groundwater resources are augmenting the regional demand. Rising concerns regarding water scarcity is also complementing the business outlook in the U.S.
The key companies operating in North America water storage systems market are HMT, DN Tanks, CST Industries Inc., Containment Solutions Inc., Caldwell Tanks, BH Tank, Chicago Bridge & Iron Co. N.V. (CB&I), AG Growth International Inc., Synalloy Corp. and ZCL Composites Inc.