North America Water Storage Systems Market worth $4.1 billion by 2024 | Key Players include CST Industries Inc., McDermott International Inc., Containment Solutions Inc., DN Tanks, Caldwell Tanks

According to recent market research "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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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.

Based on material, the fiberglass segment is projected to grow at the highest CAGR in the North America water storage systems market during the forecast period. The growth of the fiberglass segment is attributed to its superior properties, such as high mechanical strength, non-deterioration, and non-corrosiveness. Fiberglass is a tough plastic matrix further reinforced by fine fibers of glass. Fiberglass is a preferred material for various applications in the industry since it is lightweight and has robust properties. Storage tanks made from fiberglass are manufactured with food-grade coating on their interior surfaces, which enables storing water potable for longer periods of time.

Based on end-use industry, the market has been classified into municipal, industrial, commercial, and residential. In terms of value, municipal water storage systems are expected to lead the North America water storage systems market during the forecast period. This growth can be attributed to the aging infrastructure, significant capital investment, and stringent regulations for the conservation & consumption of water. The residential end-use industry is projected to grow at the highest CAGR during the forecast period.

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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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