The North America Water Storage System Market would witness market growth of 7.3% CAGR during the forecast period (2022-2028).
The effects of changing climate influence the water availability in many regions, like flooding in some regions and surging water scarcity in others. Consequently, water has evolved as a primary factor in the management of hazards like disease epidemics, famine, inequalities between and within countries, migration, natural disasters, and political instability. Therefore, the limitation of water resource availability has made it important to justifiably balance the water demands of the environment, economy, and society. As a result, many nations are emphasizing the need for water storage systems.
With the increasing population and urbanization rate across the world coupled with the surge in oil & gas and industrialization activities, the demand for water has increased significantly in the past few decades. These demand requirements are further bolstered by the changing climatic conditions like a decrease in rainfall that has prompted many governments in the world to realize their nations’ water challenges.
As a result, water scarcity is now considered a significant problem, and various solutions like rainwater harvesting are being encouraged, which is increasing the demand for storage systems as well. Additionally, the rising awareness of consumers about the water consumption challenges, along with strict water consumption and conservation rules imposed by regulatory bodies, are also influencing the rising need for water storage systems.
The increasing number of drinking water treatment units (DWTUs) across Canada also raises the demand for the storage system. In this nation, the government has made it mandatory for residences and public facilities to install a group or groups of on-site water systems, like water storage tanks, wells, and drinking water treatment units, to ensure the supply of potable water. Pressurized potable water is provided to meet all typical residential requirements. All these factors propel the expansion of the regional water storage system market.
The US market dominated the North America Water Storage System Market by Country in 2021; thereby, achieving a market value of $5,723.2 million by 2028. The Canada market is experiencing a CAGR of 9.8% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 8.8% during (2022 - 2028).
Based on Application, the market is segmented into Hydraulic Fracture Storage & Collection, Potable Water Storage Systems, Rainwater Harvesting & Collection, Fire Suppression Reserve & Storage, Onsite Water & Wastewater Collection and Others. Based on End Use, the market is segmented into Municipal, Industrial, Commercial and Residential. Based on Material, the market is segmented into Concrete, Steel, Fiberglass, Plastic and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Water Storage System Market is Estimated to reach $27.8 Billion by 2028, at a CAGR of 7.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include CST Industries, Inc., Superior Tank Co., Inc., Ag Growth International, Inc., American Tank Company, Inc. (BH Tanks), McDermott International, Ltd., Fiber Technology Corporation, Maguire Iron, Inc., Preload LLC and Containment Solutions, Inc. (NOV, Inc.)
By Application
By End Use
By Material
By Country
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