In terms of value, the North America water storage systems market is projected to grow at a CAGR of 4.4% between 2019 and 2024
NEW YORK, Dec. 26, 2019 /PRNewswire/ --
In terms of value, the North America water storage systems market is projected to grow at a CAGR of 4.4% between 2019 and 2024.
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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 the major drivers for the growth of the North America water storage systems market.
Fiberglass segment is projected to grow at the highest CAGR in the North America water storage systems market during the forecast period
The fiberglass material segment is projected to grow at the highest CAGR in the North America water storage systems market during the forecast period.Fiberglass is a tough plastic matrix and has superior properties such as high mechanical strength, non-deterioration, and non-corrosiveness, which are expected to fuel the growth of this segment.
Storage tanks made from fiberglass are manufactured with food-grade coating on their interior surfaces, which enables maintaining stored water in a potable condition for longer periods of time.
Hydraulic fracture storage & collection is the largest application and is expected to drive the market during the forecast period
Based on application, hydraulic fracture storage & collection is projected to be the largest application segment in the North America water storage systems market, owing to increasing oil & gas activities in the region.Oil & natural gas are important resources, helping countries in North America to meet their demand for energy.
In compliance with various environmental and governmental rules & regulations in the North America region, water used in the oil & gas industry is required to be treated for further reuse or for release purposes.
Mexico is projected to grow at the highest CAGR in the North America water storage systems market during the forecast period
Mexico is an emerging market for water storage systems in the North America region in comparison to the US.Foreign investments are expected to increase in Mexico in the near future, as global players from the water treatment industry are benefiting from the low-cost raw materials and labor, thus making the market competitive.
A large number of companies are entering the Mexican upstream sector due to significant opportunities in the power & gas sectors.The scope for oil production and water treatment activities in Mexico are high.
These factors are expected to drive the water storage systems market in Mexico during the forecast period.
Breakdown of primary interviews for the report on the North America water storage systems market
• By Company Type – Tier 1 – 20%, Tier 2 –45%, and Tier 3 – 35%
• By Designation – C-Level – 20%, Director Level – 25% and Others – 55%
• By Country –US- 70%, Canada– 20%, Mexico– 10%
The leading North America water storage systems manufacturers profiled in this report are CST Industries, Inc. (US), McDermott International Inc. (US), Containment Solutions Inc. (US), DN Tanks (US), Caldwell Tanks (US), Synalloy Corporation (US), and others.
Research Coverage:
The report covers the North America water storage systems market based on material, application, end-use industry, and country.This report aims at estimating the size and future growth potential of the North America water storage systems industry across various segmentations.
The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report has been focusing on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the North America water storage systems market, high-growth countries, and drivers, restraints, opportunities, and challenges in the market.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on various water storage systems offered by top players operating in the North America water storage systems market.
• Product Development/Innovation: A detailed insight into the upcoming materials for the manufacture of water storage systems, R&D activities, and new applications in various end-use industries in the North America water storage systems market.
• Market Development: Comprehensive information about the lucrative and emerging markets. The report analyzes the markets for North America water storage systems across countries.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the North America water storage systems industry.
• Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the North America water storage systems market.
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