North America Water Storage Systems Market Size, Trends [2031]

Report Description

North America Water Storage Systems Market Outlook 2031

The North America water storage systems market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during 2023–2031. The market is propelled by the rising need for efficient water collection and management, due to the changing climate scenario.

Rising population, industrialization, and commercialization have boosted the need for water. This, in turn, drives the demand for water storage systems to facilitate efficient collection and storage of water for a necessary period of time. The growing use of water for different industrial operations along with the processing of the used water before releasing it into the environment is boosting the adoption of efficient water storage solutions. Increasing demand for smart water management systems is further likely to create opportunities in the market.

• According to the data published by the US Environmental Protection Agency (EPA), industrial water withdrawal accounts for 5% in the US, while thermoelectric power withdrawal amounts to 49%. Per day use of water for industrial operations is 18.2 gallons, which comes from direct withdrawal and not from the public water supply.   

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The research report finds that the COVID-19 pandemic affected the North America water storage systems market. The lockdowns imposed by various governments across the globe disrupted the supply chain operations, which reduced the demand for efficient water storage solutions from key end-users.

Limited availability of workforce and slow-paced operations in several industries and commercial sectors caused a decline in the use of water storage systems. The key water consumers, such as commercial establishments, power plants, and manufacturing, registered a sharp decline in the use of water systems for a certain time period. This affected the market for water management solutions.

Impact of Artificial Intelligence (AI) on North America Water Storage Systems Market

Artificial Intelligence (AI) is anticipated to have positive effects on the market, owing to a growing inclination toward smart digital water management solutions. This technology is expected to enhance several operations in the water industry with the optimization of usage and operational costs. Industries that heavily use water, such as power and utilities, are increasing their investment in AI solutions that facilitate efficient storage, management, and processing of water and wastewater.

The growing environmental pressures and rising availability of improved monitoring solutions are leading to steady growth in the implementation of digital water management solutions.

• According to a study report published in January 2020, the spending of the US and Canada on digital water solutions is projected to expand at a CAGR of 6.5%. The total spending is expected to reach USD 10.8 billion by 2030, driven by the use of advanced monitoring systems and critical infrastructure management solutions.

North America Water Storage Systems Market Dynamics

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Major Drivers

Rising water usage with a rapidly growing population is expected to drive the market. Changing lifestyles in the region are boosting the demand for convenient water supply in ample volume 24/7. Various users of water storage solutions are observing a major increase in the use of water for a variety of purposes. This is mainly driven by increasing consumer demand for several products in the respective end-use industry.

• A report published by National Geographic in August 2020 reveals that an individual in America uses around 80 to 100 gallons of water each day. The nation’s overall water usage per day is 345 billion gallons. The study further estimated that the US population is expected to increase by 200 million by 2100, and the total population is likely to reach close to 514 million.

Concerns over water scarcity due to imbalanced rainfall are another factor fueling the market. This leads to a high demand for water storage solutions, especially from urban areas. Urbanization is expanding in nations, such as the US, Canada, and Mexico, with increasing movement of the young population to the cities to pursue careers. The demand for power, residential real estate, food & beverages, and agriculture products is surging at a rapid pace. These are some major sectors that rely on water storage systems for various needs.

Existing Restraints

High cost required for the purchase and maintenance of water storage systems is anticipated to restrain the market in the coming years. The cost of water storage systems that are made using high-quality materials, such as steel, is higher than other traditional storage solutions.

This limits the purchase of quality water storage solutions from several end-users, including residential and commercial, due to budget constraints. Additionally, the water tanks need significant investment for regular maintenance to keep the water quality intact inside the storage for a long period.

Emerging Opportunities

Growing efforts toward used water recycling and reuse are projected to create immense opportunities in the market. Different governments in the region are implementing stringent regulations related to the use of natural resources in industries and commercial sectors, with the rise of environmental concerns. Thus, companies are increasing investment to store used water and process it for reuse.

Industrial and commercial establishments are increasing investment in water collection, storage, and management solutions. The use of smart wastewater treatment technologies, smart water meters, and other digital water management solutions is being explored to facilitate efficient control over utilization. All of these aspects are leading to increased growth scope for the players in the market.

Scope of the North America Water Storage Systems Market Report

The market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

North America Water Storage Systems Market Segment Insights

Material Analysis

Based on material, the North America water storage systems market is divided into steel, concrete, fiberglass, plastic, and others. The others segment is subdivided into wood tanks, collapsible tanks, and open-lined pits. The fiberglass segment is expected to dominate the market in terms of revenue during the projection period, owing to its lightweight & superior strength, resistance to corrosion, and cost-effectiveness, among others.

These superior mechanical properties make them preferable options for several industrial applications. The fiberglass water storage containers are commonly made with food-grade coating on their internal surfaces. The plastic segment is anticipated to grow at a rapid pace during the assessment period, owing to its cost-effectiveness and high demand from residential users.

These tanks are highly durable and easy to move around, which makes them efficient for household use. The rise in population and a growing number of households are furthering dependence on plastic-made water tanks for water storage. The rise of water scarcity and the need for recycling and reuse of used water is further propelling the demand for plastic tanks from residential users.

Application Analysis

On the basis of application, the market is segregated into onsite water & wastewater storage, rainwater harvest & collection, fire suppression reserve & storage, potable water storage systems, hydraulic fracture collection & storage, and others. The potable water storage systems segment is projected to expand at a substantial CAGR during the forecast period, owing to high demand from residential and commercial end-users.

These storage systems are food-graded and used for storing drinking water. Rising population at a rapid pace coupled with the increasing need for drinking water is boosting the adoption of potable water tanks.

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End-user Analysis

On the basis of end-user, the North America water storage systems market is segmented into commercial, industrial, municipal, and residential. The municipal segment is expected to register robust growth during the projection period, due to a growing focus on rainwater harvesting & collection and increasing purchase of primary water and wastewater treatment equipment by local authorities.

Rising investment in water management and policies for water conservation is further expected to propel the segment. Moreover, the increasing implementation of modern and custom water storage solutions by municipal governments is creating opportunities in the market. The residential segment is anticipated to expand at a substantial CAGR during the forecast period, owing to the rising households with the growing population.

The increased water usage for various needs and the rising adoption of a convenient lifestyle, with growing disposable income, are propelling the demand for water storage solutions. The growing concerns over water shortage, due to imbalanced rainfall and water supply are expected to drive the segment in the coming years.

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Geography Outlook

In terms of geography, the North America water storage systems market is divided into US, Canada, Mexico, and Rest of North America. US is expected to dominate the market during the projection period, owing to the increasing investment toward water storage and efficient management by various sectors and residential users.

The water scarcity issue is expanding in several states of the US, with changing weather conditions and the growth of the population. Studies predict about 50% continental US witnessed a drought-like situation since 2000.

• As per the article published by Colorado State University, out of 204 freshwater basins surveyed during research in the US, half are unlikely to be able to fulfill monthly water demand by 2071.

The market in Mexico is expected to expand at a significant pace, owing to the rising water scarcity due to pollution, climate change, and lack of proper water management. The adoption of water tanks is increasing rapidly by residential and commercial users for harvesting rainwater, processing used water, and storing water.

• According to a report published in September 2021, above 20 million citizens in Mexico do not have sufficient water for drinking for nearly six months in a year. Such water crises are fueling the adoption of water storage and collection solutions in the country.