According to the latest report by IMARC Group, titled “North America Fire Protection Water Storage Tanks Market: Regional Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the North America fire protection water storage tanks market size reached US$ 301.9 Million in 2022. Fire protection water storage tanks, as the name implies, are dedicated reservoirs for storing water used exclusively for fire suppression systems and applications. These tanks are crucial components of both passive and active fire protection systems, and their design, sizing, and construction are typically dictated by local, state, and federal regulations, and often the requirements of insurance companies. In the event of a fire, these tanks provide an immediate supply of water, whether for an automatic sprinkler system or for use by professional firefighters. They are typically designed to provide a specific quantity of water at a specific flow rate for a set duration, such as providing a minimum of two hours of water supply for a sprinkler system. Fire protection water storage tanks are constructed from a variety of materials including steel, concrete, polyethylene, and fiberglass, chosen based on factors, such as the capacity needed, site conditions, and local regulations. Many tanks are designed to be robust and resistant to the impacts of fire itself to ensure they can provide a reliable supply of water when most needed. Ensuring the proper functioning and maintenance of these tanks is critical. They are frequently subject to inspections and always maintained in operational readiness.
North America Fire Protection Water Storage Tanks Market Trends:
The stringent fire safety regulations and standards in North America represents one of the key factors driving the growth of the fire protection water storage tanks market across the region. Both the United States and Canada incorporate hard rules that require buildings, especially commercial and industrial ones, to exhibit adequate fire protection systems, including water storage tanks. These regulations are constantly updated and enforced, which is prompting building owners to invest in the necessary infrastructure, thereby driving the demand for fire protection water storage tanks. The market is also driven by expanding construction industry in North America. The rise in the construction of commercial spaces, residential complexes, and industrial facilities is boosting the need for fire protection systems and water storage tanks. Furthermore, the widespread adoption of advanced technologies like smart tanks is contributing to the growth of the market. These tanks, equipped with sensors, can monitor the water levels and quality, alerting the facility manager of any maintenance needs or operational issues. The increasing interest in such innovative solutions is stimulating the market growth. The increasing awareness about fire safety and the role of insurance companies also contribute significantly. Insurance companies often offer reduced premiums to properties equipped with approved fire protection systems, which encourages more building owners to invest in reliable water storage tanks. Apart from this, climate change is leading to increased incidents of wildfires, especially in regions that are necessitating improved fire protection infrastructure, thus creating a positive outlook for the market across the region. Looking forward, the market value is projected to reach US$ 479.1 Million by 2028, expanding at a CAGR of 7.5% during 2023-2028.
- Based on material type, the market has been classified into steel, fiberglass, and others. Currently, steel holds the largest market share across North America.
- On the basis of coating type, the market has been segmented into epoxy, glass-fused-to-steel, and others. At present, epoxy is dominating the market across North America.
- Based on size, the market has been segregated into 100,000-250,000 gallons, 50,000-100,000 gallons, 25,000-50,000 gallons, >250,000 gallons, and <25,000 gallons. Presently, 100,000-250,000 gallons is the largest market segment.
- On the basis of application, the market has been segmented into commercial, industrial, and residential. At present, commercial holds the largest market share across North America.
- On a geographical front, the market has been segmented into the United States and Canada. Currently, United States is dominating the market across North America.
- The competitive landscape of the market has also been examined with some of the key players being Superior Tank Co. Inc, Tank Connection LLC, T.F. Warren Group Inc, CST Industries Inc., National Storage Tank Inc., Fisher Tank Company, DN Tanks Inc., Gulf Coast Tank and Construction Co. and Pittsburg Tank & Tower Co Inc.
|Base Year of the Analysis
||Material Type, Coating Type, Size, Application, Country
||United States, Canada
||Superior Tank Co. Inc, Tank Connection LLC, T.F. Warren Group Inc, CST Industries Inc., National Storage Tank Inc., Fisher Tank Company, DN Tanks Inc., Gulf Coast Tank and Construction Co. and Pittsburg Tank & Tower Co Inc.
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