Report Forecasts North American Water Storage Systems Market Growth
North American Water Storage Systems Market predicted to reach $5.45 billion by 2018
The North American water storage systems market is estimated to grow from $2.1 billion in 2013 to $5.45 billion by 2018, at a CAGR of 21.0%, from 2013 to 2018. The water storage systems market is expanding at a rapid pace in North America, according to a new report by MicroMarket Monitor. The U.S. is experiencing high growth on account of ever tightening laws on water and wastewater storage and collection, and the increased spending on modernization and upgradation of water infrastructure. The market is expanding at a healthy rate in Canada, and is rising at a rapid pace in Mexico, due to the low base and the escalating use of water for industrial processes.
Water storage systems enable saving and containment of excess water for future use. The water infrastructure in North America needs overhauling in the coming years. The factors driving growth in the water storage systems market are the growing concerns for conservative water usage, water scarcity in the southern U.S. states, government regulations, growing water usage in commercial and institutional sector, increased water conservation movements with strong emphasis on recycling and reuse, and the increased demand for minimizing water leakage losses.
The report covers North America water storage systems market and its trends concerning three countries namely, U.S., Canada and Mexico, and its major applications such as municipal, commercial, industrial, and residential. The types of water storage systems include steel, fiberglass, concrete, hot rolled steel, open lined pits and plastic, among others. The water infrastructure in North America is in dire need of refurbishment. The water infrastructure funding comes mainly from the taxpayer’s money, with very less amount of private investments. This report also includes the market share, supply chain and value chain analyses, and market metrics such as drivers and restraints. In addition, it presents a competitive landscape, and company profiles of the key players in the market.