North America Water Storage Systems Market to Reach $5,450 Million by 2018 at a Double Digit CAGR - New Report by MarketsandMarkets
(PRWEB) July 25, 2013 -- The report "North America Water Storage Systems Market, By End Use, Application, Material Type & Country (U.S., Canada, Mexico) – Trends & Forecasts to 2018 " defines and segments the water storage systems market with analysis and forecasting of revenues for North America. The water storage systems market will grow to $5.45 billion by 2018, with a double digit CAGR from 2013 to 2018.
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The water storage systems market is mainly driven by conservation, recycling, and re-usage of water along with increased monitoring. Water leakage loss minimization and consumption monitoring can only be achieved by using advanced storage tanks which are the prime reason why water storage systems market is experiencing a huge surge in demand from existing and emerging applications.
Lack of funds and low government response has resulted in investment gaps. The water framework in North America is in dire need of a major overhaul. Water infrastructure funding comes mainly from the taxpayer’s money with very less amount of private investments. However, with increasing focus towards water conservation and more government support, it is expected that the funds will increase and lead to the stabilization of North American water infrastructure. Considering all the factors stated above, it is of utmost importance that water is used sustainably for it to be available for future generations.
The enormous potential of this market is attracting various small and big level industry players. The water storage systems market is experiencing a boom especially in U.S., on account of ever tightening laws on water and waste water storage and collection, and increased spending on modernization and up gradation of water infrastructure in the country. The market is growing at a healthy rate in Canada, and is growing at a much faster pace in the Mexico, due to rising use of water for industrial processes. The market will experience an escalation in the demand of water storage systems in the years to come.
The water storage systems market is highly stratified with most companies offering only a particular kind of system designed for a specific application. Only few big companies such as Caldwell Tanks (U.S.) and CST Industries (U.S.) exist in this market whereas most of the players are very small and have a small area of influence. Most of the companies are focusing mainly on R&D in order to develop new and improved products .The companies have extensively applied expansion (either geographic or capacity expansion) as a growth strategy for this market to increase their market.
The report covers North American 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 included are steel, fiberglass, concrete, hot rolled steel, open lined pits, plastic, and others. Also, the six important end uses of water storage systems that are identified and included are: hydraulic fracture storage & collection, on-site water & waste water collection, rain water harvesting & collection, secondary containment system, fire suppression reserve & storage, potable water storage systems, and others.
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