Water storage systems market worth $5.45B by 2018, finds report
The U.S., Canada and Mexico water storage systems market will grow to $5.45 billion by 2018, according to a MarketsandMarkets report.
DALLAS, TEXAS, July 16, 2013 -- According to the report, "North America Water Storage Systems Market, By End Use, Application, Material Type & Country (U.S., Canada, Mexico) - Trends & Forecasts to 2018, "the water storage systems market is expected to grow to $5.45 billion by 2018, with a double digit CAGR from 2013 to 2018. The study covers the water storage market and its trends concerning three countries: the U.S., Canada, and Mexico, as well as its major applications such as municipal, commercial, industrial, and residential.
The water storage systems market is mainly driven by conservation, recycling and reuse 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.
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 wastewater storage and collection, and increased spending on modernization and upgradation 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.