The North America water storage systems market is forecast to grow to a value of around $5.45 billion by the end of 2018. Key drivers of the industry include the rising concerns for optimal usage of water, which is a fast depleting resource, coupled with the benefits and simplicity offered by the water storage systems in all sections of life. The U.S. leads the region in terms of usage of water storage systems due to increased spending on modernization and upgradation of water infrastructure in the country, which makes it the biggest market for water storage systems. The market here is expected to experience highest revenue growth during the next five years.
The water infrastructure in North America needs major modernization & upgradation in the years to come. The factors driving growth in the water storage systems market are the growing concerns for conservative water usage, water scarcity in southern U.S., government regulations, growing water usage in commercial and institutional sector, increased water conservation movements, focus on recycling and reuse and increased demand for minimizing water losses through leakage. The factors hindering the growth of this market are considerable capital investment, funding requirement, and indifference towards conservative water use in some sections.
The water storage systems market has a large number of players with most of them having only a local footprint. The market is highly stratified with most players offering only a particular kind of water storage systems for specific applications. Most of the players focus only on offering a particular kind of water storage systems that is used in only specific end-user industries. Only few big companies such as Caldwell Tanks (U.S.) and CST Industries (U.S.) offer water storage systems for almost all end-use segments. The majority of the companies in this market rely on expansion (either geographic or capacity expansion) as their growth strategy to increase sales and profit. The companies have also undertaken R&D to develop highly sophisticated products. Most of the major companies manufacturing water storage systems are headquartered in the U.S.
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