With increased demand for clean water, the need to store this water has also increased, which, in turn, is creating remarkable growth in the demand for stormwater treatment retrofit products. Moreover, there is a notable growth in the number of projects pertaining to the replacement of old stormwater treatments systems with new ones in order to generate fresh and clean water. These factors are expected to create prominent growth opportunities in the stormwater treatment retrofit products market.
A report by Transparency Market Research (TMR) projects that the North America stormwater treatment retrofit products market to expand at a CAGR of 10.2% during the forecast period of 2021 to 2031.
Rise in Number of Government Grants Fuels Market Expansion
Government bodies are taking initiatives to develop best management practices (BMPs). For instance, the City of Philadelphia, via the Philadelphia Industrial Development Corporation (PIDC) and the Philadelphia Water Department, is providing funds for stormwater projects. The focus of these projects is to minimize the expenses required to design and establish stormwater BMPs on various non-residential properties.
The Stormwater Management Incentives Program (SMIP), a project by Philadelphia Water Department, provides funds to project aggregators, contractors, or organizations that hold capability of building large-scale projects across numerous properties. The companies operating in the stormwater treatment retrofit products market are capitalizing on these opportunities to expand their businesses.
Need for Clean Water and Storage of Water to Drive Demand for Stormwater Treatment Systems
The demand for clean water has increased in the past few years, as it is required to perform different household activities, including cooking, cleaning, flushing toilets, and washing cars & clothes. As a result, there has been a rise in the use and demand for stormwater treatment systems. Stormwater refers to water produced by using precipitation process of melting snow and ice or either rainfall. In this process, pollutants from stormwater are removed and turned into usable water.
Surge in the number of retrofitting projects, growing initiatives, and financial support by government bodies are projected to boost the expansion of the North America stormwater treatment retrofit products market
Companies in the stormwater treatment retrofit products market are utilizing apps that allow for virtual addition of green stormwater infrastructure (GSI) tools to non-residential properties
Stormwater treatment retrofit products are also known to be supporting environment protection, as the water from sewers and gutters is utilized to enhance landscape and environmental values. This water can be reused for industrial as well as agricultural activities.
The treatment helps in removing unsafe substances from water, thereby assists in maintaining an eco-friendly and sustainable environment. On the back of these benefits, the stormwater treatment retrofit products market is likely to gain lucrative avenues in the years to come.
Major companies operating in the global stormwater treatment retrofit products market are diverting their cash in-flow toward R&D activities. These researches are focused on the development of products that can fulfill current market needs.
Several enterprises are strategizing their business moves to expand their presence in newer regions. For this purpose, they are participating in merger and acquisition activities.
Offering customized products as per the need of end users is another strategy of many players operating in the stormwater treatment retrofit products market
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