Stormwater Treatment Retrofit Products Market
Stormwater Treatment Retrofit Products Market (Product Type: Storm Filter, Storm Basin, Storm Sack, Screen Box, Flume Screen Box, Connector Pipe Screen, Trench Drain, Down Spout Filter, Helix Filter, Cartridge Vault, and Others; and Application: Municipal, Commercial, and Industrial) - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Consumer Goods & Services
- 79 Pages
Planning, Government Leadership to Help Revive Market Growth amid COVID-19 Pandemic
The coronavirus pandemic has had negative impacts on the North America stormwater treatment retrofit products market. Lockdown and other restrictions pertaining to transportation and availability pf labor have been hampering market growth. As such, mass vaccination programs are helping to fuel revenue movement in the North American markets, which is linked with the global economy.
On the other hand, nature based solutions (NBS) are being publicized for managing stormwater flooding in North Carolina. Stakeholders in the North America stormwater treatment retrofit products market are stressing on the importance for comprehensive planning and government leadership to increase state-wise resiliency. Since North Carolina like many states is experiencing an increase in heavy rainfall events, stakeholders in the market are capitalizing on this opportunity to keep economies running during the ongoing pandemic.
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High Cost Implementation of RTD Systems for NBS Impacts Market Growth
The North America stormwater treatment retrofit products market is projected to reach a valuation of US$ 12.27 Bn by 2031. Though nature based solutions are gaining popularity as green infrastructures to urban drainage, planning a real-time control (RTC) system is a complex procedure. Stakeholders are gaining cognizance that decision-making must be done in the planning phase since the RTC system has high implementation cost.
Centralized systems tend to perform better than distributed systems since the management is performed in an integrated way. Due to the complexity of the urban drainage systems, where changing a part of distributed systems can change the behavior of the entire system, centralized systems are being highly recommended.
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Bioretention Systems Gain Prominence for Restoring Water Streams, Rivers
The Woody Ward Recreation Center stormwater retrofit project is gaining popularity for its commitment to reduce and manage stormwater pollution with the help of best management practices (BMPs). Companies in the North America stormwater treatment retrofit products market are taking cues from such projects to innovate in solutions that help to capture and treat as much stormwater runoff as possible while also addressing existing standing water issues for the adjacent communities.
Bioretention systems are being publicized as a vegetated stormwater management system that mimics the natural environment to reduce stormwater volumes and pollutants for the purpose of restoring water streams & rivers.
Government Grants Grab Attention of Contractors, Project Aggregators in Philadelphia
The North America stormwater treatment retrofit products market is expected to advance at a CAGR of 10.2% in terms of value during the years 2021 to 2031. The City of Philadelphia, through the Philadelphia Water Department and the Philadelphia Industrial Development Corporation (PIDC) is offering stormwater grants to reduce the price for designing and establishing stormwater BMPs on qualified non-residential properties.
Stakeholders in the North America stormwater treatment retrofit products market are tapping into revenue opportunities through Philadelphia Water Department’s Stormwater Management Incentives Program (SMIP), which offers grants to contractors, companies or project aggregators capable of building large scale projects across multiple properties. Stakeholders are making use of apps that virtually add green stormwater infrastructure (GSI) tools to non-residential properties and calculates potential savings.
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Despite challenges created by the COVID-19 outbreak, infrastructure damage caused due to heavy rainfall events in the U.S. are generating income sources for stakeholders in the North America stormwater treatment retrofit products market. It has been found that planning an RTC system for the implementation of NBS is a complex procedure. Hence, stakeholders should increase the availability of centralized systems to overcome complexities and introduce distributed RTC to achieve economic advantages, considering the latter’s local level optimization. Bioretention systems are gaining popularity, owing to the benefits of removing stormwater pollutants, reducing air temperatures, and improving air quality. Web-based tools are being implemented to reap financial benefits of GSI features such as porous pavements and green roofs.
North America Stormwater Treatment Retrofit Products Market: Overview
- According to a latest market report published by Transparency Market Research on the stormwater treatment retrofit products market for the period of 2021–2031 (wherein 2021 to 2031 is the forecast period and 2020 is the base year), high demand for clean water and storage of water coupled with upcoming retrofitting projects backed by government initiatives and investments are key factors responsible for the growth of the North America stormwater treatment retrofit products market.
- In North America, revenue generated by the stormwater treatment retrofit products market accounted for over US$ 4.61 Bn in 2020. The market in the region is expected to expand at a CAGR of 10.2% in terms of value during the forecast period.
High Demand for Clean Water, Storage of Water: Key Drivers of North America Stormwater Treatment Retrofit Products Market
- High demand for clean water, which can be used for household work such as cleaning, cooking, washing cars & clothes, and flushing toilets, has resulted in the usage of stormwater treatment systems. Stormwater is water generated by precipitation - either rainfall or melting snow and ice. The pollutants are separated from stormwater and turned into usable water, which is driving demand for stormwater treatment retrofit products across North America.
- The process of capturing pollutants and contaminants from surface water runoff is carried out before they reach a watercourse or body of water such as a river, lake, or ocean and thus, waters in rivers and lakes are reused. Pollutants such as trash, debris, solids, chemicals, heavy metals, oils, and hydrocarbons are removed so that oceans, etc. have clean water, which can be further stored in case of shortage of water supplies. Storage of clean water is generating huge demand for stormwater treatment retrofit products, as old stormwater treatments systems are being replaced with new ones to generate clean and fresh water. In addition, stormwater treatment retrofit products also help in protecting the environment, as the water flowing in gutters and sewers can be used to maximize environmental and landscape values. The water can be reused for agricultural and industrial purposes, thus saving water and preserving the environment as well. The harmful substances are removed from water, leading to a sustainable and ecofriendly environment, which is driving demand for stormwater treatment retrofit products.
Environmental Value Offers Significant Opportunity to Stormwater Treatment Retrofit Products Market
- Rapid growth and expansion of urban centers have meant that stormwater discharge represents a significant component of catchment runoff and severely impact flooding, water quality, and ecology of waterways. The current coronavirus crisis offers significant opportunities for the stormwater treatment retrofit products market in North America, as it provides clean water, which can be reused. Stormwater treatment provides environmental value by providing dual benefits of flood control and maintaining flow regimes to sustain healthy aquatic ecosystems. The stormwater treatment provides protection to aquatic ecosystems, and controls sea pollution with respect to downstream water levels. This is an opportunity for the stormwater treatment retrofit products market to extend itself to provide value to the environment, landscape, and different geographies.
- Stormwater treatment retrofit products also provide protection to water used for recreational activities such as boating and offers aesthetic value to the same
Increase in Demand for Stormwater Treatment: Key Trend of Stormwater Treatment Retrofit Products Market
- Demand for stormwater treatment is increasing, as it is a proper run-off system maintained for drainage, which avoids unnecessary water in gutters and sewage. It is possible to recharge groundwater and reuse precipitation water and surface run-off as irrigation or household water. This reuse of water in households generates more demand for stormwater treatment procedures and fitting and installation of retrofit products. Old stormwater treatments must be replaced with new ones, thus generating demand for new stormwater treatment retrofit products, as it helps in maintaining clean water for households, etc. for long. In North America’s bays and estuaries, stormwater runoff is the second largest cause of water degradation. North Carolina’s coastal watersheds are no exception, making stormwater management techniques necessary to preserve the quality of the state’s waters. In North America, billions of gallons of water come from stormwater, which is required to be used cautiously, thus generating huge demand for stormwater treatment retrofit products.
- Companies are heavily investing in R&D to launch new stormwater treatment retrofit products and fulfill the needs of customers. Companies are fulfilling the demand for stormwater treatment retrofit products, ranging from large concrete storm sewers, roadside ditches, and flood control reservoirs, to rain gardens and natural riverine systems. A rise in treating stormwater in North America is being witnessed due to the presence of more than 40 states having at least one city and suburb with stormwater treatment, for which manufacturers are using efficient retrofit products. Suppliers are manufacturing retrofit products which enable treatment of stormwater at a very early stage, thus reducing the level of unclean water. Additionally, stormwater treatment avoids damages on infrastructure (private properties, streets, etc.) and prevents floods. Suppliers are providing completely green and sustainable development by landscaping urban and recreational areas. Therefore, supplying retrofit products and replacing the old ones to maintain hygienic stormwater systems may also enhance the sales of stormwater treatment retrofit products in the region.
High Maintenance Cost to Hamper Growth of Stormwater Treatment Retrofit Products Market in North America
- High maintenance costs are involved while installing stormwater retrofit products. The installation project tends to involve more ongoing maintenance than the traditional pipe-to-sewer stormwater infrastructure. All retrofit products do not function in the same way, which is another drawback of installing stormwater treatment retrofit products and thus, maintenance cost of different retrofit products is high. Moreover, people need to understand the specifics of selecting sites for proper selection of retrofit products. The maintenance cost is high sometimes even where retrofit products is installed for large drainage areas.
- Approval is required from local bodies for stormwater treatment as the cost of maintenance is high. Long delayed approvals sometimes involve cost to install stormwater products. Furthermore, landscaping also requires additional cost to maintain stormwater treatment products.
North America Stormwater Treatment Retrofit Products Market: Competition Landscape
- Detailed profiles of manufacturers of stormwater treatment retrofit products have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the stormwater treatment retrofit products market include
- Contech Engineered Solutions
- StormwateRx LLC
- Fabco Industries Inc.
- Apex Companies, LLC
North America Stormwater Treatment Retrofit Products Market: Key Developments
- Prominent players in the stormwater treatment retrofit products market are increasing investments to develop innovative products to fulfill the needs of end users and offer them customized solutions. Manufacturers are also planning to expand their product range and presence in various geographies through mergers & acquisitions and offer customized solutions to end users.
- Some key developments in the stormwater treatment retrofit products market are highlighted below:
- In February 2021, AS Filtration developed a cleansing process known as Pathex, for stormwater treatments. It is a specific treatment method used to treat the water consisting of a process, which separates solid particles from stormwater. The company gained by investing in Pathex as a large number of customers started using the Pathex process.
- In May 2021, APEX Companies, LLC started stormwater treatment in forests. During the pandemic, State Park Trail Melds Flora & Fauna Park experienced huge public visits and the need to manage stormwater became essential to provide hassle free visits. Thus, the company managed the forest area, which led to increase in public footfall. This increased collaboration with the government to protect the environment.
- In 2021, StormwateRx LLC partnered with Forrest Technical Coatings based out of Eugene, Oregon, to separate heavy metals from stormwater and make it efficient for other usable purposes. This partnership would help in making the clean water drive possible and benefit the company in the long run.
North America Stormwater Treatment Retrofit Products Market – Scope of Report
A new study on the North America stormwater treatment retrofit products market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the North America stormwater treatment retrofit products market. TMR’s study offers valuable information about the North America stormwater treatment retrofit products market to illustrate how the market would grow during the forecast period of 2021 - 2031.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the North America stormwater treatment retrofit products market during the forecast period.
An extensive analysis on business strategies of leading market players is also featured in TMR’s study on the North America stormwater treatment retrofit products market. This can help readers understand principal factors to foresee growth in the North America stormwater treatment retrofit products market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the North America stormwater treatment retrofit products market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Study on North America Stormwater Treatment Retrofit Products Market
- What are the key factors influencing the stormwater treatment retrofit products market in North America?
- What will be the CAGR of the North America stormwater treatment retrofit products market between 2021 and 2031?
- What is the future scope and changing trends in the North America stormwater treatment retrofit products market?
- Which factors will impede the growth of the North America stormwater treatment retrofit products market during the forecast period?
- Which are the leading companies in the North America stormwater treatment retrofit products market?
Research Methodology – North America Stormwater Treatment Retrofit Products Market
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the North America stormwater treatment retrofit products market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the North America stormwater treatment retrofit products market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the stormwater treatment retrofit products market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from stormwater treatment retrofit products industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the North America stormwater treatment retrofit products market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the North America stormwater treatment retrofit products market more reliable and accurate.
North America Stormwater Treatment Retrofit Products Market – Segmentation
TMR’s study on the North America stormwater treatment retrofit products market includes information categorized into two sections - product type, application and region. Changing industry trends and other crucial market dynamics associated with these sections of the stormwater treatment retrofit products market are discussed in detail.