Rainwater Harvesting Market to Rear Excessive Growth During 2025
The
global rainwater harvesting market is valued at US$ 702.15 Mn in 2016
and is projected to reach US$ 1,140.85 Mn by 2025 at a CAGR of 5.7%
from 2017 to 2025, with above ground harvesting method and commercial
end user as highly lucrative segments according to a new Report
published by Transparency Market Research (TMR)
(www.transparencymarketresearch.com) titled “Rainwater Harvesting
Market – Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast, 2017–2025” The dramatic growth of population has
increased the demand for water and the pressure on water resources
has intensified. Climate change and depleting ground water resources
have also laid great stress on the accessibility of water
resources.All these factors are likely to boost the demand for
rainwater harvesting throughout the globe. The rainwater harvesting
market in Asia Pacific held a major market share in 2016, and the
trend is likely to continue during the forecast period.
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Government
legislations, incentives, tax exception schemes, and support from
NGO’s to increase awareness, fuels the demand for rainwater
harvesting market
World
population is continuously growing, and so is water consumption. It
is estimated that 2 billion to 3 billion people will be living in
water stress areas by 2025. Governments of several countries have
started awareness programs for promoting rainwater harvesting. They
are also providing incentives and tax exceptions in order to
encourage the usage of rainwater harvesting systems. Rainwater
harvesting has additional advantages such as lowering of water bills,
reducing soil erosion and floods, and helps in irrigation. Growth in
population, which has led to quest for alternate fresh water sources
and government support in creating awareness regarding water scarcity
and promoting rainwater harvesting methods, is expected to boost the
rainwater harvesting market in the near future.
Long
return on investment period may restrain the growth of rainwater
harvesting market. However technological advancements creates an
opportunity for market growth
In
developed nations, rainwater harvesting system involves high initial
cost, depending on the size and the technology level. However,
benefits from the system cannot be derived without a good rainfall.
The system also requires regular maintenance. Though, the case is
quite different in developing nations, wherein simple systems are
preferred which require low investment. The return on investment take
a considerable time period of 5 to 7 years depending on the system.
These factors may restrain the growth of rainwater harvesting market.
However, in recent years, technological advancements have helped in
reducing the installation and maintenance costs of rainwater
harvesting systems. One such advancement is harvesting rainwater with
modules made up of plastics. These modules are flexible in shape,
provides durability and strength for long period of time and can also
be used for storm-water detention. Modular rainwater harvesting shows
a great opportunity for rainwater harvesting in the near future.
Above
ground harvesting method and commercial end-use segment to dominate
the global rainwater harvesting method
The
global rainwater harvesting market has been segmented by harvesting
methods and by end-user. Based on harvesting method, the rainwater
harvesting market is segmented into above ground and below ground,
again above ground harvesting method segment is sub-segmented into
ground surface and storage tanks. In terms of harvesting method, the
above ground harvesting method segment held a major share of the
rainwater harvesting market in 2016. Storage tanks, a sub-segment of
the above ground harvesting method, is highly lucrative and is
expected to expand at a rapid CAGR during the forecast period. Based
on end-user, the rainwater harvesting market is segmented into
residential, commercial, industrial and agriculture. The commercial
end-user segment is highly lucrative and is anticipated to expand at
a significant CAGR during the forecast period followed by residential
end-user segment.
Population
growth, increase in per capita water consumption propels the
rainwater harvesting market in Asia Pacific
In
terms of region, the Asia Pacific dominated the global rainwater
harvesting market in 2016, followed by Europe. The number of
installations of rain water harvesting system in Asia Pacific is
higher as compared to that in other regions. However, cost per
installation of the system in Asia Pacific is lower than that in
Europe and North America. The governments of India, China, Australia,
Japan, Thailand, and Singapore are offering incentives for
implementing rainwater harvesting systems. Many states in India have
passed legislations to mandate rainwater harvesting installations for
new constructions. The below ground harvesting method segment
accounted for more than 50% share of the market in Asia Pacific in
2016. The market share of the segment is estimated to rise by the end
of the forecast period. However, on a global level the above ground
harvesting method would dominate the rainwater harvesting market.
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Highly
fragmented with medium and small players in the global rainwater
harvesting market.
Some
of the key players covered in the report are Kinspan Group, Watts
Water Technologies, Inc., Graf Group, WISY AG, Innovative Water
Solutions LLC, D&D Ecotech Services, Rain Harvesting Supplies,
Inc., Water Field Technologies Pvt. Ltd., Stormsaver, Climate Inc.,
Water Harvesters, Heritage Tanks, HarvestRain Inc., and The Gulf
Islands Rainwater Connection Ltd. Although, the rainwater harvesting
market is fragmented with many small players, there are still few
mergers and acquisitions happening among medium players. For
instance, In July 2016, Harvestrain, Inc., an emerging growth leader
in the rainwater industry, acquired TANK TOWN, Central Texas’
pioneering rainwater harvesting company founded in 1994.
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