Rainwater Harvesting Market Is Projected To Reach Us$ 1,140.85 Mn By 2025
Posted: Feb 04, 2019
Global Rainwater Harvesting Market: Snapshot
The continuous increase in the global population is leading to a rising demand for clean, usable water, which is intensifying the pressure on water resources. This, as a result, is propelling the growth of the global market for rainwater harvesting substantially. The market offered an opportunity worth US$0.70 bn in 2016. Researchers expect it to rise at a CAGR of 5.70% over the period from 2017 to 2025 and reach a value of US$1.14 bn by the end of 2025.
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Predominantly, the worldwide rainwater harvesting market is studied on two fronts: the harvesting methods and the end user. Based on the harvesting method, the rainwater harvesting market is categorized into above ground method and below ground method. Among the two, the above ground harvesting method segment led the global market in 2016. Researchers expect the scenario to remain so in the near future. Storage tanks, a sub-segment of the above ground harvesting method, is projected to emerge highly lucrative over the next few years.
Based on the end user, the market is bifurcated into the residential, commercial, industrial, and the agricultural sectors. The demand for rainwater harvesting has been relatively higher in the commercial sector and the trend is expected to remain so in the years to come.
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North America to Maintain Supremacy
In terms of the geography, the global market for rainwater harvesting is classified into North America, the Middle East and Africa, Europe, Asia Pacific, and Latin America. Among these, North America has surfaced as the leading regional market for rainwater harvesting and is expected to remain holding the dominance over the next few years. In the North America market, the U.S., surfaced as the leading revenue contributor in 2016 and the trend is likely to continue in the years to come. Metal and composite asphalt shingles are the most commonly used roofing materials for rainwater harvesting in the U.S. The commercial end user segment held a significant market share in 2016 and is anticipated to expand at a healthy growth rate over the next few years in this region.
Asia Pacific is steadily making its way in the global market as the most promising region. In Asia Pacific, most of the residential users prefer cheaper storage tanks for storing harvested rainwater. Simple rainwater harvesting systems and below ground harvesting method is more popular in this region. Here, gutters and downspouts have a higher cost than storage tanks. The costs of rainwater harvesting systems installed in the region are low. Some of the local governments in this region, such as the Indian government, have made rainwater harvesting system as mandatory for existing or upcoming commercial and institutional buildings.
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