August 17, 2021
According to the business intelligence report titled ‘Global Rainwater Harvesting Market Size study, by Type (Roof-based, Land-based) by Product (Tanks, Accessories, Service) by End-User (Residential, Commercial, Industrial) and Regional Forecasts 2021-2027’, available with Market Study Report, global rainwater harvesting market was assessed at USD 1.168 billion in 2020 and is anticipated to be worth USD 1.59 billion by 2027, growing at 4.5% CAGR between 2021-2027.
Growing issue of water scarcity due to climate change phenomenon, depletion of groundwater, and availability of a wide variety of tanks are key factors driving global rainwater harvesting market expansion. Ease of installation & maintenance of the harvesting systems will bolster the industry demand as well.
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For the unversed, rainwater harvesting is a traditional practice which is being used to store rainwater for thousands of years. The water accumulated on rooftops and land is collected in a deep pit using artificial methods. This water is then treated till it is safe for drinking or irrigation purposes.
Governments initiatives to increase the awareness of the populace regarding benefits of adopting rainwater harvesting will facilitate the industry growth. Citing an example, the Government of India has constructed rainwater harvesting infrastructure in urban and rural areas to ensure equal access to water.
While growing urbanization, surging demand for clean water, and technological advancements will spur the market outlook, the wastage of water owing to limited cognizance of rainwater harvesting is poised to act as a challenge for the business sphere.
Based on product gamut, global rainwater harvesting industry is divided into tanks, service, and accessories. Speaking of type, the industry is bifurcated into land-based, and roof-based. Moving on to end user spectrum, the business sphere is fragmented into residential, industrial, and commercial.
Regionally speaking, North America held the largest industry share in the past year and is speculated to witness significant expansion between 2021-2027. Meanwhile, Asia Pacific market is slated to grow rapidly over the analysis period, owing to widespread adoption of the method in industrial as well as commercial sectors.
Key players profiled in the in global rainwater harvesting industry report are Enviro Engineers, BARR Plastics Inc., Adept Water Technologies A/S, Caldwell Tanks Inc., Ecozi Limited, Davey Water Products Pty Ltd., Farmland Rainwater Harvesting Systems Pvt. Ltd., Global Environmental Management Services Ltd., Interpump Group S.p.A, and Harvest H2O.