Rainwater Harvesting System Market To Grow On A Tenacious Note At A CAGR Of 7% Between 2021-2031
Dec 02, 2021
Persistence Market Research analysis projects the global rain water harvesting system market to expand at an impressive CAGR of close to 7% over the forecast period of 2021-2031. A critical factor driving sales of rainwater harvesting systems is increasing consumption of water as a result of growth in population and rapid industrialization.
Other demand drivers include decreasing freshwater availability, increased usage in agriculture, and rising commercial spaces across various countries. While measures are being put in place to derive potable water from rain water harvesting, it is cited as a dependable source for various non-potable uses as well.
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Key Takeaways from Market Study
• Rain water harvesting is gaining prominence as urbanization is taking shape. In emerging markets, these systems are being adopted as a means for water conservation due to the onset of the global water crisis and uneven rainfall patterns.
• Various government regulations are being formulated and system usage is being monitored to ensure that concerned areas have installed rain water harvesting systems, especially for new building retrofits.
• The U.S. is positioned as the top nation in the global market, with the highest market value share. Demand in the U.S. will increase at over 5% CAGR over the next ten years.
• In 2021, the market in Japan grew 5.8% year-on-year, bucking initial skepticism about how the market would perform during a global pandemic.
• Underground rain water harvesting systems (also popularly known as wet systems) are poised for lucrative growth over the forecast period. Cost feasibility and annual water compatibility are key factors leading to their high adoption rate, especially in residential areas.
• The market for application in the commercial area is expected to create an absolute dollar opportunity of US$ 560 Mn from 2021-2031. Rain water harvesting systems in commercial spaces such as public institutions, shopping malls, offices, hotels & restaurants, and other centers are expected to pick up, as these places have a trend of increasing water usage, for both, potable as well as non-potable purposes.
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Depletion of Freshwater Resources Leading to Increase in Water Harvesting Measures
Rapid population growth combined with industrialization, urbanization, agricultural intensification, and water-intensive lifestyles is resulting in a global water crisis. This is why the per annum water withdrawal rate has witnessed a robust increase in the last 10 years, leading to severity in ground water tables and freshwater resources for edible uses. In 2000, at least 1.1 billion of the world’s people – around one in five – did not have access to safe water.
Falling water tables are widespread and cause serious problems, both, because they lead to water shortages, and, in coastal areas, to salt intrusion. Both, contamination of drinking water and nitrate and heavy metal pollution of rivers, lakes, and reservoirs are common problems throughout the world. World supply of freshwater cannot be increased. More and more people are becoming dependent on limited supplies of freshwater that is becoming more polluted. Water security, just like food security, is becoming a major international and regional priority in many areas of the world, thereby increasing the importance of rain water harvesting systems.
According to the Persistence Market Research analysis, Kingspan Group PLC, Watts Water Technologies, Inc., Graf Group, and Water Harvesters are identified as key players manufacturing rain water harvesting systems. This is a moderately consolidated market with top players holding nearly 20-25% of global share. Product development according to niche applications is a key supply behavior in the market. Market participants have embraced digital technologies to be able to stay ahead and meet consumer demand swiftly. Key strategic partnership and collaboration initiatives are observed by many players.
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