Rainwater Harvesting Market: Introduction
Transparency Market Research delivers key insights on the global rainwater harvesting market. In terms of revenue, the global rainwater harvesting market is estimated to expand at a CAGR of 6.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global rainwater harvesting market.
Governments mandated all companies dealing in non-essential products to close their production activities due to the COVID-19 pandemic. The worldwide lockdown made it difficult for companies to procure goods and services, but soon after the lockdown lifted, companies are targeting domestic consumers. Slowdown in the production sector has disrupted the overall rainwater harvesting business.
Population growth 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 to water resources. Water scarcity is measured in per capita availability and percentage of water resources. Stress on fresh water resources is already leading to water scarcity in many places.
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Rainwater harvesting is an eco-friendly technology that can benefit the consumers in using it as a direct water resource or in charging the ground water levels. It is termed as “green practice,” which does not hamper the environment and fulfills the purpose. More consumers are adopting rainwater harvesting and the trend of its adoption is increasing, which is expected to drive the rainwater harvesting market during the forecast period.
Rainwater Harvesting Market: Dynamics
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.
The adoption of modular rainwater harvesting is witnessing an increasing trend in most of the developed countries, and the adoption of modular rainwater harvesting is picking up in developing countries. Companies, thus, are expected to have an opportunity to cater to future rising demand for modular rainwater harvesting during the forecast period.
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Rainwater Harvesting Market: Prominent Regions
Asia Pacific and Europe collectively constituted 69.5% share of the rainwater harvesting market in 2020. The two markets are highly lucrative and are anticipated to expand at a significant CAGR during the forecast period. The commercial end user segment accounted for a major share of the rainwater harvesting market in Europe compared to any other region. This is due to the high initial cost of rainwater harvesting in the region.
Although the number of installations in Asia Pacific is high, the cost per unit is less compared to Europe and North America. Asia Pacific and Africa prefer simple rainwater harvesting systems rather than complex ones. However, they are compromising on the quality of the rainwater harvesting system.
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Rainwater Harvesting Market: Key Players
Key players operating in the global rainwater harvesting market are Kingspan Group Plc., Watts Water Technologies, Inc., Otto Graf Gmbh Kunststofferzeugnisse, WISY AG, Innovative Water Solutions LLC, D&D Ecotech Services, Rain Harvesting Supplies, Inc., Water Field Technologies Pvt. Ltd., Stormsaver Ltd., Climate Inc., Water Harvesters, Heritage Tanks Pty. Ltd., Harvest Rain Inc., and The Rainwater Connection Ltd.
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