Rainwater Harvesting Market will Reach a Valuation of US$1.14 Billion by 2025 - TMR
The global rainwater harvesting market is valued at US$ 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.
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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.