Rainwater Harvesting System Market Size worth $7.9 Bn by 2027
Published Date: February 3, 2021 Authors: Kiran Pulidindi, Sayan Mukherjee
Rainwater Harvesting System Market size is forecast to exceed USD 7.9 billion by 2027, according to a new research report by Global Market Insights, Inc.
The rising installation of rainwater harvesting systems in residential and commercial sectors owing to the growing population and need for water will propel industry growth. Rising adoption of the product in the agricultural sector due to the increasing consumption of water is further expected to boost the overall market demand.
The growing water usage in commercial buildings, such as schools, restaurants, hotels, clubs, and hospitals, will increase the demand for water, increasing the adoption of rainwater harvesting systems. Additionally, the increasing water scarcity on account of the increasing population and climatic changes is anticipated to spur the rainwater harvesting systems market demand. Moreover, rising energy cost and consumption for water cycles across the globe will boost the usage of these systems.
The water sector is a major energy consumer, and because the operational and maintenance phases of the water use cycle are needed, energy consumption is directly linked to both the quantity and the desired quality of the water/treated wastewater required by customers.
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To achieve economic, social, and environmentally sustainable development in cities, energy and water efficiency in buildings play a vital role. To achieve sustainable development, most of the sustainable building codes mandate or recommend the installation of rainwater harvesting systems in buildings. This technique is an environmentally friendly initiative owing its benefits for integrated water management strategies. However, in many countries, the government and regulatory authorities have developed programs for water efficiency, which targets the use of alternative water sources in buildings. Some of the programs include Building Sustainability Index (BASIX) program in Australia, Code for Sustainable Homes in the UK, and Town Planning Building Regulation in Italy.
Browse key industry insights spread across 162 pages with 133 market data tables & 24 figures & charts from the report, “Rainwater Harvesting System Market Size By Harvesting Process (Surface Runoff, Rooftop Rainwater), By Product (Rain Barrel System, Dry System, Wet System, Green Roof System), By Installation (Direct Pumped, Indirect Pumped, Indirect Gravity), By Application (Residential, Commercial, Industrial, Agricultural), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rooftop rainwater segment to hold around 65% of the rainwater harvesting system market share in 2027
The rooftop rainwater harvesting system will showcase significant growth driven by its several advantages such as high-quality water, less expensive, and easy installation. Rainwater harvested from the rooftop can be used by different types of structures to recharge the groundwater aquifers to ensure that the rainwater percolates in the ground instead of flowing away from the surface. Additionally, the surface runoff segment captured a market share of above 33% in 2020 and is estimated to expand at 3.7% CAGR through 2027. Surface runoff technique involves collection of runoff rainwater. The installation of surface runoff requires high product cost, labor cost, and lot of digging.
The dry system segment is anticipated to dominate the global rainwater harvesting system market by 2027. This system uses a large storage tank, which is located close to the house for water to flow directly into the storage tank from the gutter pipes. The wet system segment is poised to achieve over 4.1% CAGR during from 2021 to 2027. This system requires regular maintenance and good filters as the pipes in this system remain filled with water at all times unless emptied. Furthermore, it costs significantly more than a dry system or rain barrel because of the need for underground piping.
Asia Pacific to exhibit steady growth during the forecast period
The Asia Pacific rainwater harvesting system market share is likely to exhibit highest gains of around 4.4% CAGR till 2027 majorly propelled by growing water consumption and increasing water scarcity coupled with growing population. Rising awareness regarding benefits of rainwater harvesting system is also a major factor driving the regional market demand. Moreover, rising water scarcity in the Middle East region to offer new growth opportunities. According to the World Bank, the Middle East & Africa region has the highest projected economic losses at 6-14% of GDP by 2050 due to the climate-related water scarcity.
Some of the top players of the rainwater harvesting system market include GRAF Group, Kingspan Group, Heritage Tanks, Watts Water Technologies, Inc., Innovative Water Solutions LLC, Stormsaver, Water Field Technologies Pvt. Ltd., HarvestRain, WISY AG, D&D Ecotech Services, Rainharvesting Systems Ltd., and Climate, Inc., among others. The major industry players of the global market are mainly focused on product innovation to maintain their position.