According to the latest report by IMARC Group, titled “Rainwater Harvesting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 857.4 Million in 2018. Rainwater harvesting is the method of collecting and storing rainwater for future use. The rainwater may be stored in tanks or natural reservoirs where the water is further redirected into a deep pit like a well or borehole. This water is utilized in different ways, which may include irrigation or gardening, or after proper treatment of the same, can be used in households as high-quality drinking water. Practicing this method not only reduces urban flooding and soil erosion but also ensures water availability across water-scarce areas.
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Global Rainwater Harvesting Market Trends:
One of the key factors driving the growth of the market is the rapidly growing global population. This has significantly impelled the demand for safe drinking water, which is creating pressure on natural water resources. Consequently, there is a shift from natural water resources to the storage of water through various effective means, including rainwater harvesting. Furthermore, owing to its ease of maintenance and simple installation process, rainwater harvesting is one of the most widely adopted water harvesting mechanism across the globe. Moreover, governments of numerous countries are investing in campaigns and initiatives to encourage the adoption of this system in both domestic and industrial sectors. For instance, the Government of India has invested in the construction of numerous water harvesting structures across the rural and urban areas of the country, which is expected to aid in an equal distribution of and accessibility to drinking water. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,103.8 Million by 2024, exhibiting a CAGR of around 4% during 2019-2024.
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Market Summary:
- On the basis of the harvesting method, the market has been bifurcated into above ground and underground.
- Based on the end user, the market has been categorized into commercial, residential and industrial sectors.
- On the geographical front, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market, including Kingspan Group, Watts Water Technologies, Inc., Graf Group, WISY AG, Innovative Water Solutions LLC, D&D Ecotech Services, Rain Harvesting Supplies, Inc., Water Field Technologies Pvt. Ltd, Stormsaver, Climate Inc, Water Harvesters and Heritage Tanks.
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