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Rainwater Harvesting Market reaching a value of US$1.14 bn by 2025
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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.
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.
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These factors may restrain the growth of rainwater harvesting market. However, 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. These modules are flexible in shape, provides durability and strength for long period of time and can also be used for storm-water detention. Modular rainwater harvesting shows a great opportunity for rainwater harvesting in the near future.
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