LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global rainwater harvesting systems market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global rainwater harvesting systems market will grow at a CAGR of approximately 6% during the forecast period. One of the key factor driving the market’s growth is the increase in water consumption. The global water consumption has increased in the past few years due to an increase in the population and use of water in various industries such as agricultural, chemicals, etc. Initially, rainwater harvesting systems were not integrated into buildings. This was mainly because of the lack of awareness among planners and policymakers, but new policies were put into effect, mandating the installation of rainwater harvesting systems as an integral part of building construction. The residential sector and non-residential sectors are installing rainwater harvesting systems owing to these mandates. This is helping the government to deal with increasing water consumption.
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In this report, Technavio highlights the emergence of smart cities and green buildings as one of the key emerging trends in the global rainwater harvesting systems market:
Emergence of smart cities and green buildings
The governments in different countries have taken initiatives to develop smart cities. For instance, in India, in 2015, the government allocated a sum of USD 7.5 billion for the next five years for the smart cities mission. The major objective of this mission was to develop an infrastructure, which is environmentally friendly and sustainable. Construction and development are expected to be the key growth components in the smart cities market. India is expected to witness an increase in the number of infrastructure and policy reforms to spur more private investments in the construction industry.
“Green building is a concept, which involves practices that are mostly meant to reduce the environmental impact through an effective framework of design construction and maintenance. At present, most of the technologies focus on greener construction. But, new innovations are taking place, which aims to reduce waste and degradation of the environment. One of the best examples of green building practices is rainwater harvesting. Both private and public entities have been promoting the concept of green buildings,” says a senior analyst at Technavio for research on water and waste management.
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Global rainwater harvesting systems market segmentation
This market research report segments the global rainwater harvesting systems market by end-user (non-residential and residential) and key regions (the Americas, APAC, and EMEA).
The non-residential segment held the largest market share in 2017, accounting for nearly 69% of the market. The market share of this end-user is expected to decrease by almost 1% by 2022. However, this segment will dominate the global market throughout the forecast period.
The Americas was the leading region for the global rainwater harvesting systems market in 2017, accounting for a market share of approximately 43%. This region is anticipated to post steady growth during the forecast period. The market share of the Americas will increase by close to 1% by 2022.
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