Stormwater Management Market to Cross $ 18 Billion by 2023
Rise in number of natural disasters and aging water
collection systems coupled with increasing shift towards adoption of advanced
water management systems to drive global stormwater management market through
2023
According to TechSci Research report, “Global Stormwater Management Market By Tool, By Application, By Region,
Competition Forecast & Opportunities, 2013 – 2023’’, the global stormwater management market
is forecast to reach $ 18.4 billion by 2023, owing to rising number of floods
and storms and increasing regulations aimed at efficiently managing wastewater
and stormwater. Rising global population is boosting the consumption of water,
and to cater the surging demand for fresh water, both private and public water
managing companies are shifting their focus towards the management of surface
run off. Moreover, growing urbanization and expanding industrial sector is increasing
the level of contamination in freshwater sources. With growing focus of
governments on increasing the level of groundwater and minimizing land losses
due to heavy rainfall and flood, stormwater management market is expected to
register strong growth over the coming years, globally.
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Stormwater management majorly
finds application in municipal, industrial and commercial sectors. Municipal
sector accounts for the dominating share in the global stormwater management
market, on the back of increasing number of government regulations to minimize
the pollution and make efficient use of stormwater. Increasing investments and
growing technological advancements to upgrade water management infrastructure have
shifted the governments and private companies’ focus to stormwater management
as compared to conventional methods of water and wastewater management. Additionally,
government standards and guidelines to include stormwater management in
building guidelines and urban planning, majorly in developed economies, is
expected to boost the use of stormwater management services across various sectors,
globally.
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On the basis of tools, global stormwater
management market is segmented into grassed swales, rain gardens, pervious
pavement, green roofs and others. Grassed swales and rain gardens are the two
major tools which are widely used in stormwater management, backed by their
easy construction, maintenance and high efficiency in collection of stormwater
along the roadsides, bridges and other areas. “North America leads the global
stormwater management market, owing to stringent government regulations and availability
of advanced technological tools for stormwater management in the region. Moreover,
increase in number of floods and storms, and high rain and snowfall is expected
to drive the implementation of stormwater management in North America over the
coming years. Furthermore, in developing countries, rising government
initiatives and investments to build sustainable infrastructure and to improve
groundwater level & quality would drive the demand for stormwater
management until 2023.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Stormwater Management Market By Tool, By
Application, By Region, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth
potential of stormwater management market and provides statistics and information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in the
global stormwater management market.
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