Report: U.S. stormwater market to grow as aging infrastructure struggles under extreme weather
(UI) – On Nov. 20, ResearchAndMarkets.com added the “United States Stormwater Management Market Competition Forecast & Opportunities, 2028” to it’s offering. According to the report, the United States stormwater management market is anticipated to register an impressive growth rate to 2028. An increase in disasters such as hurricanes, storms, and floods, is driving the demand for effective stormwater management.
Climate change is leading to more frequent and intense extreme rainfall events in various cities across the United States, which is increasing the risk of localized stormwater flooding. Traditionally, the focus in stormwater management was on water quality to prevent pollutants from being washed into bodies of water. However, cities now have to address the management of rainwater due to excessive water flooding roads and buildings and overwhelming stormwater systems.
Global warming and its associated impacts, including rising sea levels and extreme weather, are expected to lead to an expansion of floodplains in the United States by the end of the century.
The government's budget for 2023 includes over $18 billion for mitigation and adaptation programs across various federal agencies. These critical investments are aimed at reducing the risk of damage from floods, storms, and coastal erosion, while also restoring aquatic ecosystems and protecting vulnerable communities from the impacts of climate change. These investments are expected to be a driving force behind the growth of the United States stormwater management market.
In 2021, the U.S. Environmental Protection Agency (EPA) announced the availability of $67 million in grants under a new program focused on sewer overflow and stormwater recycling at the municipal level. These funds are intended to support public health and environmental protection by assisting states and cities in improving their stormwater management to address sewer overflows and reduce pollution entering local waterways, thus further contributing to market growth.
The U.S. government budget for 2023 allocated $3.5 billion for the Department of Homeland Security (DHS) climate protection program. That includes $507 million, an increase of $93 million from 2021. This is to incorporate climate science and future risks into the Federal Emergency Management Agency's (FEMA) flood hazard mapping program.
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