The global Water Treatment Market Size was valued at USD 323.32 billion in 2023 and is projected to grow from USD 346.41 billion in 2024 to USD 617.81 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period.
The demand for water and wastewater treatment technologies is rising across the globe due to large-scale urbanization and rapid industrialization. Since more people are moving to urban areas, the demand for clean water is growing at a notable pace every year. Similarly, more manufacturing plants are being set up to cater to the rising lifestyle demands of people living in the cities.
Source:
https://www.fortunebusinessinsights.com/water-and-wastewater-treatment-market-102632
This factor has led to a worrying rise in the volume of wastewater being generated from these plants each year. Many countries across the world are also facing severe water shortages, compelling the authorities to use wastewater treatment solutions to convert seawater into drinkable water with the help of the desalination process. These factors are expected to augment the water and wastewater treatment market growth.
Fortune Business Insights™ displays this information in a report titled, "Water and Wastewater Treatment Market, 2023-2030."
COVID-19 Impact:
Industrial Activities Slowed During Pandemic, Negatively Impacted Market Progress
The COVID-19 pandemic decelerated the volume of investments in the water industry as a large number of large-scale commercial and industrial end-users decreased their demand for water treatment facilities. This is because lockdowns and other movement restrictions were imposed, which slowed down industrial activities significantly. Moreover, since manufacturing plant owners faced a severe cash crunch due to the decline in their revenue margins, they were discouraged from investing in advanced water and wastewater treatment facilities. This scenario negatively affected the market progress.
Segmentation:
Rising Focus on Establishment of New Treatment Plants to Boost Demand for Water Treatment Services
Based on segment, the market is classified into chemicals, equipment, and services. The services segment is anticipated to record a strong growth rate during the forecast period as more companies are focusing on building new water and wastewater treatment plants while renovating the existing facilities.
Municipal Establishments to Increase Dependence on Wastewater Treatment Facilities to Supply Clean Agriculture Water
Based on application, the market is bifurcated into municipal and industrial. The municipal segment is expected to hold a dominant water and wastewater market share as more than 30% of the global water supply goes to the agriculture sector. This will automatically increase the demand for clean water to help farmers keep their fields healthy.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The market report offers an elaborative study of the industry and highlights key areas, such as prominent companies, leading application areas of the product, and key technologies. It also offers valuable insights into the most recent market trends and focuses on top industry developments. Besides the aforementioned factors, the report also encompasses several factors that have contributed to the market’s growth in recent years.
Drivers and Restraints:
Imposition of Strict Rules for Effluent Treatment to Boost Market Growth
While production processes are undergoing a wide range of technological innovations to improve their overall efficiency and performance, the volume of wastewater generation increased by many folds over the years.
The effluents released by companies that process rare metals, pesticides, chemicals, and other harmful materials pose severe environmental risks. This is why many reputed government agencies have released protocols and guidelines that place a limit on the number of effluents in industrial water before it is released into freshwater bodies. Such initiatives will drive the water and wastewater treatment market share.