Water Treatment Market to Hit $112 Billion by 2030
The global water treatment system market is projected to value around US$ 112 Bn in 2030 and is likely to grow at a value of ~7.4 % CAGR over the forecast period. Demand for potable water is experiencing exponential rise annually, with growing global population and pollution levels. Water bodies that have been the conventional sources of drinking water for individuals are also getting affected by alarming rates of ecological burden. Water treatment systems are affordably priced to enhance their reach across varied economic strata of consumers.
According to the report, several key drivers are expected to fuel the growth of the global water treatment market during the forecast period. The notable driving forces include, growing awareness of the hazardous effects of impure water consumption, steady surge in demand for fresh water, adoption of water treatment systems, and demand for quality water from the domestic and industrial sector.
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The increase in the adoption of new technologies along with focus on R&D will play an instrumental role in shaping the overall growth of the water treatment market in 2019 and the coming years. Further, established players operating in the water treatment market are likely to increase investments in R&D activities, focus on the development of innovative water treatment systems, and offer cost-effective solutions.
In addition, existing players pushing for product innovation, collaborations with EPC companies and local municipalities, development of patented technologies and high capacity treatment systems are likely to gain a competitive edge in the current industry landscape.
East Asia Emerges as a Promising Region for Market Growth
In the current scenario, North America and MEA are expected to dominate the global water treatment market in terms of market share. However, the report suggests that the market in East Asia will witness a commendable growth through the forecast period 2019-2029. Currently, the market value of the water treatment market in East Asia is ~ US$ 10,065.6 million and expected to reach US$ 24,376.9 million by the end of 2029 growing at a CAGR of around 9.2% throughout the forecast period. The growth is projected to be primarily driven by focus on enhancing water quality and striking a balance between the demand and supply ratio.
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Furthermore, the economies of East Asian countries such as China, South Korea, and Japan have shown a steady growth in recent years. Macro-economic parameters including rapid urbanization, growing population, and positive investment patterns have boosted investments in the housing and municipality projects in the region. Other factors such as lack of quality water treatment infrastructure and growing water scarcity have led to a noteworthy increase in the spending to upgrade water treatment facilities in the region.
Evolving Government Regulations Expected to Shape the Future of Water Treatment
According to the FMI report, in the current scenario, the high demand for chemical-free water is projected to be a key driver of the global water treatment market. Government regulations revolving around water treatment policies are expected to focus on the impact of untreated water on the environment. The evolving government regulations has encouraged market players to focus on the development of eco-friendly water with innovation and adoption of new technologies.
According to the FMI analyst, “The growing demand and focus on chemical-free water has certainly opened up new opportunities for the existing market players. Further, the demand for environment-friendly water will lead to an increase in process water treatment systems in the forecast period.”
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In 2019, by application, process water treatment had a high value share of around 47.9% followed by waste water treatment (30.5%). Further, the trend is anticipated to continue throughout the forecast period 2019-2029 driven primarily due to the stringent government regulations.
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