The global water and wastewater treatment equipment market size is expected to reach US$84.12 billion by 2028, registered a CAGR of 4%, according to ResearchAndMarkets.com’s latest report.
Increasing demand for clean water owing to rapid urbanisation and industrialization coupled with infrastructural developments in the water management industry is anticipated to drive the market growth over the forecast period between 2021-2028.
Wastewater and its discharge sludge contain several valuable resources, including phosphorus, and nitrogen, which can be recovered and reused to preserve threatened resources. Thus, a rising focus on reducing water consumption by reusing wastewater to ensure resource efficiency and support a circular economy is likely to open new avenues for market growth.
Rapid technological developments in the global industry are expected to “positively influence” short- as well as long-term modifications at water and wastewater management facilities. Market players have been increasingly focusing on integrating advanced technologies to develop more efficient and effective solutions for water management, thereby driving the product demand.
In addition, the rising environmental concerns along with the need to comply with government regulations regarding water management across the globe are anticipated to propel the product demand. Increasing investments to treat micropollutants and Per- and Polyfluoroalkyl Substances (PFAS), majorly in Europe and North America, are likely to have a “positive impact” on the growth of the global market.
Other highlights in the Water and Wastewater Treatment Equipment Market Report include:
- The biological product segment is estimated to register a CAGR of 4% from 2021-2028 on account of the stringent regulations coupled with the increasing demand for high-quality solutions for wastewater management.
- The segment of secondary process accounted for a revenue share of 37% in 2020 owing to the high adoption of advanced wastewater management technologies, such as moving bed biofilm reactors (MBBR) and integrated fixed-film activated sludge (IFAS).
- The product demand in the industrial application segment is anticipated to ascend at the fastest CAGR of 4.1% from 2021-2028. This growth can be attributed to the rapid industrialisation, particularly in developing countries, coupled with stringent regulations pertaining to effluent discharge from industries.
- Major companies have undertaken several business strategies, such as mergers, acquisitions, and R&D, to strengthen their presence in the global market. One such example is Veolia Water Technologies, which acquired Biochemica Water in February last year.