India-based business analytics and consulting company Adroit Market Research has reported that the global wastewater treatment plant (WWTP) market is worth $194.7bn by 2031, growing at a compound annual growth rate (CAGR) of 5%.
According to Adroit, the key global players are Dow Water and Process Solutions, Evoqua Water Technologies, GE Water, FilterBoxx, Hydroswiss, Veolia Environment, Suez Environment, ITT Corporation, United Utilities, Kemisan, TMW and Bioxic.
Municipal said to emerge as the most lucrative segment
During the forecast period, the municipality will be the main user of the wastewater treatment service. The availability and supply of high-quality water is a determinant of human health, social and economic growth, and ecosystems. However, the natural environment is deteriorating and the growing population make it difficult to provide safe water for all. A key element of this approach is to reduce water pollution and improve wastewater management. Assessing the potential of wastewater, rather than disposing of it, is crucial to a sustainable economy, according to reports.
Asia-Pacific to dominate the WWTP market
The APAC region is accounted for the largest revenue share, dominating the market with China as the largest market with growth potential. The main drivers of this market are increased disposable income and improved living standards in emerging markets in the Asia-Pacific region. Population growth in the region, coupled with new technologies, is expected to be an attractive location for the expansion of the wastewater treatment services market. However, the low level of urbanisation and industrialisation can challenge industry participants to develop new facilities, adopt new technologies, and build value chains between raw material suppliers and manufacturing sectors in expanding the APAC region.
WWTPs, particularly liquid solidification techniques, help increase the efficiency of industrial production processes. Such systems can remove inorganic particles and contaminants throughout the wastewater treatment process from stormwater runoff and wastewater, which may be reused to save money and help the environment.
In 2029, the worldwide WWTP market is said to exceed $72bn. The growing water pollution and shortage of water caused by global urbanisation are likely to boost this market’s growth. The WWTP market is driven by the expanding industrial industry, urbanisation, and regulatory requirements. Manufacturing industry and government initiatives to reduce waste creation, as well as increased knowledge of water treatment technologies, are expected to boost the market.