Water Treatment Market Poised to Reach $325.41 Billion by 2023: Uncovering Key Trends & Challenges

Global Water Treatment Market (by Application, Product and Services, Equipment Type, & Region): Insights and Forecast (2023-2028)

DUBLIN, Nov. 20, 2023 /PRNewswire/ —

The Global Water Treatment Market (by Application, Product and Services, Equipment Type, & Region): Insights and Forecast (2023-2028) report has been added to ResearchAndMarkets.com’s offering.

Lack of fresh water resources, rapidly developing emerging economies, rising environmental concerns, increased corporate investment in advanced wastewater treatment technology, and a growing emphasis on water quality and public health are expected to drive overall market growth during the forecasted period. Along with these trends, there is increasing pressure on water-intensive industries to improve their efficiency and increase wastewater reuse.

These factors contribute to the need for more effective pollutant removal from water and are likely to drive future investment in water treatment. The global water treatment market is expected to reach US$325.41 billion in 2023, progressing at a CAGR 7.20% over the projected period.

Top Impacting Factors

Driver: Water Scarcity

There has been increasing demand for water resources, not only for municipal and agricultural purposes but also for critical industrial processes, so with over 40% of global population residing in regions marked under critical water stress and only about 1% of the water available on earth being freshwater, there has been an increasing demand for water treatment solutions converting seawater to freshwater via desalination process. According to UNICEF, almost two thirds of the world’s population is experiencing severe water scarcity for at least one month each year and more than two billion people are living in countries where water supply is inadequate. So, rising concerns regarding ground water depletion, low availability of naturally available drinking water and increasing adoption of the concept of recycling & reusing water by companies will continue to boost the growth of global water treatment market.

Challenge: High Installation, Equipment and Operations Cost

Water treatment plants are associated with high installation, operational and annual cost as wastewater is systematically treated in many stages where each stage requires special skills and expertise of labor force in terms of extensive knowledge about chemical composition and content of effluent stream to be treated, so, complexities of operating makes it more labor intensive and increases the operational cost, making it difficult for companies to generate enough profit margins. Water treatment process is also highly capital intensive. For instance, The Development Bank of Latin America (CAF) estimated that over the period of 2010-2030, US$80 billion will be spend on sewerage infrastructure and US$33 billion on wastewater treatment. So with increasing competition and reduced margins, the companies aren’t seeking such substantial investments needed to build water treatment plants, impeding the growth of global water treatment market.

Trend: Integration of Artificial Intelligence (AI)

Artificial intelligence in water treatment processes is associated with higher automation, reduced operational cost, low occurrence of human error and optimizing use of chemicals with AI models successfully predicting the performance of different absorbents for the removal of pollutants from water. The most commonly used AI techniques in water treatment are Recurrent Neural Network (RNN), Convoluted Neural Network (CNN), Decision Tree (DT), Feed Forward Back Propagation Neural Network (FFBPNN), etc., where these techniques are mainly used for adsorptive removal of metals, dyes, organic compounds, nutrients, pharmaceuticals, drugs, pesticides, etc., reducing water contamination and scarcity of clean water. Therefore, increasing integration of AI in water treatment processes is expected to boost the growth of global water treatment market in the forecasted period.

Segments Covered

By Application:

• Municipal
• Industrial

By Product and Services:

• Equipment
• Services
• Chemicals

By Equipment Type:

• Membrane separation
• Biological
• Sludge
• Disinfection
• Others

Analysis of Key Players

The market for water treatment has been fragmented due to the presence of numerous international, regional and local players in the market. The main objective of key players operating in the market

SDGs, Targets, and Indicators

1. SDG 6: Clean Water and Sanitation

   • Target 6.1: By 2030, achieve universal and equitable access to safe and affordable drinking water for all.
   • Target 6.3: By 2030, improve water quality by reducing pollution, eliminating dumping and minimizing release of hazardous chemicals and materials, halving the proportion of untreated wastewater, and increasing recycling and safe reuse globally.
   • Target 6.4: By 2030, substantially increase water-use efficiency across all sectors and ensure sustainable withdrawals and supply of freshwater to address water scarcity and substantially reduce the number of people suffering from water scarcity.
   • Target 6.5: By 2030, implement integrated water resources management at all levels, including through transboundary cooperation as appropriate.

2. SDG 9: Industry, Innovation, and Infrastructure

   • Target 9.4: By 2030, upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes.

3. SDG 12: Responsible Consumption and Production

   • Target 12.4: By 2020, achieve the environmentally sound management of chemicals and all wastes throughout their life cycle, in accordance with agreed international frameworks, and significantly reduce their release to air, water, and soil in order to minimize their adverse impacts on human health and the environment.

Table: SDGs, Targets, and Indicators

Note: The article does not provide specific indicators related to the targets mentioned.

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Source: finance.yahoo.com

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