Growing water shortages & technological advancement will lead towards the water and wastewater treatment market growth
The global water and wastewater treatment market is expected to grow at a high CAGR of roughly 6.7% between 2021 and 2027, with a market value of US $ 20.14 billion in 2020.
Water and wastewater treatment is performed before using it for the purposes like domestic and commercial purposes. The increasing demand for fresh water and less availability of naturally available drinking water has created a huge demand for the process. A few other factors that greatly affect the water and wastewater treatment market growth are continuously increasing global population and. Recent technological developments are another market boosting factor and will create huge opportunities for the industries working in the water and wastewater treatment industry in upcoming years. Increasing demand for clean water because of the industrialization and urbanization along with diminishing freshwater resources will lead to impel the demand for the product during the forecast period. Furthermore, growing investments in wastewater treatment facilities are projected to propel the market growth. Increasing environment issues is also likely to drive the market growth. Huge demand for water treatment facilities around the globe will leave positive effect on the market growth in upcoming years.
The report does the analysis of recent market trends around major regions such as North America, Asia Pacific Latin America and the Middle East and Africa. North America dominates the global market hugely among other regions because of the present of numerous water and wastewater R&D facilities around the region. The Asia Pacific market other than North America will also record huge growth in upcoming years due to the huge investments done by countries like Japan, China and India. The U.S also covered the huge market share. Another major key driving factor for market growth in Asia Pacific is presence of key manufacturers in the region. Furthermore, the increasing requirement for upgrading present facilities of the aging infrastructure is projected to drive the market growth in the U.S.