New technology is needed all across the globe as there is growing concern on waste water problems that are arising around the world. Environmental R&D devoted to the sewage, garbage and waste water problems that are rising around the world are on the increase.
The global water and wastewater treatment segment are growing every year and is developing new equipment and techniques. An article from Grand View Research said that the global water and wastewater treatment equipment market size was valued at USD 61.60 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2021 to 2028.
Rising demand for clean water due to rapid urbanization and industrialization, coupled with diminishing freshwater resources, is anticipated to propel the product demand over the forecast period. Rising environmental concerns, coupled with the necessity to comply with the stringent government regulations pertaining to water & wastewater treatment across the globe, are likely to boost the market growth.
Moreover, increasing investments in wastewater treatment facilities are anticipated to drive market growth. The report added: “Rapid urbanization, technological advancements, infrastructural development, and population growth have increased the demand for fresh and processed water across the globe. However, due to the limited availability of freshwater resources, there is a growing focus on wastewater treatment and reuse to meet the rising demand. This is expected to boost market growth over the forecast period.
The municipal application segment led the market and accounted for 66.1% of the global revenue share in 2020. Growing urban population coupled with favourable government policies focused on promoting infrastructure development are expected to increase the product demand in the municipal sector, especially in developing markets like China, India, and Brazil.
A research concluded that the market is characterized by the presence of both multinational and regional players that are engaged in the designing, manufacturing, distribution, and installation of a wide range of products. Major companies have invested heavily in R&D initiatives and are also focusing on integrating advanced technologies to develop more effective and efficient solutions that can be utilized across the market.
Companies are also focusing on the economies of scope as water & wastewater treatment equipment is widely used in industrial and municipal sectors. Asia Pacific led the global market and accounted for a revenue share of 33.9% in 2020. The regional market is estimated to expand further at the fastest CAGR from 2021 to 2028. Increasing investments in the wastewater management sector coupled with the rapidly expanding manufacturing sector is likely to have a positive impact on the market growth.
Furthermore, the growing residential sector in the region is expected to boost product penetration in municipal wastewater facilities.