New York (US), Sept. 06, 2023 (GLOBE NEWSWIRE) — Wastewater Treatment Services Market Overview
According to a Comprehensive Research Study by Market Research Future (MRFR), “Wastewater Treatment Services Market Information by Segment, Application, and Region – Forecast till 2032”, The Wastewater Treatment Services market might expand from USD 57.9 Billion in 2023 to USD 98.1 Billion by 2032, with a CAGR of 6.80% from 2023 to 2032.
Wastewater treatment is essential to address the soaring demand for clean water resources, which includes uses in both municipal and agricultural areas as well as crucial industrial activities. More than 40% of people on the planet now live in areas with a serious water stress rating. Since freshwater makes up only approximately 1% of the world’s total water supply, desalination is the sole treatment option available to countries with severe water shortages. In March 2022, for instance, Saudi Arabia presented more than sixty water treatment projects during the third MENA Desalination Projects Forum. By the end of 2027, the capacity for desalination in the nation is anticipated to have tripled.
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Market Competitive Landscape:
The important companies in the wastewater treatment services industry are
- Veolia (France)
- SUEZ Worldwide (France)
- DuPont (U.S.)
- 3M (U.S.)
- Xylem (U.S.)
- Kemira (Finland)
- Evoqua Water Technologies LLC (U.S.)
- Pentair PLC (U.K.)
- Ecolab (U.S.)
- American Water (U.S.)
- Acciona (Spain)
- Hydro International (U.K.)
- Aquatech International LLC (U.S.)
- Trojan Technologies (Canada)
- BioMicrobics Inc. (U.S.)
- Kurita Water Industries Ltd. (Japan)
- ASIO (Czech Republic)
- Among others.
|Market Size 2032||USD 98.1 Billion|
|Compound Annual Growth Rate (CAGR)||6.80% (2023-2032)|
|Market Forecast Period||2023-2032|
|Historical Data||2018- 2022|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Zero liquid discharge (ZLD) initiatives.|
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Market USP Covered:
The amount of wastewater produced has increased dramatically in recent years due to technical advancements in production processes. Environment-hazardous waste products come from businesses that process chemicals, insecticides, rare metals, and other dangerous chemicals and materials. Freshwater sources may be severely harmed by improper treatment of these effluents. As a result, organizations like the FAO and the U.S. EPA have established standard limitations on the traces of such compounds in effluents before they are disposed of into the environment. As an illustration, the EPA released the Oil & Gas Extraction Effluent Guideline & Standards, which was last updated in 2016, and focused on wastewater removal from fields, oil drilling, production, and well treatment activities across the coastal, land, and offshore sectors.
The rules involve severe fines and prison terms as penalties for violators. Due to the adoption of such stringent rules, businesses have been forced to construct and maintain water and wastewater treatment facilities. Therefore, it is anticipated that these factors will fuel the market in the years to come.
The manufacturers in the market are aiming to create a special synthesis of cutting-edge and age-old water and wastewater treatment methods. For instance, electronics company Tesla released the “YogJal Prithvi” purifier into the Indian market in January 2022. The technology used to create this equipment, which combines conventional copper mineralization methods with cutting-edge technology, is RO + UV + UF + Copper Filter + Alkaline. Utilizing cutting-edge technologies like artificial intelligence and nanotechnology, numerous researchers and businesses have teamed together to develop novel treatment methods that are anticipated to pave the way for increased demand for water and wastewater treatment services.
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The fluctuating cost of raw materials discourages many end users, particularly small businesses, from using water treatment chemicals. Manufacturers are only embracing wastewater chemicals as a result of strict government requirements that also apply to small-sector participants. This feature is anticipated to have a negative impact on the market growth for chemicals used in water and wastewater treatment.
COVID 19 Analysis
The significance of access to and availability of water, sanitation, and hygiene has been highlighted by the recent COVID-19 outbreak. Utilizing clean water has aided in the global effort to combat the pandemic and protect people’s health and well-being. For instance, in response to COVID-19, South Africa set up water supply sites for handwashing all around the nation.
Chemicals, equipment, and services are all part of the Wastewater Treatment Services Market segmentation. In 2022, the services sector dominated the market.
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Municipal and industrial are two of the market segments for wastewater treatment services, with respect to application.
In 2022, the worldwide market was dominated by North America (45.80%). The manufacturing sector’s rapid expansion and increasing funding in the wastewater management sector will be the market’s driving forces. The usage of products in municipal wastewater treatment facilities will also rise due to the region’s rising residential market, particularly in the US.
Over the next few years, Asia Pacific will see the fastest growth. The market for water treatment services in the region should benefit from the presence of major industries such as those producing iron and steel, aluminum, automobiles and component manufacture, chemicals, pharmaceuticals, and textiles in China, India, Japan, South Korea, and Southeast Asian nations.
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