Global Water Treatment Market to Grow Rapidly
8 Mar 2023 by The Water Diplomat
A new publication on trends in the water market has estimated that the global water treatment market is projected to grow at a compound annual growth rate of some 7% per year in the period 2023-2028. In 2022, the water treatment market was valued at US $ 303 billion, and it is projected to grow to US $ 460 billion by 2028. This growth is driven amongst others by the continuing trend of urbanisation: currently, 57% of the world population lives in urban areas, and the average annual growth rate of urban populations is 4.4% due mostly to the fact that some 80% of the world’s GDP is produced in urban areas. Beyond this, however, total global water demand is expected to grow by between 20-30% by 2050, increasing pressure on available resources and placing a premium on the value of treated wastewater. Increasing freshwater scarcity in some regions, the rapid growth in emerging markets, rising concerns around environmental degradation, increasing by companies in advanced wastewater treatment technology and growing emphasis on water quality and public health, are all factors contributing to the rise in demand for water treatment services. Governments are introducing increasingly stringent laws and regulations related to both water quality and pollution, and are developing medium and long term policies requiring the expansion of water treatment facilities.
Keeping pace with growth in water demand will require investment in water treatment services. However, the market is constrained by the lack of infrastructure in many regions as well as the high investment costs and the costs of operating water treatment facilities. Nevertheless, the highest growth rates over the past years have taken place in high end water treatment facilities such as membrane separation technology and activated sludge treatment.