Water and wastewater treatment market to reach $466B by 2028, study shows
(UC) — A recent study published by Zion Market Research showed that the water and wastewater treatment industry accrued revenue of nearly about $284.49 billion in 2021 and is anticipated to gain proceeds of roughly $466.51 billion in 2028. The study said the industry will record its highest gains of nearly 7.5% from 2022 to 2028.
The study found that the growth of water and wastewater treatment market during that period will be subject to a prominent rise in urbanization and massive requirement of new water resources.
In addition to this, escalating need of low power consuming and novel water and wastewater treatment methods will culminate into humungous expansion of water and wastewater treatment industry. Strict laws pertaining to effluent treatment is also anticipated to boost water and wastewater treatment market trends, according to the study.
The large-scale use of new technologies such as nanotechnology and artificial intelligence is projected to thrust expansion of water and wastewater treatment industry in ensuing years.
With declining water quality massively impacting water utility costs, wastewater treatment has become necessary, and this has translated into substantial growth in the water and wastewater treatment market.
The most significant breakthroughs in the water industry are innovations in water membrane tools and materials utilized in effectively treating and reusing water, which will likely enlarge scope of water and wastewater treatment market growth, the study said.
Growth of water and wastewater treatment industry over forecasting timeline is subject to massive demand for clean water due to water scarcity as well as depletion of water sources and reservoirs due to exploding population across globe.
Additionally, strict laws pertaining to ecological problems have enhanced popularity of water and wastewater treatment systems. Growing healthcare concerns and rise in levels of population due to rise in urbanization and industrialization has led to industrial waste deposition in water bodies, thereby creating huge demand for water and wastewater treatment methods. This will stretch market growth graph in upward direction. Rise in occurrence of waterborne diseases with latter being main cause of deaths in infants as well as children has resulted in huge necessity of water and wastewater treatment solutions, thereby driving market growth trends.
Furthermore, a prominent rise in treating of sewage and drainage water in countries such as India, the U.S., and China will embellish demand for wastewater treatment tools, thereby creating new growth avenues for water and wastewater treatment market. Nevertheless, huge equipment costs and rise in operational costs can pose a threat to growth of market in forthcoming years.
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