The water and wastewater treatment market is anticipated to be valued at USD 99,634.7 million in 2021 and is expanded to grow at a significant CAGR of 6.3% over 2022-2028. The growing population and increasing health consciousness among people to drink safe and healthy water raise the demand for freshwater. Such scenarios, like growing pollution, and water contamination, significantly result in a lack of freshwater resources, which further increases the need for freshwater incoming the next decade; this, in turn, increases the necessity of water & wastewater treatment solutions over the same period. As per the World Health Organization (WHO), 663 million people worldwide lack access to clean water, and 315 thousand children under the age of five die each year from diarrhoeal diseases caused by dirty water and poor sanitation, driving up the demand for freshwater. Demand for water & wastewater treatment solutions is rapidly growing from different industries like Food & Beverage industry, the Chemical industry, the Pharmaceutical industry, and others. While processing food and beverages products, water requirements and wastewater management play an essential role. Furthermore, rising global demand for food and beverage products is expected to boost demand for wastewater and water treatment solutions over the forecast period. In the pharmaceutical industry, water preservation and monitoring of water quality are needed, as wastewater produced in the pharmaceutical industry often contains high levels of contaminants and requires wastewater treatment solutions, and it is an increasingly critical part of pharmaceutical industry operations. Moreover, the reduction of water. In 2021, municipal waste accounted for a larger revenue share and was projected to grow with a CAGR of 6.2% from 2022 to 2028 to reach USD 90,156.2 Mn by 2028. The rising scarcity of portable water and increasing population are driving the municipal waste segment.
Recent Market Developments:
In March 2022, DuPont Water Solutions, a DuPont de Nemours, Inc. business and global leader in water and wastewater treatment technologies, today announced a major transformation of the OxyMem™ Membrane Aerated Biofilm Reactor (MABR) at its manufacturing facility in Athlone, Ireland. The investment in the facilities and employees at the Athlone site will help meet the increasing global demand for MABR.
In October 2021, Kurita Water Industries Ltd. (Head Office: Nakano-ku, Tokyo; President: Michiya Kadota; hereinafter “Kurita”) is pleased to announce that it has developed and started applying the Power Bio E-PLUS™, a new technology of purifying soil contaminated with volatile organic compounds (VOCs), part of the contaminants in soil and groundwater, without soil excavation.