Water and wastewater technology market will witness 5.2% annual growth through 2023

Water and wastewater technology market will witness 5.2% annual growth through 2023
Published: 11 June 2019 - 10 a.m.
By: Martin Menachery
Declining freshwater availability and growing environmental and conservation regulations are helping to boost the global water and wastewater technologies market, according to a recent report by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 5.2% through 2023, when it could be worth more than $83 billion, according to the report ‘Water and Wastewater Treatment Technologies: Global Markets’.

The global water and wastewater treatment technologies market is anticipated to grow from $64.41bn in 2018 to $83.01bn by 2023 with a CAGR of 5.2% during the forecast period of 2018-2023.

Delivery equipment will be the largest product category, reaching $35.3bn by 2023 and is anticipated to grow at a CAGR of 5.6% from 2018 to 2023. Measurement equipment product category segment is anticipated to grow with the highest CAGR of 6.1% during the forecast period from 2018 to 2023.

Population growth, increased agricultural production and rapid industrialisation in the Asia-Pacific region has resulted in intense pressure in providing water as well as recycling the waste water,” the report notes.

“Domestic waste dumping along with the inadequate sanitation infrastructure has made the rivers in the Asia-Pacific region highly polluted. This has created environmental concern across the Asia-Pacific region and the respective country governments are taking initiatives and hence supporting the growth of water and wastewater technologies market.”

The complex technologies and systems involved in water and wastewater treatment means solutions are expensive to implement, the report adds. Systems involved in treatment operations include process purification and separation.

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