The market expects to see a compound annual growth rate (CAGR) of 6.2% through 2023, when it could be worth $46.6bn, according to the report.Major players in the market include 3M, Agilent Technologies, Calgon Carbon Group, Danaher, Halma, Neptune Technology, and Thermo Fisher Scientific.
Industrial process water treatment leads the market by growth, with a CAGR of 6.8%, followed municipal potable water treatment at 6.4% and sewage/wastewater treatment at 6.1%.
The water testing equipment market was led in size by turbidity meters, which had a 2018 value of $1bn, followed by dissolved oxygen meters at $806.2mn and total organic carbon analysers at $600.4mn.
Handheld equipment leads equipment types by growth, with a CAGR through 2023 of 5.5%, followed by benchtop and portable equipment, each with a CAGR of 5.4%.
“Global demand for specialty chemicals in water treatment market will increase from approximately $34.5bn in 2018 to $46.6bn in 2023,” the report notes. “Industrial process water treatment will be the largest end-use segment for specialty chemicals, reaching $16.2bn by 2023 and growing at the highest CAGR, 6.8%, during the forecast period.”
Access to clean, safe water remains a global challenge, the report adds. Some 700mn today face water scarcity, while 1.1bn lack access to safe water and 2.6bn lack access to basic sanitation. Up to half of hospital patients globally suffer from waterborne diseases. Issues such as water quality, quantity, and infrastructure have an important impact on the market. While developed nations in Europe and North America have stable supplies and high quality standards, basic challenges are still being confronted in the developing world and water management will play an increasing role in solving these problems.
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