Global Water Treatment Technology Market Report, published by Variant Market Research, forecast that the global market is expected to reach $216.9 Billion by 2024 from $150.3 Billion in 2016, growing at a CAGR of 4.7% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 5.3% and 4.7%, respectively, during the forecast period.
"Water Treatment Technology Market (Pumps, Valves & Controls, Automation Systems; Coagulants And Flocculants, Anti-Foamants And Defoamers, Corrosion And Scale Inhibitors, Activated Carbon, Biocides; Reverse Osmosis, Ultrafiltration, Microfiltration, Electrodialysis, Gas Separation & Others; North America, Europe, Asia-Pacific, RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors fueling the growth of the global water treatment technology market are high demand for portable water, government initiatives to develop advanced water treatment plants, and rapid industrialization. Though, high initial costs would hamper the growth of the market. Besides, fast depleting fresh water reserves and growing investments to modernize the plants would offer several growth opportunities for the market players in the forecasted periods.
Pumping system, chemicals, and membrane system are the major segments considered in the global water treatment technology market. Pumping system is categorized into pumps, valves & controls, and automation systems. By chemicals, the segment is bifurcated into coagulants and flocculants, anti-foamants and defoamers, corrosion and scale inhibitors, activated carbon, biocides, and others. By membrane system type, the market is sub-segmented into reverse osmosis, ultrafiltration, microfiltration, electrodialysis, and gas separation & others.
In pumping systems, valves & controls accounted the majority of the market share in 2016, while pumps are expected to attain fastest growth rate during the forecast period. Corrosion and scale inhibitors dominated the chemicals segment largest market share, closely followed by coagulants and flocculants. Similarly, in membrane system, reverse osmosis held the largest market share in the year 2016, while gas separation & others held second largest market share.
By geography, the water treatment technology market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the maximum market share with 31.1% in 2016, followed by Asia-Pacific with 29.4%. In terms of growth, Asia-Pacific will attain fastest CAGR during the forecast period, driven by increasing demand for water, continuous investments in water and wastewater improvements, and adoption of water conservation strategies.
The major players operating in this market include KSB Co., KITZ Corp., Solvay SA, BASF, Ashland Hercules, Akzo Nobel N.V., Kirloskar Ebara, Buckman Laboratories International Inc., GE Water and Process Technologies and The Dow Chemical Company, among others.