Report: Water and Wastewater Treatment Technology Market Worth $128.78 Billion by 2029

water treatment market forecast

A new report on the water and wastewater treatment technology market has been published by Meticulous Research. Entitled “Water and Wastewater Treatment Technologies Market by Type (Membrane Separation & Filtration, Sludge Management Technology, Activated Sludge), Application (Municipal, Residential, Industrial), and Geography — Global Forecasts to 2029”, the report predicts the water and wastewater treatment market to grow at a CAGR of 5.4% to reach $128.78 billion by 2029.

According to the report, the growth of the market is attributed to rapidly decreasing fresh water resources. In the light of this deficit, the need for water reclamation and circulation technology is rising. Energy efficiency and sustainability will be top priority within the forecast period. There is a challenge, however, in the cost and complexity of the recent water treatment technology. It is predicted to have a massive effect on the industry and market growth.

Impact of COVID-19 on the Water and Wastewater Treatment Technology Market

The COVID-19 pandemic caused severe difficulties for many markets and spheres of human activity. Global isolation and transition to remote work impacted many manufacturing and service industries, including water-related activities.

The pandemic caused a decrease in investments in water and wastewater treatment technologies. The global lockdown became the reason for a drop in demand for fresh water in many micro, small, and medium-sized enterprises. Due to lockdowns and travel restrictions, the decline in demand from large industrial and commercial users significantly reduced water utility revenues. This means a drop in demand for water treatment technologies and, consequently, a drop in the profitability of the industry.

However, the increasing demand for wastewater treatment is attributed to the growing necessity for an effective approach to properly dispose of industrial wastewater. The COVID-19 pandemic may have caused a decrease in demand for clean water, but it also resulted in the need for proper and advanced wastewater treatment. The technology is in significant demand in hospitals and quarantine centers to curb the spread of the virus. It is meant to decentralize wastewater treatment plants with multiple disinfection barriers in quarantine centers and isolation wards. These factors are expected to be a major influence on the water and wastewater treatment market.