CHICAGO, Aug. 26, 2021 /PRNewswire/ -- According to the new market research report "Wastewater Treatment Services Market by Service Type(Designing & Engineering Consulting, Building & Installation Services), End-User (Municipal and Industrial), Industrial End-User (Chemical & Pharma, Oil & Gas) and Region - Global Forecast to 2026", published by MarketsandMarkets, the Wastewater Treatment Services Market is projected to reach USD 71.6 billion by 2026, at a CAGR of 6.2 % from USD 53.0 billion in 2021.
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Growing population, expanding manufacturing industry, urbanization, and regulatory requirements are the major drivers of the wastewater treatment services market. Initiatives by manufacturing industries and state bodies for low waste generation and growing awareness about new water treatment technologies are some of the factors which are likely to boost the wastewater treatment services market.
The treatment process which is used to remove the impurities and toxins from sewage or industrial water is referred to as wastewater treatment. The treated water can be safely discharged back into the environment. Wastewater is full of contaminants, which include bacteria, chemicals, and other toxins which are harmful for both humans as well as environment. Its treatment aims at reducing the contaminants to acceptable levels to make the water safe for discharge back into the environment.
Municipal is the largest end-user for wastewater treatment services market during the forecast period
Municipal is the largest end-user of the wastewater treatment services market. North America was the largest market for wastewater treatment services in 2020, in terms of value. Growing population, expanding manufacturing industry, urbanization, and regulatory requirements are the major drivers of the wastewater treatment services market. Initiatives by manufacturing industries and state bodies for low waste generation and growing awareness about new water treatment technologies are some of the factors which are likely to boost the wastewater treatment services market.
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APAC is expected to be the fastest-growing wastewater treatment services market during the forecast period, in terms of value
APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The wastewater treatment services market is growing significantly and offers opportunities for various industries. The APAC region constitutes approximately 61.0% of the world's population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest wastewater treatment services market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
The increasing population in the region accompanied with development of new technologies and products are projected to make this region an ideal destination for the growth of the wastewater treatment services market. However, establishing new plants, implementing new technologies, and creating a value supply chain between raw material providers and manufacturing industries in the emerging regions of the APAC are expected to be a challenge for industry players as there is low urbanization and industrialization. Booming power, consumer goods and packaging sectors and advances in process manufacturing are some of the key drivers for the market in the APAC. Countries such as India, Japan, and China are expected to witness high growth in the wastewater treatment services market due to the increasing demand from the food, pulp & paper, chemical, and power & generation industry.
The key players in the Wastewater Treatment Services Market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally. The key players operating in the wastewater treatment services market are trying to increase their scope of services to address the increasing demand. Veolia Water Technologies (France), SUEZ (France), Xylem (US), Evoqua Water Technologies (US), Thermax (India), and Ecolab (US) are the leading providers of wastewater treatment services, globally.
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