Global water market to reach $915B by 2023
According to forecasts by Global Water Intelligence (GWI), the global water market is projected to reach a value of $914.9 billion by 2023. The rise is attributed to a recovering global economy, high commodity and oil prices, as well as water quality and infrastructure plans in China, Saudi Arabia and Southeast Asia.
The projected increase in global capital expenditure on water and wastewater is being fueled by a return to growth for key industry sectors such as upstream oil and gas, mining and microelectronics. Oil prices and commodity experienced a rebound in 2017 off the back of OPEC production cuts and a growing demand for copper, lithium and nickel for batteries and electric vehicles.
The market for oil-water separation is expected to grow 14.6 percent. GWI found the average number of water barrels used per frack in the Permian Basin increased 434 percent between 2013 and 2016.
The expenditure on water and wastewater by the mining industry will increase by 23.5 percent to $1.64 billion in 2019. Growth in the mining industry will create opportunities for seawater desalination and water reuse projects. Chile is expected to lead these desalination opportunities.
Increased regulatory powers in China and India resulted in stricter enforcement for wastewater treatment projects. Private finance models for water are going to expand in Southeast Asia as part of a proprivatisation trend.
Wastewater recovery systems market to exceed $50B by 2024
The global wastewater recovery systems market will exceed $50 billion by 2024, according to a study conducted by Global Market Insights Inc. Waste discharge standards and initiatives toward minimizing ecological impact of waste, as well as growing measures to counter declining water resources, will drive the market.
Shifting toward a circular economy will play a role in the market growth. Businesses will be able to enhance competitive capacity and environmental performance with their ability to recover usable water, energy and material from wastewater.
The U.S. wastewater recovery is expected to grow more than 7 percent by 2024. Discharge standards are going to help propel this growth. For example, the U.S. Environmental Protection Agency (EPA) Clean Water Act prohibits the discharge of a pollutant into U.S. waters without a National Pollutant Discharge Elimination System (NPDES) permit.
Europe’s wastewater recovery systems market is anticipated to grow more than 6 percent by 2024, also due to increasing regulations. For example, the EU Water Framework Directive focuses on the “3-Rs” approach to reduce, recycle and reuse.
Rising investments toward green industrial infrastructure will aid the expansion of this market in Saudi Arabia. Innovations in areas such as multimedia filtration will also boost the market by providing high-quality water treatment at a faster rate.