WELLESLEY, Mass. — A new report from BCC Research, entitled "Waste and Wastewater Treatment Technologies: Global Markets," has found that the global market for waste and wastewater treatment products is expected to reach $53 billion in 2013 and $59.2 billion in 2014, according to a press release on Newsday.com.
The market is expected to grow to nearly $96.3 billion by 2019 with a five-year compound annual growth rate of 10.2 percent from 2014 to 2019, the release reported.
The market growth is due to increased demand for water by individuals and industry as well as diminishing freshwater sources; the combination of which has made water treatment an area of global concern, the release noted.
According to the release, increased research and development spending, environmental concerns and governmental regulations will also help spur the market's growth.
Read the full release here.