In a recent report from CRIFAX, covering the wastewater treatment market between 2020 and 2028, the global research firm looked at recent trends, mergers and acquisitions, and region-wise growth to look at some of the challenges and trends that are affecting the growth of the industry.
Collectively, the United States, India, and China account for 70 percent of the entire world’s energy demand. Through growing populations and rising economic development in these countries and around the rest of the world, combined with a thirst for energy use, the Water and Wastewater Treatment market is estimated to see massive growth over the next eight years.
Keeping Up With Growth
As the demand for more residential housing, corporate buildings, and end-to-end transportation options continues to rise, the rapid growth in energy use and wastewater treatment will combine for major productivity. The industry already witnessed a four-percent growth in 2018, according to the International Energy Agency (IEA), the same year that electricity production saw more than half of its contents being produced from either coal or natural gas.
Pushed forth by rising global sentiments for cleaner emissions and fewer greenhouse gases, many government bodies, be they local, state, federal, or global, have introduced policies and regulations in order to cut down on carbon emissions with the goal of helping clean up the environment and create effective wastewater treatment plants. These factors are making their way into the growth of the global water and wastewater treatment market as new penalties could be laid down on companies that fail to create cleaner water and more sustainable commodities.
Insuring the Industry
The push for more sustainable water and wastewater treatment is also opening up opportunities in the water treatment insurance market. Water treatment insurance is a targeted approach to loss control and risk management strategies in the wastewater market. From reviewing water service to providing resources to cover litigation over claims related to contamination, water treatment insurance is a safety net for companies, especially during an increase in wastewater production and clean water efforts.
A Renewable Landscape
Looking at renewable energy, IEA has estimated a growth of seven percent in energy generation from renewables in 2018, a small but effective increase year-over-year compared the previous eight years. Between 2017 and 2018, around 40 percent of the growth in renewable electricity production was in China alone, followed by the entire European Union at 26 percent. The big move toward a rise in clean energy initiatives and relative goals is connected to the growth in the global wastewater treatment market by needing to supply surrounding communities and expanding markets with clean and sustainable water.
Furthermore, the growing awareness connected to climate change and environmental issues is pushing many manufacturers to factor in more sustainable energy strategies and look into investing in environmentally friendly power generation. The goal here is to promote sustainable development across the globe, especially in more developmental countries where getting safe drinking water treatment plants to help local water systems is a point of focus.
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