Water filtration equipment market is projected to grow at a CAGR of 2.41% to reach US$41.936 billion by 2026, from US$35.497 billion in 2019.
Water filtration is process of removing the particulate matter and undesired chemical and biological contaminants, from polluted water in order to provide safe and clean water for different purposes.
The primary market driver of the market is the burgeoning global population, due to which the demand for purified water is surging, globally. According to Worldometers, 2020, the World population is projected to be 7.79 billion or 7,795 million as of July 1, 2020. By 2023, the human population is expected to grow to more than 8 billion. The growing water scarcity due to the increasing global population and rising urbanization is pressurizing governments to build new water treatment facilities while upgrading existing ones. This, in turn, is significantly boosting the demand for water filtration equipment across different end-use industries.
Moreover, strict government regulations regarding safe drinking water and wastewater treatment are another major driver of the water filtration equipment market. For instance, The Safe Drinking Water Act (SDWA) of 1974 and its amendments establish the basic framework for protecting the drinking water used by public water systems in the United States. The governing bodies of all the countries are actively creating awareness regarding safe drinking water which will, in turn, accelerate the market demand in the years to come. Furthermore, the increasing applications of water filtration equipment across various industries such as food and beverage, chemicals, pharmaceuticals, electronics, etc. will further contribute to the market growth of this equipment during the forecast period.
water filtration equipment Market, US$ billion, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
Geographically, North America holds a significant market share owing to the high awareness about water quality and corresponding massive demand for better water treatment solutions. The Asia Pacific will witness the fastest regional market growth during the projected period owing to the rising number of manufacturing facilities across different end-use industries such as food and beverage and pharmaceuticals. Supportive government initiatives and policies to improve the quality of drinking water will also bolster the growth of the APAC water filtration equipment market during the projected period.
water filtration equipment Market share, by geography
Source: Knowledge Sourcing Intelligence Analysis
The global population has been on a constant rise, due to which the demand for water filtration equipment is on a rise. According to the World Bank, the world population was 7.592 billion which increased to 7.674 billion in 2019. The continuous rise in the population will be favorable for the water filtration equipment market as to meet the increasing demand new equipment will be installed and the existing ones will be upgraded.
The high costs associated with the implementation of this equipment may hamper the market growth in the long run. Many enterprises, especially in developing countries may not be able to afford the water filtration equipment due to budget constraints which may restraint the market growth.
The Covid-19 pandemic negatively impacted the water filtration equipment market, as due to the lockdown and trade restrictions imposed by the governments, worldwide the business operations of many industries such as chemicals, food & beverage, electronics, water & wastewater treatment, etc. were put to a halt which in turn declined the demand for water filtration equipment in 2020 as the industries suffered huge losses. However, with the ease of restrictions, the market is expected to rebound during the forecast period.
The market leaders for the water filtration equipment market consist of Dow Chemical Company, Evoqua Water Technologies LLC, The Water Purifiner Inc., Culligan Water, Trojan Technologies, Aquafilter Europe Ltd., BWT AG, and Salsnes Filters AS. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors.
|Market size value in 2019||US$35.497 billion|
|Market size value in 2026||US$41.936 billion|
|Growth Rate||CAGR of 2.41% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Technology, Product Type, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||The Dow Chemical Company, Evoqua Water Technologies LLC, The Water Purifiner Inc., Culligan Water, Trojan Technologies, Aquafilter Europe Ltd., BWT AG, Salsnes Filters AS|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the water filtration equipment market size by 2026?
A1. The water filtration equipment market is projected to reach a market size of US$41.936 billion by 2026.
Q2. What are the growth prospects for the water filtration equipment market?
A2. The global water filtration equipment market is projected to grow at a CAGR of 2.41% over the forecast period.
Q3. What factors are anticipated to drive the water filtration equipment market growth?
A3. The primary market driver of the water filtration equipment market is the burgeoning global population, due to which the demand for purified water is surging, globally.
Q4. What is the size of the water filtration equipment market?
A4. Water Filtration Equipment Market was valued at US$35.497 billion in 2019.
Q5. Which region holds the maximum market share in the water filtration equipment market?
A5. Geographically, North America holds a significant share in the water filtration equipment market owing to the high awareness about water quality and corresponding massive demand for better water treatment solutions.
The Dow Chemical Company
Evoqua Water Technologies LLC
The Water Purifiner Inc.
Aquafilter Europe Ltd.
Salsnes Filters AS
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