According to the new research report published by The Insight Partners, titled “Water Quality Testing Equipment Market - Global Analysis and Forecast to 2027”, The Global Water Quality Testing Equipment Market is expected to reach US$ 5.67 billion in 2027, registering a CAGR of 5.93% during the forecast period 2019-2027.
In 2018, North America accounted for the largest market share, growing at a CAGR of 5.08%
The market in the Asia Pacific is anticipated to undergo a rapid transformation as a result of an enhanced focus on metering, market consolidation, and evolving business models in the region. The growth of the market is expected to spike up in APAC as the Governments intervene for reducing non-revenue water, lower operational expenditures, and also bring about better demand management. Utilities have realized the importance of increasing cost recovery in ensuring the financial and environmental sustainability of water supply. Also, healthy investments from the private sector would improve the water quality testing equipment penetrations in the region.
In the recent few years, water quality testing equipment market has noticed the market initiative strategy adopted by the companies to expand their footprint across the world and meet the growing demand of their customers. The market players present in water quality testing equipment market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnership contracts, joint venture, collaborations, and inaugurating new offices across the world permit the company to maintain its brand name globally.
Water quality testing equipment market is segmented on the basis of the end user. The Government segment of end users is expected to dominate the water quality testing equipment market during the forecast period. The government sector includes laboratories, public water distribution system, thermal power generation, agricultural, wastewater management, and many more. All these sectors need to follow various government regulations that are mandatory to check the water quality.
Key findings of the study:
Rising social awareness and rising disposable incomes in APAC contribute to market growth. Rapid industrialization and urbanization characterize the APAC region, especially the developing economies of South East Asia, India, and China. Unplanned urban development puts undue stress on the water resources and has led to severe water scarcity issue. Further, water contamination is another major concern prevalent in the region, and unregulated discharge of industrial wastewater into the water resources and absence of an advanced water infrastructure lead to severe water pollution. A majority of chronic diseases have arisen in APAC owing to the water contamination, and a large part of the population faces the risk of falling prey to the water-borne disease. Governments in these developing economies have thus taken initiatives to control water pollution, mandated the water quality to be used by the end-user industries. Socio-economic progress of the region has further resulted in rising social awareness amongst the masses about the usage of safe and potable water for various purposes. These factors have had a large impact on the growth of water testing quality equipment market in APAC during the forecast period.
Water scarcity issues and the search for alternative water sources are expected to drive the water quality testing equipment market globally. Satiating the water demands of a huge population coupled with increasing water scarcity have propelled researchers to look for other approaches for the extraction of potable water. Desalination process is one of the most widely adopted approaches, especially in the Middle Eastern countries. Consistent water quality monitoring in these processes demand a robust installation of water quality testing equipment.
Some of the key players operating in the water quality testing equipment market are ABB Ltd., Agilent Technologies Inc., AquaPhoenix Scientific Inc., Danaher Corporation, Emerson Electric Co., Thermo-Fisher Scientific, Shimadzu Corporation, Horiba, Ltd., General Electric (GE), and Eurofins Scientific SE.
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