According to the Market Statsville Group (MSG), the global water circulation management market size is expected to grow at a CAGR of 11.5% from 2022 to 2030. With the growing population and industrialization, the world is witnessing clean water scarcity, increasing the demand for water circulation management. The water circulation management enhances water use and ensures post utilization of water treatment before disposing of it in water sources. These will moderately cater to the water scarcity problems in forthcoming years, which will drive the market’s growth.
The impact of COVID-19 on the market was significant. The manufacturing units, facilities, and major end-users closed during the global lockdown, and their operations were halted. Thus, the demand for the market decreased drastically during the pandemic. However, the water circulation management market witnessed a steady growth in managing water circulation in hospitals and isolation facilities. Further, with ease in COVID-19 guidelines and operations were resumed, the demand for the market increased to manage water circulation in a shortage of laborers.
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The study categorizes the water circulation management market based on product type, component, and end-use industries at the regional and global levels.
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On the basis of end-user industries, the water circulation management market is segmented into healthcare, pharmaceutical, sugar mills and refineries, textile manufacturing, pulp, and paper mills, oil and gas, automotive and aircraft industries, food and beverage, others (vehicle wash industry, agriculture). The textile manufacturing industry is major water utilizing industry. For instance, according to the Water Footprint Network, in conjunction with the United Nations Educational, Scientific, and Cultural Organization (UNESCO) IHE Institute for Water Education, manufacturing a single pair of jeans requires about 2,866 gallons of water. This water is primarily used in wet processing, as well as in the fabric dyeing process. Hence, water circulation management is vital to managing whole operations. Such factors are driving the market’s growth in upcoming years across the globe.
Asia Pacific accounts for the highest CAGR during the forecast period
On the basis of geography, the water circulation management market is classified as North America, Latin America, Europe, Asia Pacific, and MEA. Among these regions, Asia-Pacific region is estimated to showcase the highest CAGR growth in forthcoming years. Factors such as growing industrialization and global business expansion of major market players in this region will create a lucrative growth opportunity in the market. Further, the new entrants may grab the opportunity due to the availability of required resources in the region. This, in turn, accelerates the market’s growth in forthcoming years.
The water circulation management market is concentrated in nature due to the presence of various major market players operating in the market such as:
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