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Global liquid waste management market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Growing Awareness Regarding Water Pollution to Influence Growth of the Liquid Waste Management Market
Rising concerns regarding pollution of water have triggered the need for effective liquid waste treatment. Wastewater comprises of a number of harmful contaminants, and pollutants such as heavy metals, pathogenic microorganisms, chemicals, organic pollutants, and plant nutrients. If polluted water is not treated effectively and is discharged, it can potentially cause excessive damage to the entire aquatic ecosystem and human beings. Agricultural run offs often cause eutrophication as excessive nutrients get mixed with water bodies. As per the United Nations’ water analytical report, the biodiversity of water bodies such as lakes, wetlands and rivers get reduced by almost one-third due to eutrophication on the global front. As a consequence, the aquatic ecosystem gets disrupted, and can cause potential problems to the environment in the coming years. Against this backdrop, government authorities along with environmental groups are involved in running environment saving campaigns covering the ill effects of water pollution thus increasing awareness. Such activities are likely to fuel the need for management of water wastes thus paving potential avenues for the growth of the liquid waste management market.
Rapid Increase in Urban Population to Bolster Growth of Liquid Waste Management Market
Since several years, there has been a steady increase in population, especially in developing countries. As population grows, the basic necessities also grow in tandem, for instance water, and associated wastes, such as liquid wastes. According to the report by the United Nations, the population on the global front is expected to cross 8.5 billion by end of 2030 considering the current population trends. It is also poised to surpass 9.7 billion by end of 2050 and cross 11 billion in 2100. In addition, rising urbanization is also fueling the need for liquid waste management, in particular wastewater treatment in urban areas. According to World Health Organization (WHO), global urban population is estimated to grow by around 1.63% per year during 2020-25 and more than 1.44% each year during 2025-30. According to the United Nations, more than 68% of the global population is anticipated to dwell in urban areas by 2050. Thus, with increasing urban population, the probability of liquid waste discharge is also expected to increase significantly, in turn calling for efficient waste management systems. This macroeconomic aspect remains instrumental in driving the demand for liquid waste disposal, consequently aiding the growth of the liquid waste management market.
Strict Regulations Apropos to Wastewater Treatment to Augur Well for the Liquid Waste Management Market
Based on the fact that wastewater can be hazardous to the environment, and human beings, effective treatment of liquid wastes has never become so imperative. Various government authorities such as Environmental Protection Agency (EPA) have imposed stringent regulations regarding the discharge of pollutants in water. For instance, the US Environmental Protection Agency has issued strict “Effluent Guideline” and regulations under the Clean Water Act (CWA) for industries. Based on the type of industry, the maximum allowed contamination will vary and should be under the set limits based on industrial processes. This also triggered the need for effective wastewater treatment systems and wastewater management. Based on these regulations and guidelines, manufacturing companies across industries need to treat and dispose wastewater efficiently. This factor remains crucial in uplifting the liquid waste management market growth.
Rising Water Crisis Necessitates Water Recycling, Consecutively Complementing Liquid Waste Management Market Growth
Lack of awareness and infrastructure for recycling of water has resulted in over exploitation of most freshwater resources worldwide. In addition, growing population has further pushed the demand of water and the need is expected to further increase in the coming years. For instance, according to the report of the United Nations Environment Program, water demand is likely to gradually increase by over 50% by end of 2030. In addition, more than 3.5 billion individuals live reside in Asia, Latin America and Africa and are affected by water borne diseases and over 0.8 million individuals die each year owing to consumption of contaminated water. However, with proper liquid waste management, the burden on freshwater resources can be reduced significantly. Furthermore, recycled water can be used in agricultural activities, in irrigation of parks and other applications such as air conditioning systems and road cleaning. Thus, with liquid waste management recycled water can reduce the burden on water bodies alongside meeting the rising demand for water globally. In this backdrop, rising demand for recycling of wastewater is expected to drive the growth of the liquid waste management market.
North America Likely to Dominate Liquid Waste Management Market
Developed economies in North America are expected to dominate the liquid waste management market in the coming years. This is mainly owing to enactment of strict regulations regarding wastewater treatment along with activities associated with the production of oil and gas. The US EPA, in January 2021, announced that 55 projects across 20 states can apply for loans worth US$5.1 Bn under the Water Infrastructure Finance and Innovation Act (WIFIA). This will result in high funding for drinking water infrastructure in the United States. In addition, the growth in the oil and gas industry is also complementing the demand for efficient liquid waste management system. For instance, according to EIA, the oil and gas production is expected to rise significantly reaching an average of 13 million b/d by 2023. Moreover, large amount of wastewater is released from oil and gas activities. This factor complements then need for wastewater recycling and disposal, thus favoring the growth of liquid waste management market.
Liquid Waste Management Market: Competitive Landscape
A few of the major players in the liquid waste management market include SUEZ, WM Intellectual Property Holdings LLC, Veolia Environmental Services, Clean Harbors Inc., Xylem, Enva, and Covanta Holding Corporation.
The Global Liquid Waste Management Market is Segmented as Below:
By Source
By Industry
By Service
By Region
Key Elements Included In The Study: Global Liquid Waste Management Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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