The Water Testing and Analysis Market is estimated to hit $5.9 billion by 2023
According to the new market research report by IndustryARC titled “Water Testing and Analysis Market: By Test (TOC, pH, Conductivity, Turbidity, Others); By Product (Portable, Bench-top, Handheld); By End-User (Environmental, Industrial, Laboratories, Others); By Application (Municipal, Power, Others); By Geography – Forecast (2018-2023)”, the market is driven by increasing demand for water testing and analysis across all the regions due to water scarcity.
Water testing and analysis market has generated revenue of $4.06 billion in 2017. It projected to register growth at 6.7% CAGR to reach $5.9 billion by 2023.
Europe continues to lead the market share during 2018-2023
Europe is the largest market by revenue for Water testing and analysis. The European market for this product type was estimated to be $1.522 billion in 2017. The Europe portable testing equipment market is forecast to grow at a CAGR of 6.3% and is forecast to reach $2.169 billion by 2023. The water facilities in Germany and U.K. accounts for the highest share of advanced water testing and treatment with very low distribution losses compared to other developed countries. With the increased usage of water testing equipment as well as water testing and analysis through online technology, the European region is estimated to be the market leader for the next five years.
Americas is leading with the second position followed by Asia-Pacific. But, in terms of growth rate Asia-Pacific is leading the market with highest CAGR of 7.6% during the forecast period followed by Americas and Europe.
Selected / Sample Analysis done in the full Report:
The major end user of this market is for the industrial purpose where huge quantities are used on daily basis all over the globe. In industries the water is reused after the treatment and at this stage the testing and analysis equipment plays a major role. With the highest revenue of $1.90 billion, the industrial segment was leading the market in 2017 and projected to reach $2.786 billion by 2023 at 6.8% CAGR.
Excerpts on Market Growth Factors Mentioned in the Full Report:
The stringent government regulations in the Americas and water scarcity are the main drivers for the increase in demand for water testing and analysis in this region.
The escalating awareness about the importance of water quality monitoring is the key driver for the water testing market in the wastewater management industry.
The major drivers of the market are product miniaturization and increasing demand for quicker screening in industries such as pharmaceutical.
The key driving factors for the growth of water testing and analysis market are rapid industrialization, growing water needs in developing countries and government stringent regulations on safe water.
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Key Players of the Water Testing and Analysis Market:
Danaher Corporation, Thermo Fisher Scientific, Inc, Agilent Technologies Inc, General Electric Company, and ABB Ltd are the top five key companies in the Water testing and analysis market. General Electric Company holds largest share in terms of revenue in the water testing market followed by ABB Ltd and Danaher Corporation. General Electric Company invested highest share of capital for R&D to enhance and improve its product portfolio.
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