Wilmington, Delaware, United States, July 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global photocatalytic water treatment market was estimated to be worth USD $9.8 billion in 2022. It is expected to increase at a 6.5% CAGR from 2023 to 2031, reaching US$ 17.2 billion by the end of 2031.
Many homeowners are thinking about installing photocatalytic water treatment technologies for residential applications to effectively filter and purify their drinking water. Disputes about water pollution, the adoption of rigorous environmental laws, and an acceleration in customer preference for environmentally friendly and efficient water treatment technologies are anticipated to add to the growth of the photocatalytic water treatment market in the coming years.
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Competitive Landscape
Transparency Market Research has profiled the following players in its global photocatalytic water treatment market report:
CRISTAL, TIPE, TOTO Corp., KRONOS Worldwide Inc., JSR Corp., OSAKA Titanium Technologies Co., Ltd., Daicel Corp., Toshiba Materials Co., Ltd., Ishihara Sangyo Kaisha Ltd., Green Millennium, Hangzhou Harmony Chemicals Co., Ltd., Lomon Billions, Nanoptek Corp., Showa Denko KK, Tronox Holdings PLC, and BASF SE.
The worldwide photocatalytic water treatment industry is heavily concentrated, with a few large-scale manufacturers controlling the vast majority of the industry's share. Companies that provide photocatalytic water treatment are spending heavily on comprehensive studies and research, particularly to provide high-grade water treatment.
- A group of scientists from the University of California, Berkley, disclosed the invention of an innovative photocatalyst material built of graphene oxide in February 2022. The substance is more durable and effective than typical photocatalysts at eliminating impurities from water.
- A group of Chinese Academy of Sciences researchers announced the creation of a novel approach for immobilizing photocatalysts on coatings in October 2020. A coating of graphene oxide is used to safeguard the photocatalyst from deterioration, making it more resilient and simpler to utilize.
Stringent ecological constraints are projected to provide profitable prospects for companies worldwide in photocatalytic water treatment. Organizations are spending money on R&D to improve their photocatalytic water treatment penetration. Development and research efforts are centered on the utility, stability, and economics of photocatalytic materials, reactor concepts, and system coordination.
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Due to increased awareness about ecological responsibility, most governments throughout the world are adopting severe waste treatment norms and guidelines. These laws and policies assist to protect the integrity and quality of water resources, as contamination of water has a negative influence on people and the surroundings.
Market vendors are focusing heavily on R&D of innovative systems that may be adapted to various water sources and purification scenarios. This, consequently, is likely to boost the development path of the photocatalytic water treatment industry throughout the forecast time frame.
Key Takeaways from the Market Report
- In 2022, Asia Pacific held a 50% share.
- The market is expected to grow at a CAGR of 6% in Asia Pacific over the forecast period.
- The drinking water treatment segment is expected to grow at a CAGR of roughly 6.6% throughout the projected period.
- The North America market is estimated to grow at a CAGR of 6% over the forecast period.
- In 2022, Europe held a 21% share of the global market.
Photocatalytic Water Treatment Market: Prominent Drivers and Trends
- Authorities worldwide are spending heavily on sewage treatment facilities, increasing the value of the photocatalytic water treatment market. Photocatalytic water treatment systems are a viable approach to meet rigorous environmental standards.
- They can remove organic compounds, bacteria, and inorganic pollutants. Employing photocatalysis, such devices may successfully eliminate and convert impurities into less harmful forms, assuring the fulfillment of legal standards before water is released or utilized.
- The drinking water treatment application sector is predicted to lead over the projected period, based on the most recent photocatalytic water treatment market dynamics.
- Photocatalytic water filtration systems power the reaction with sunshine and various other renewable energy sources. This contributes to a reduction in the consumption of fossil fuels.
Photocatalytic Water Treatment Market: Regional Analysis
- By the most recent photocatalytic water treatment industry prediction, Asia Pacific is projected to account for the majority of the market from 2023 to 2031. Japan is expected to take over the Asia Pacific industry. The increase in R&D expenditure in wastewater treatment technology is propelling market trends in the country.
- The increased emphasis on ecological sustainability is expected to bolster market advancements in North America in the coming years. The United States and Canada are the region's largest industries for photocatalytic water treatment.
- The use of nanoparticle-based water treatment and photocatalysis employing nano-catalysts for decontamination is increasing, which is boosting market data in Europe. Germany, the United Kingdom, and France are key photocatalytic water treatment sectors in the region. Although the sector in the Middle East and Africa and Latin America is lesser than in other regions, it is expected to grow steadily in the coming decades.
Photocatalytic Water Treatment Market: Key Segments
By Type
- Metal Complexes
- Organic Dyes
- Heterogeneous and Homogeneous Catalysts
- Others
By Application
- Organic & Inorganic Pollutant Degradation
- Disinfection
- Microplastic Treatment
- Drinking Water Treatment
- Others
By End Use
- Industrial
- Commercial
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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