VALLEY COTTAGE, New York, April 16, 2019 /PRNewswire/ -- Water quality testing equipment sales roughly equated US$ 3.4 Bn in 2018. According to a new analytical study of Future Market Insights (FMI), sales of water quality testing equipment will surge at a healthy CAGR of more than 5.5% during the projection period, 2018-2027.
Plethora of Applications of Water to Sustain Sales of Water Quality Testing Equipment
Around 70% of the freshwater is used in horticulture, which will continue to establish a strong base for growth of water quality testing equipment market. Fishing in salt and fresh water has been a primary income source within several regions, which is cited as another important factor pushing expansion of water quality testing equipment market.
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Constantly evolving regulatory framework for long-distance trade of products such as oil and natural gas, manufactured clothing and automotive products will also remain among the key factors fueling revenue growth of water quality testing equipment market. Water, steam, as well as ice are utilised for a range of small- and large-scale cooling and warming applications, further pushing demand growth of water quality testing equipment.
Various industrial applications such as groundwater and surface water investigations of water bodies make it imperative to monitor physical, chemical, and biological parameters of water. According to FMI's analysis, this will a significant booster for global water testing equipment market growth through 2027.
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Strict Regulatory Framework to Drive Water Quality Testing Equipment Market Growth in Developed Regions
The report foresees water quality testing equipment market in Asia Pacific excluding Japan (APEJ) to hold a substantial share in the global market value in coming years. Increasing investments from governments to strengthen the implementation of water policies and growing adoption of safe-water standards as well as multiple international regulations and policies will prominently drive adoption of water quality testing equipment within APEJ.
FMI further expects the water quality testing equipment market to witness solid growth in Middle East & Africa (MEA) owing to the growing implementation of strict regulatory guidelines related to safe drinking water, by governments. The Americas and Europe will however remain dominant in the water quality testing equipment market, driven by rapid industrialization, and strongly backed by the stringent regulatory framework.
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Inadequate Awareness & Relatively Low Capital Investment May Affect Growth of Water Quality Testing Equipment Market
Although various international organisations, such as WHO, International Water Management Institute, and UN World Water Development among others are continuously introducing favourable regulatory policies for water management, lack of sufficient public awareness about safe water quality, particularly in several underdeveloped and developing economies, will continue to be a major challenge facing adoption rate of water quality testing equipment. Inadequate funding and negotiable governmental policies within several economies will also remain the significant factor negatively impacting growth of water quality testing equipment market.
FMI's report has profiled some of the key players operating in the global water quality test equipment market, including ABB Ltd., Hanna Instruments, SUEZ, Thermo Fisher Scientific, Inc., Agilent Technologies Inc., Danaher Corporation (Hach), Honeywell International Inc., Shimadzu Corporation, and Emerson Electric Co. among others.
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SOURCE Future Market Insights