Advanced Oxidation Technologies Market to Grow with Stricter Environmental Policies
Advanced Oxidation Technologies Market |
The advanced oxidation technologies
market involves a technology-based process that focuses on oxidizing and
disinfecting water and industrial waste through the generation of hydroxyl
radicals. The advanced oxidation processes provide a cost-effective and
sustainable solution to remove harmful and toxic chemicals and contaminants
from wastewater. These technologies aid in mitigating the environmental impact
of industrial waste released from various industries.
The global advanced oxidation
technologies market is estimated to be valued at US$ 8.91 Mn in 2024 and is expected to exhibit a CAGR of 10% over
the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the advanced oxidation technologies market include
Prysmian Group, Aker Solutions, TechnipFMC plc, SUBSEA 7, Saipem S.p.A.,
McDermott International, Ltd., DeepOcean Group Holding BV, Schlumberger,
Halliburton, NOV Inc., Vallourec, Oceaneering International, and Siemens. These
players are focusing on new product launches and investments for capacity
expansions to strengthen their positions in the Advanced
Oxidation Technologies Market Share.
The key opportunities in the market include rising demand for water reclamation
from oil & gas industries and increasing focus on minimizing freshwater
usage. The implementation of advanced oxidation technologies provides an
economical and eco-friendly solution for industrial wastewater treatment.
Globally, the market is anticipated to witness significant growth in regions
including North America, Europe, Asia Pacific, Latin America, and Middle East
& Africa. The increasing support through regulatory standards and norms
regarding industrial waste management in developing nations offers lucrative
growth prospects for market players. Various strategic collaborations and
partnerships enable companies to further penetrate untapped regional markets.
Market Drivers
Stringent environment protection
laws and regulatory guidelines imposed by governing bodies like EPA regarding
wastewater discharge limits boost the implementation of advanced oxidation
technologies. The rising freshwater scarcity issues also drive the need for
advanced water treatment solutions to reuse and recycle treated industrial
wastewater.
Market Restraints
The high initial capital costs
associated with installation and maintenance of advanced oxidation equipment
may hinder the market growth. Additionally, the requirement of specialized
technical expertise and professionals to operate such complex treatment systems
poses operational challenges for end-use industries.
Segment
Analysis
The advanced oxidation technologies
market is segmented into chemical oxidation, wet oxidation, and oxidative
technologies. Within chemical oxidation, ozone oxidation is dominating the
segment as it is highly effective in removing color, odor, and toxic
contaminants from wastewater. Ozone oxidation also has a lowlifecycle cost
making it a preferred choice for industries. Photo catalytic oxidation segment
is expected to grow at a high rate during the forecast period due to its
ability to remove toxic and non-biodegradable organic pollutants that are not
removed through conventional wastewater treatment processes.
Global
Analysis
Regionally, North America dominates
the advanced oxidation technologies market and accounts for over 30% of the
global market share. Stringent environmental regulations regarding wastewater
discharge in the US and Canada and presence of leading market players are the
major factors driving the North American market. The Asia Pacific region is
expected to grow at the fastest rate during the forecast period owing to rapid
industrialization, urbanization, and rising investments in wastewater treatment
infrastructure development in major economies like China and India. Countries
in Europe such as Germany, UK, and Italy are also significant contributors to
the global market with established oxidative treatment facilities.
Gets
More Insights, Advanced
Oxidation Technologies Market
About Author:
Money Singh is a seasoned content writer with over four years of
experience in the market research sector. Her expertise spans various
industries, including food and beverages, biotechnology, chemical and
materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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