Global Water Desalination Market to Witness High Growth Due to Increasing Demand for Freshwater Sources

The global water desalination market is estimated to be valued at US$ 17.47 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Key Market Dynamics:

The water desalination market is driven by the growing freshwater scarcity across the globe and rising demand from various end-use industries such as municipal, industrial and others. According to the United Nations, over 1.1 billion people globally lack access to water and around 2.7 billion face water scarcity at least for one month of the year. Such statistics indicate high demand for alternative freshwater resources like desalinated water in the coming years.

Key Market Trends:

Growing adoption of renewable energy-powered desalination plants: With the increasing focus on reducing carbon footprint, desalination plant owners are inclined towards use of renewable energy sources like solar and wind for powering desalination processes. Various regions worldwide including Middle East, Australia and South America are adopting renewable energy-integrated desalination technologies.

Rising brackish water desalination: With the depleting fresh groundwater resources, many regions are dependent on brackish groundwater. This has boosted the demand for brackish water desalination which requires lower energy compared to seawater desalination. According to experts, brackish water desalination market will grow at a higher pace during the forecast period.

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Global Water Desalination Market

By Technology Type Insights

The reverse osmosis segment held the largest market share in 2019 and is expected to witness a CAGR of 9.1% during the forecast period. Reverse osmosis requires less energy and is more cost effective compared to other desalination technologies such as multi-stage flash distillation and multi-effect distillation. Thus, reverse osmosis desalination plants are widely adopted across residential, commercial and industrial applications.

By Source Insights

Seawater accounted for over 80% of the total desalination market in 2019. Abundant availability of seawater and the increasing need for freshwater in coastal cities and towns is fueling the demand for seawater desalination. However, brackish water is expected to be the fastest growing segment during the forecast period owing to the increasing construction of desalination plants to treat contaminated groundwater in inland areas.

Key Market Takeaways

The global water desalination market size was valued at USD 17.47 Bn in 2024 and is anticipated to witness a CAGR of 8.7% during the forecast period 2024-2031. Rising freshwater scarcity due to increasing population and industrialization is expected to drive the demand for desalinated water across the world.

On the basis of technology type, the reverse osmosis segment is expected to hold a dominant position owing to lower energy requirements and cost effectiveness compared to other desalination technologies.

By source, seawater dominated the market in 2019 due to abundant availability and increasing need for freshwater in coastal cities. However, brackish water is projected to witness the fastest growth during the forecast period.

Regionally, North America dominated the global market in 2019 primarily due to burgeoning industries and expanding urbanization in the US and Canada. However, Middle East & Africa is expected to witness the highest CAGR during the forecast period due to scarce water resources and rising population in the region.

Competitor Insights:

Acciona

SUEZ Group

Webuild Group

Recent Developments in Global Water Desalination Market

In June 2023, Saudi Arabia inaugurated what is claimed to be the world’s largest solar powered desalination plant located near Jeddah. The plant has a desalination capacity of 14 million imperial gallons per day and is fully powered by a colossal 230 MW solar photovoltaic installation. This pioneering project establishes Saudi Arabia’s commitment to developing sustainable water solutions and decreasing their carbon footprint from desalination.

The strong growth fundamentals and investment opportunities in the global water desalination sector have led to elevated merger and acquisition (M&A) activity over the past year. In June 2023, French desalination major Suez completed its USD13 billion acquisition of Australian engineering firm John Holland, granting it access to new infrastructure projects in water-stressed regions like Middle East, North Africa and Australia.

Similarly, in July 2023, Spain-based Abengoa sold its North American desalination portfolio comprising of plants in Texas and California to US infrastructure investor EQT for USD305 million. Such deals point towards increased privatization and consolidation in regional desalination markets. Major utilities are acquiring technology and engineering firms to vertically integrate their capabilities across the project delivery cycle.

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