Forecasting the Future: Groundwater Management Market Growth from US$ 40.4 Billion to US$ 77.3 Billion by 2034
Global Groundwater Management Market to Reach US$ 77.3 Bn by 2034, Growing at a 5.9% CAGR from US$ 40.4 Bn in 2023
Groundwater Management Market Outlook 2034: Valued at US$ 40.4 Bn in 2023, the market is expected to grow at a CAGR of 5.9%, reaching US$ 77.3 Bn by 2034.”
WILMINGTON, DE, UNITED STATES, December 18, 2024 /EINPresswire.com/ -- The Groundwater Management Market is projected to experience significant growth, with a market value of US$ 40.4 billion in 2023, expected to reach US$ 77.3 billion by 2034, growing at a CAGR of 5.9% over the forecast period.— Transparency Market Research
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Key Market Drivers:
1. Population Growth: A surge in global population, particularly in developing regions, is driving the demand for clean water for both domestic and industrial purposes. The world population is expected to increase from 8.5 billion in 2030 to 10.4 billion by 2100, placing significant pressure on groundwater resources.
2. Groundwater Depletion: Groundwater levels are depleting in several regions, such as Northern China, Iran, and the western U.S., due to over-extraction for irrigation and industrial activities. This depletion is spurring the adoption of groundwater management technologies aimed at preserving and sustainably managing this vital resource.
3. Water Conservation Efforts: Governments are funding water conservation projects to combat groundwater depletion. For example, the U.S. Department of the Interior allocated US$ 51 million in 2023 for 30 new environmental water resource projects.
Key Technologies Driving Growth:
• IoT in Groundwater Management: The integration of Internet of Things (IoT) solutions, such as monitoring devices and apps, is improving groundwater management. Notably, Waterlab Solutions in India launched the Bhujal App and IoT devices to monitor groundwater levels non-intrusively.
• Sustainable Groundwater Practices: Practices like aquifer recharge, well management, and the development of sustainable extraction limits are increasingly common to ensure the long-term availability of groundwater resources.
Regional Insights:
• Asia Pacific holds the largest market share, with stringent groundwater preservation regulations and rapid adoption of new technologies like IoT-driven monitoring systems.
• China has implemented a state council decree focusing on groundwater management, which is expected to further drive the market in the region.
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Market Segmentation:
• By Technique:
o Aquifer Recharge
o Well Management & Maintenance
o Groundwater Monitoring
o Remediation Technologies
• By Deployment Model:
o Pumping Systems
o Filtration & Treatment Technologies
o Monitoring & Data Analysis Software
o Remote Sensing & GIS Solutions
• By End-Use:
o Agriculture
o Municipal
o Industrial
o Residential
Key Companies:
• SLB
• SUEZ Group
• Xylem
• Grundfos Holding A/S
• AECOM
• Baker Hughes Company
• Ecolab
• Veolia Group
• Tetra Tech, Inc.
• Aquatech
Key Developments:
• Grundfos presented its advanced water pump systems and cloud-based monitoring solutions at the National Groundwater Association's 2023 Groundwater Week Conference.
• Tetra Tech Inc. acquired Piteau Associates, strengthening its position in the groundwater management sector.
Market Outlook:
The global groundwater management market is poised for substantial growth due to the increasing need for sustainable water management practices, especially in regions facing significant depletion. The adoption of advanced technologies, including IoT and remote sensing, will play a crucial role in shaping the future of the market, making water management more efficient and effective.
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