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Solar Water Desalination Plant Market Segments, Growth Rate, Key Drivers And Forecast To 2033
Solar Water Desalination Plant Market Growth
According to The Business Research Company's, The solar water desalination plant market size has grown strongly in recent years. It will grow from $2.61 billion in 2023 to $2.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increasing Agriculture Industry, increasing global water scarcity and demand for freshwater resources, rising population and urbanization leading to higher water consumption, soaring need of fresh water across the world, and increased utilization of solar energy.
The solar water desalination plant market size is expected to see strong growth in the next few years. It will grow to $3.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to rising water scarcity and freshwater demand, growing concerns about environmental sustainability and the need to reduce greenhouse gas emissions, intermittent energy source, rising environmental pollution, growing adoption of green energy. Major trends in the forecast period include technological advancements, advancements in solar technology, the growing adoption of smart technologies in solar water heaters, integration of solar desalination with energy storage solutions for continuous operation, research and development for enhancing solar desalination efficiency and scalability.
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Market Drivers and Trends:
The rising water scarcity and freshwater demand are expected to propel the growth of the solar water desalination plant market going forward. Water scarcity and freshwater demand are increasing due to population growth, urbanization, climate change, water pollution, inefficient water use, economic development, and a lack of infrastructure. Solar water desalination plants help alleviate water scarcity and meet freshwater demand by using renewable solar energy to convert seawater into fresh water, providing a sustainable and reliable water supply in areas with limited access to freshwater sources. For instance, in March 2023, according to the United Nations, a US-based intergovernmental organization, close to 1 billion urban residents worldwide currently experience water scarcity, and the figure is expected to rise to between 1.7 billion and 2.4 billion in the next 30 years, or in 2050. Therefore, rising water scarcity and freshwater demand are driving the growth of the solar water desalination plant market.
Major companies operating in the solar water desalination plant market are developing innovative technologies and systems having higher water-production rate and a higher salt-rejection rate to maximize their profits in the market. Higher water-production rates indicate greater efficiency and productivity, while high salt-rejection rates imply lower concentrations of residual salts in the treated water. For instance, in September 2023, Massachusetts Institute of Technology (MIT) Corporation, a US-based research university, launched a solar-powered desalination device, a completely passive solar-powered desalination system that uses multiple layers of flat solar evaporators and condensers lined up in a vertical array and topped with transparent aerogel insulation. This system avoids salt-clogging issues by using natural convection to drive the desalination process, which prevents salt accumulation and allows for high-performance and reliable operation, even under extreme conditions. These innovations in solar desalination technology have the potential to address water scarcity in developing countries and provide a more sustainable and cost-effective solution for producing freshwater.
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Major Key Players of the Market:
TotalEnergies SE, Tesla Inc., Toray Industries Inc., Acciona S.A., Suez SA, Andritz AG, OMya International AG, Abengoa S.A., Waaree Energies Ltd., Photon Energy Systems Limited, Hyflux Ltd., AMP Energy, IDE Technologies, Sterlitech Corporation, Avista tech, LG Water Solutions, Solar Spring GmbH, Trunz Water Systems AG, Sinovoltaics Group, Technol Protoroz d o o, Vontron Membrane Technology, Aquatech International LLC, Desolenator Labs, Elemental Water Makers B.V., F Cubed Limited, Solar Water Solutions Ltd., Solaropia
Solar Water Desalination Plant Market 2024 Key Insights:
• The solar water desalination plant market is expected to grow to $3.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Role Of Solar Water Desalination Plants In Addressing Rising Water Scarcity And Freshwater Demand
• Innovative Solar-Powered Desalination Technologies Revolutionize Freshwater Production
• Asia-Pacific was the largest region in the solar water desalination plant market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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