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Membrane Separation Technology Global Market 2024 - Industry Analysis, Future Trends, Segmentation And Key Players
Membrane Separation Technology Global Market
According to The Business Research Company's, The membrane separation technology market size has grown strongly in recent years. It will grow from $25.23 billion in 2023 to $27.75 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to water scarcity concerns, industrial process efficiency, environmental regulations, biopharmaceutical industry growth, increasing demand for renewable energy.
The membrane separation technology market size is expected to see strong growth in the next few years. It will grow to $40.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to wastewater treatment demand, emerging biotechnology applications, focus on sustainable energy, rapid growth in pharmaceutical manufacturing, expansion of the dairy industry. Major trends in the forecast period include integration with iot and ai, rising demand in pharmaceutical and biopharmaceutical industries, focus on sustainable solutions, expanding use in food and beverage processing, advancements in membrane materials.
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Market Drivers and Trends:
The growing demand for purified, clean drinking water is expected to propel the growth of the membrane separation technology market in the coming future. Purified and clean drinking water refers to water that has been filtered or treated from groundwater or tap water to eliminate impurities like chemicals and other pollutants using techniques like distillation, deionization, reverse osmosis or other appropriate procedures and drinking water refers to working, upgraded drinking water supply on the property or close by, as well as water points available to all people. The membrane separation technique is favored over other separation technologies due to its advantageous properties such as minimal emission, a high degree of automation, high separation efficiency, and a small footprint. For instance, in 2021, the United Nations International Children's Emergency Fund, a US-based United Nations organization in charge of delivering help for children's development and humanitarian needs across the world assisted in the drilling of boreholes at 87 schools, providing 43,500 students with safe drinking water. Similarly, in 2021, 2.5 million individuals lacked access to basic water eight percent more than in 2020. Therefore, the growing demand for purified, clean drinking water is driving the growth of the membrane separation technology market.
Product innovation is the key trend gaining popularity in the membrane separation technology market. Major companies operating in the membrane separation technology market are focused on developing innovative products to strengthen their position in the market. For instance, in April 2021, Koch Separation Solutions, a US-based company creating and deploying synergistic technologies such as membrane filtration, ion exchange, evaporation, drying, and others launched INDU-COR HD (High Density) a superior technology aimed at more efficiently treating different industrial waste streams. INDU-COR HD has a greater packing density of up to 300 percent, making crossflow filtration more cost-effective while occupying less area. This innovative product configuration lowers consumers' waste treatment costs while increasing operational effectiveness and sustainability.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Merck KGaA; Toray Industries Inc.; Pentair PLC; Hydranautics; AXEON Water Technologies; GEA Group Aktiengesellschaft; Koch Separation Solutions; Corning Incorporated; Danaher Corporation; 3M Company; SUEZ Water Technologies & Solutions; Asahi Kasei Chemicals Corporation; DuPont; Mann+Hummel; Huber SE; Parker Hannifin Corporation; Nitto Denko Corporation; Synder Filtration Inc.; Via Separations; NX Filtration BV; Applied Membranes Inc.; Culligan Water; PCI Membranes; Koch Membrane Systems; Pall Corporation; Permionics Membranes Private Limited; Samco Technologies Inc.; GE Water & Process Technologies; LG Chem; Lanxess AG; Osmonics Inc.
Membrane Separation Technology Market 2024 Key Insights:
• The membrane separation technology market will grow to $40.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Surging Demand For Purified Drinking Water Boosts The Membrane Separation Technology Market
• Product Innovation Revolutionizing Membrane Separation Technology
• Asia-Pacific was the largest region in the membrane separation technology market in 2023
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