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Subsea Desalination market is projected to grow at a CAGR of 12.0% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Subsea Desalination 2023-2033. It includes profiles of Subsea Desalination and Forecasts Market Segment by Type, (Floating Desalination Platform, Deep Sea Space Station (DSSS)) Market Segment by Systems, (Digital Twin Subsea Systems, Cognitive Autonomous Subsea System, Intelligent Subsea Systems, Other Subsea Systems) Market Segment by Technology, (Reverse Osmosis (RO), Electrodialysis (ED), Forward Osmosis (FO), Biomimetic Membranes, Other Technology) Market Segment by Power Type, (Wind Powered, Solar Powered, Wave Powered, Nuclear Powered, Fuel Powered, Other Power Type) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global subsea desalination market was valued at US$1,687 million in 2022 and is projected to grow at a CAGR of 12.0% during the forecast period 2023-2033.
Reducing Fresh Water Resources Levels Are Increasing Demand for Desalination
Water comprises 70% of our world, and it is simple to believe that it will always be plenty. However, freshwater—the substance we drink, bathe in, and use to irrigate our farm fields—is extremely scarce. Only 3% of the world's water is fresh water, and two-thirds of that is trapped in frozen glaciers or otherwise unavailable for human consumption. As a result, around 1.1 million people globally lack access to water, and a total of 2.7 million face water scarcity for at least one month of the year. Inadequate sanitation is also a concern for 2.4 million people, exposing them to diseases such as cholera and typhoid fever, as well as other water-borne disorders. Every year, diarrheal diseases kill two million people, usually children.
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How has COVID-19 had a significant negative impact on the Subsea Desalination Market?
The COVID-19 outbreak is expected to decrease global investment in the water sector, with a few significant exceptions. Operational reliability has also become increasingly important as a result of the costs associated with a disruption. Due to changes in supply and demand trends as well as the multiple emergency measures taken by governments to battle the epidemic, several operational requirements have arisen. In addition to already severe urban water and sanitation service shortages, the COVID-19 shock was experienced by the world's poorest population, which suggests that containing the virus may be an impossible undertaking. Poor access, dependability, and the standard of water, sanitation, and hygiene are issues in developing countries (WASH). There are significant risks connected to informal settlements and dense populations.
The operations of many large water users have been scaled back or reduced, which has resulted to a decrease in industrial demand. Due to lockdowns and travel restrictions, a drop in demand from major industries and businesses will sharply lower revenues for water utilities. According to a report conducted by Global Water Leaders Group, COVID-19 will cause a decrease in industrial water use of an average of 27%. The whole water supply system, including operators, technology firms, contractors, chemical suppliers, and consultants, is expected to see greater income loss.
How will this Report Benefit you?
Visiongain’s 333-page report provides 157 tables and 177 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global subsea desalination market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Subsea Desalination. Get financial analysis of the overall market and different segments including type, system, power type, technology, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing subsea desalination market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Industrial Use Canbe Done by Desalination to Save Fresh Water for Drinking Purpose
Because of the growing demand for a safe, dependable, and regular supply of water, many manufacturing industries and water treatment plants have begun to hunt for effective desalination plants. Desalination is the process of removing minerals from water (seawater, brackish water, or treated water) to make it pure for various commercial uses. Processed water is required by many sectors for manufacturing, water treatment, and other operations. Sometimes the water quality is insufficient or does not satisfy the quality criteria for production reasons. Desalination plants are used by enterprises to purify water for their consumption.
Increasing Irrigation Water Sources for Sustainable Crop Production
The water obtained by this process is used for many agricultural purposes like irrigation and is mostly used in areas where there is scarcity of water for example in deserts, etc. that are experiencing droughts. Water resources for agricultural production have been declining globally. This is due to a rise in water demand over limited supplies and low quality water, which has a negative impact on crop quality and production and deteriorates soil qualities. Despite the fact that soil salinity has been a problem for agriculture for thousands of years, serious research has only been performed in the last 100 years. Desalination, the process of reducing the salt concentration in water to an acceptable level, could be an option for improving water quality, increasing water sources, and decreasing competition among various water users. As a result, desalination could improve crop quality, productivity, and allyear crop output, making it an important tool for sustainable agricultural water management.
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Where are the Market Opportunities?
Increasing Investment by Governments to Build Mega Desalination Plants and Advancements in Technology
The United States Department of Energy (DOE) and the National Alliance for Water Innovation (NAWI) have announced a $5 million federal grant to explore desalination technology that would assist deliver freshwater supplies to communities across the country. These water innovation ideas enable amazing progress in improving energy efficiency in desalination operations. By constructing a circular economy of water that is more energy efficient and powered by renewable electricity, the company are not only continuing our industry's decarbonization, but the company are also pushing the company’s water and wastewater infrastructure one step further into the future, carving out a cleaner, greener energy economy for future generations. Many towns' water sources have excessive levels of salt and pollutants, a problem that can be exacerbated by changing precipitation patterns caused by the climate crisis and regional population growth. Desalination can help to diversify the available water resources. This will enable the United States achieve net-zero carbon emissions by 2050 while also providing all Americans with new sources of freshwater.
Ships Cruise Use Desalination Plant on Deck for Fresh Water
Cruise ships will carry as much fresh water as they need for each passenger, unless the ship is a larger, more sophisticated vessel that can manufacture its own drinking water. They won't carry as much as a result; instead, it will be manufactured as needed. At any given time, certain cruise ships can contain up to 2 million laters of water. Cruise ships always have access to fresh water obtained through a variety of methods. Some of the more contemporary and large cruise ships, for example, manufacture their own fresh water onboard via a desalination plant. If the cruise ship is small or ancient, it will get fresh water at some point before departing from port. This water is stored in large tanks that may hold up to 500,000 gallons of water. Ships that use desalination plants will pump and pressurise seawater to prepare it for filtration.
Competitive Landscape
The major players operating in the subsea desalination market are Baker Hughes Company, Deep Ocean Water Company LLC, DuPont de Nemours, Inc., Makai Ocean Engineering, Inc., Marine Water Production AS, Nereo Technologies, Parker Hannifin Corporation, Toray Industries, Inc., Waterise, WorleyParsons Limited. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
13 Sept 2022, Parker-Hannifin Corporation, a global leader in motion and control technologies, complete its acquisition of Meggitt PLC. Meggitt, headquartered in Coventry, UK, and employs over 9,000 team members who serve customers worldwide. Meggitt has extensive aerospace and defence experience, having worked with technology and products on nearly every major aircraft platform.
08 Aug 2022, Baker Hughes (Nasdaq: BKR) signed an agreement to acquire BRUSH Group's ("BRUSH") Power Generation division from One Equity Partners. BRUSH is a well-known equipment manufacturer that specialises in the generation and management of electric power for the industrial and energy sectors. This acquisition reinforces Baker Hughes' strategic commitment to be a leader in providing decarbonization solutions for the natural gas industry and other traditionally difficult-to-abate sectors.
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