ALBANY, New York, August 16, 2018 /PRNewswire/ --
The global drinking water pipe repair market was valued more than US$ 56 Bn in 2018 and is anticipated to expand at a CAGR of approximately 7% from 2018 to 2026, according to a new report titled 'Drinking Water Pipe Repair Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026' published by Transparency Market Research (TMR).
Elimination of water pipe leakages and water pipe bursts is the need of the hour. A large number of drinking water pipelines all over the globe require repair and maintenance. The expansion of the drinking water pipe repair market is highly dependent on construction activities. Rise in population and construction activities across the globe has led to a significant rise in demand for water pipe repair. These factors are likely to continue to drive the global drinking water pipe repair market during the forecast period.
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Rise in Concerns about Economic Recession and Delay in Projects
An unforeseen political scenario across the globe is likely to delay or hinder infrastructure activities due to political instability and insufficient funding. Moreover, construction activities are likely to be hampered due to economic recession, causing delays in multiple projects. This, in turn, can lead to a decline in demand for drinking water pipe repair. Rise in concerns regarding population growth is likely to compel industries to adopt drinking water pipe repair as a necessary solution in order to gain public acceptance. However, the high installation cost of pipe repair in underdeveloped countries can be a restraining factor, especially for small-scale industries with inadequate capital.
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The Spot Assessment & Repair Segment is anticipated to Expand Significantly
In terms of repair technology, the spot assessment & repair segment currently holds a major share of the global drinking water pipe repair market due to the ability of the technology to anticipate, mitigate, and manage risks efficiently. Development of remote assessment & monitoring in North America and Asia Pacific has propelled demand for drinking water pipe repair. The spot assessment & repair technology segment is likely to expand at a CAGR of more than 6% during the forecast period. The segment is expected to be followed by the remote assessment & monitoring repair technology segment.
Innovation, Quality Improvement, and Recent Developments in Drinking Water Pipe Repair
The Internet of Things (IoT) technology is accepted and used extensively all over the globe. The pipeline network that is connected by software-controlled sensors and network connection helps in receiving real-time data on the existing and proposed infrastructures. It ultimately helps in reducing the price of pipe repair considerably. Drinking water pipe leakages and pipe bursts can be detected through radio remote control from distant locations. The technology helps improve water quality and leads to less wastage of water.
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Asia Pacific to Lead the Drinking Water Pipe Repair Market
Asia Pacific is estimated to be a prominent region of the drinking water pipe repair markets during the forecast period. Asia Pacific and North America are projected to lead the global drinking water pipe repair market in the near future due to an increase in population and rise in demand for safe and clean drinking water in the regions. A large number of collaborations are expected to take place among manufacturers and technology developers during the next few years. Over the years, China has become a strategic center for the development of drinking water pipe repair. This is projected to boost demand for drinking water pipe repair systems in Asia Pacific in the near future.
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Highly Competitive Market with Domination of Top Players
The global drinking water pipe repair market is highly competitive. In order to acquire a higher market share, companies operating in North America, Middle East & Africa, and Asia Pacific are rapidly expanding their service facilities of drinking water pipe repair. Leading players are dominating the market. Key players operating in the drinking water pipe repair market are 3M Company, Kurita Water Industries Limited, Aegion Corp, Mueller Water Products, KMG Pipe Rehabilitation, and others.
Drinking Water Pipe Repair Market, by Type
- Pipes & Fittings
Drinking Water Pipe Repair Market, by Repair Technology
- Remote Assessment & Monitoring
- Open & Cut-pipe Repair
- Spot Assessment & Repair
- Trenchless Pipe Repair
Drinking Water Pipe Repair Market, by Application
- Drinking Water Infrastructure
- Fresh/Potable Drinking Water Infrastructure
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SOURCE Transparency Market Research