New York, USA, June 14, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global ozone generation market is projected to register a revenue of $1,624.7 million at a CAGR of 5.2%, rising from $1,053.0 million in 2018, during the forecast period, 2018-2026. The comprehensive research gives a concise analysis of the current market landscape, including major features such as potential opportunities, restraints, challenges, and growth factors during the analysis period. The report also includes all market statistics, making it easier and more useful for beginners to grasp the market.
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COVID-19 Impact on the Market:
The pandemic is expected to have a negative influence on the global market for ozone generation. Ozone generators are used for purification in the food and beverage processing and chemical sectors. Ozone generators, like the ones used in the chemical sector, are utilized for disinfection and oxidation operations. Businesses have been forced to close indefinitely owing to the COVID-19 outbreak. The market is projected to grow considerably in terms of revenue once the unlocking process begins.
Dynamics of the Market
Ozone is regarded as one of the most effective oxidants. It is the most powerful disinfectant, and it is mostly utilized in water treatment in a variety of industries. Increasing need for clean water for drinking purposes in various locations is expected to be the primary driving factor for the global market during the forecast period. Furthermore, there has been a sharp growth in global population, which has boosted demand for clean drinking water, which is expected to be one of the major driving factors for the market throughout the analysis period. Furthermore, growing urbanization is expected to fuel the global ozone generation market in the upcoming years.
On the contrary, the cost of installing the ozone generators is expected to be relatively high, which may hinder the market growth throughout the forecast period. Most places cannot afford ozone generators due to their extremely high cost. The operational costs of various ozone generators are also on the higher end, which is expected to be the most significant limitation for the global market throughout the analysis period.
High Demand of Clean Drinking Water Anticipated to Fuel the Growth of the Ozone Generation Market
Segments of the Market
The report has segmented the market into different segments based on technology, application, and regional analysis.
Technology: Corona Discharge Sub-Segment is Predicted to be the Most Profitable
The corona discharge sub-segment is expected to be the most profitable over the analysis period and surge at a CAGR of 5.9%. Corona discharge ozone generators produce more ozone in a more efficient and cost-effective manner than other methods, such as UV-ozone generation. This factor is expected to drive the growth of the corona discharge sub-segment during the forecast period.
Application: Municipal Sub-Segment is Expected to be the Most Lucrative
The municipal sub-segment is expected to be the most lucrative over the analysis period and surge at a CAGR of 6.1%. Increasing product demand as a result of its high oxidizing power and capacity to oxidize heavy materials is expected to drive the municipal application sub-segment during the analysis period.
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Region: Asia Pacific Region is Expected to Experience the Fastest Growth
The Asia Pacific region is predicted to account for the largest market share in the estimated period. The Asia Pacific market held $413.8 million in 2018 and is projected to surge with a CAGR of 7.3% in the upcoming years. Water scarcity among the population, as well as increased urbanization and industrialization, are expected to boost the growth of the regional market throughout the forecast period.
Furthermore, the government’s preventative measures to reduce environmental pollution are expected to drive the growth of the market in the upcoming years. For example, in March 2017, the Singapore government stiffened regulations in order to accomplish environmental targets through the use of energy-efficiency technology.
Key Market Players and Strategies
The most prominent market players of the global ozone generation market include -
- Chemtronics Co. Ltd
- Suez
- Absolute Systems
- Toshiba Infrastructure Systems & Solutions Corporation
- Custom Molded Products LLC
- International Ozone
- Dayton Water Systems
- ESCO International
- EBARA Technologies Inc.
These players are working on developing strategies such as partnerships, merger and acquisition, product development, collaborations to sustain the market growth.
For instance, in August 2020, Faraday Ozone introduced ‘Ozodip,’ a proprietary ozone-based food detoxifier. It is a kitchen ozone generator that uses ozone to remove bacteria, viruses, and other microbes from the surface of fish, fruits, vegetables, meat, and other food items like cereals. Ozodip, according to the firm, also successfully removes large amounts of leftover contaminants.
The report also summarizes several key aspects including SWOT analysis, product portfolio, financial position of the market players, and latest strategic developments.
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