New York, US, Sept. 08, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Ozone Generation Market Analysis by Technology, Application, End-Use, and Region — Forecast till 2030” valuation is poised to reach USD 3 Billion by 2030, registering 5.5% CAGR throughout the forecast period (2022–2030).
Ozone Generation Market Overview
Many industry players today are striving to develop breakthrough ozone generation technology. With rising ozone application in water purification plants, the market is estimated to garner substantial traction in the years to come.
Ozone Generation Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 3 Billion |
| Growth Rate (2022 to 2030) | 5.5% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Key Market Opportunities | Investments in emerging economies |
| Key Market Drivers | An alternative to chlorine for water disinfection |
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The ozone generation market outlook appears promising mainly due to the growing demand from the food industries worldwide. The rising awareness of ozone applications for enhancing the microbiological safety and quality of foods is a key driving force propelling the market growth. The rising government focus on substantiating ozone output by increasing production capacities offers significant market growth opportunities.
According to the WHO, many countries worldwide perceive low access to safe drinking water due to the lack of technology and investments in wastewater treatment. The distribution of clean drinking water has become extremely challenging in many developing nations. Therefore, several countries have begun to adopt ozone treatment for public benefit.
Substantial investments in installing wastewater treatment systems and ozone generation foster the market size. Also, there have been significant investments in developing new technologies for ozone generation, and improving existing ones impact the market growth positively. Such growing opportunities allow the market to garner significant traction and accessibility to ozone generation technology.
Ozone Generation Market Segments
The ozone generation market is segmented into technologies, applications, end-uses, and regions. The technology segment is sub-segmented into ultraviolet, cold plasma, corona discharge, electrolytic, and others. The application segment is sub-segmented into wastewater treatment, air purification, medical equipment, food & beverage, and others.
The end-use segment is sub-segmented into industrial, residential, municipal, and others. The region segment comprises the Asia Pacific, Americas, Middle East & Africa, Europe, and rest-of-the-word.
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Ozone Generation Market Regional Analysis
North America dominates the global ozone generation market, witnessing high demand from air purification manufacturers. Besides, the rising use of ozone generators for ozone therapy, water disinfection, and air purification substantiate the market size. Also, the growing demand for ozone generators in agriculture to increase crop yields and protect consumables escalates the market value.
Rapid advances in ozone generation technologies influence the region’s market shares. The US dominates the regional market with the vast adoption of ozone generators in hospitals and clinics to sterilize operating rooms and medical equipment. America is also the largest producer and importer of ozone generators. The ozone generation market in North America is expected to retain its dominance over the global market throughout the assessment period.
APAC is another lucrative market for ozone generation. Factors such as the growing awareness about ozone and increasing demand for ozone generators boost market revenues in this region. Also, the growing usage of sensing and monitoring technologies to gain real-time information about air quality drive the regional market growth. Furthermore, growing production capacities and numbers of ozone generation manufacturers in the region influence the market shares.
Industry Trends
Ozone gas is a strong oxidant with antimicrobial power and a potent disinfecting agent. Ozone has been used for decades in many countries worldwide, while in the US, it recently acquired the GRAS status (generally recognized as safe). The bactericidal effects of ozone have been tested and documented on various microorganisms, including Gram-positive & Gram-negative bacteria and spores & vegetative cells.
It has numerous application areas of ozone in major industries. In the food and beverages industry, ozone is used for food surface hygiene, food plant equipment sanitation, and lowering biological oxygen demand (BOD) & chemical oxygen demand (COD) of food plant waste. Treating fruits and vegetables with ozone helps increase their shelf lives. Ozone is applied to food waste to decompose it quickly, leaving no residues.
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Relatively low concentrations and short contact time of ozone are sufficient to inactivate bacteria, molds, yeasts, parasites, and viruses. Ozone is also extensively used in cooling towers, drinking water plants, fruit/vegetable storage, swimming pools, and greenhouses/horticulture, increasing the market size. Governments and environmentalists are taking climate change seriously and initiating steps to combat climate change.
Besides, the growing use of ozone for applications, such as pharmaceutical ultra-pure water, odor control & treatment, kitchen off the gas, and laundry, create significant market opportunities. Increasing government subsidies have revived investment in the renewable energy sector in developing countries. In emerging economies, government initiatives and policies drive the global ozone generation market.
Rapid industrialization and urbanization worldwide have increased the market demand, perceiving high-efficiency, cost-effective, and time-efficient production strategies. Ozone manufacturers are shifting their focus on modernizing their plants with advanced equipment that can boost energy efficiency and minimize greenhouse gas emissions across the plant. Also, favorable government policies to boost ozone production to curb greenhouse gas emissions offer significant opportunities to market players.
Ozone Generation Market Competitive Analysis
The ozone generation market witnesses several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Leading industry players also invest strategically in research and development activities and foster their expansion plans.
May 11, 2022, CAST Co., Ltd. (South Korea), a startup specializing in microplasma technology, presented an eco-friendly sterilization solution to improve energy efficiency and stability by increasing electron density. CAST has been working on developing a technology that can convert oxygen in the air into the plasma to generate ozone and radicals.
CAST’s cutting-edge technology products include the MDP series, an ultra-small micro plasma ozone generator with 1/10th the size of competing products, and the SWT series of an Advanced Oxidization Process (AOP) system for water treatment using ozone and radicals.
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Dominant Key Players on Ozone Generation Market Covered are:
- Evoqua Water Technologies LLC
- Daikin Industries Ltd.
- Electrolux
- Ebara Corporation
- Mitsubishi Electric Corporation
- Fuji Electric Co. Ltd.
- MKS Instruments
- Toshiba Corporation
- Xylem
- Teledyne Technologies
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