Pune, INDIA., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Water Softeners Market: Key Insights
According to our new research study on “Water Softeners Market to 2028 – Global Analysis and Forecast – by Type and Application,” the Water Softeners Market Size is expected to grow from US$ 10,255.17 million in 2021 to US$ 13,558.77 million by 2028; it is likely to register a CAGR of 4.1% during 2021–2028. The global water softeners market is highly competitive owing to the presence of several regional and global market players. Water softener manufacturers compete in the global market based on product quality, price, and product differentiation. The market players are investing heavily in their R&D activities to cater to changing customer preferences and introduce innovative products. For instance, Harvey Water Softeners Limited launched an eco-friendly water softener HarveyArc that is designed and engineered in the UK and made using 38% less plastic and made from 62% recycled materials.
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Water Softeners Market: Competition Landscape and Key Developments
Atlas Filtri, A.O. Smith Water Technologies, Culligan Italiana S.P.A, 3M, Euraqua Europe, Water2Buy, Viessmann Climate Solutions Se, Cillit, Depurchem, BWT Holding GmBH, Whirlpool Corporation, General Electric, Ecowater Systems LLC, Kinetico Incorporated, and Harvey Water Softeners Limited are among the key companies operating in the global water softeners market. These players are striving toward expanding their presence globally to attain a better market position.
In 2020, Asia Pacific held the largest revenue share of the global water softeners market and is expected to register the highest CAGR during the forecast period. Asia Pacific is expected to offer lucrative growth opportunities to the manufacturers of water softeners to expand their business operations owing to the presence of potential consumer base and significant product demand from household and industrial sectors. The demand for water softeners is likely to increase in the coming years as the commercial sector across Asia Pacific is expected to grow at a rapid pace. Commercial apartments, restaurants, hotels, laundromats, hospitals, and others are installing water softening units to facilitate ease of use and extend the life of their water-handling equipment.
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In developing economies, heavy industries such as steel, paper, and chemicals generate hazardous air and a wide range of water-borne chemicals, causing air and water pollution. A large volume of water can be required for industrial applications. However, when impure water is used in industrial applications, processes can take a long time to complete, requiring equipment to consume more electricity. Similarly, impure water can interfere with the operation of equipment such as water heaters, leading them to lag in performance efficiency. Water softeners ensure that only pure water is delivered in industries such as food & beverages and automotive allowing all equipment to function well. Thus, the rising industrialization in emerging economies propels the growth of the global water softeners market.
Water Softeners Market: Segmental Overview
Based on type, the water softeners market is segmented into salt-based water softeners and salt-free water softeners. In 2020, the salt-based water softeners segment accounted for a larger revenue share. However, the salt-free water softeners segment is expected to register a higher CAGR during 2021–2028.
The water softeners market, by application, is segmented into industrial, residential, municipal, and others. The industrial segment dominated the market in 2020 and is expected to maintain its dominance throughout the forecast period. However, the residential segment is expected to register the highest CAGR during the forecast period.
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Impact of COVID-19 Pandemic on Water Softeners Market:
The ongoing COVID-19 pandemic has drastically altered the status of the water softeners market and has significantly impacted its growth. The outbreak has declined operational efficiency and interrupted the value chain owing to the sudden closure of national and international boundaries, thereby creating revenue loss and damage. The disruptions in the value chain have restricted the supply of raw materials, resulting in hindered growth of the market and affecting the development of the end-use markets. However, as the economies are planning to revive their operations, the demand for water softeners is expected to rise globally in the coming months.
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