New York, USA, Oct. 14, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global ozone generation market is expected to garner a revenue of $1,624.7 million by 2026 with a CAGR of 5.2% during the analysis period, increasing from $1,053.0 million in 2018.
The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints
and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the
market.
An ozone purifier is an air purifier that produces ozone. Ozone generators are used to purify and disinfect water from various germs and other contaminants. Ozone
generators are excellent disinfectants and have oxidation qualities, which is why ozone is widely used in treating drinking water. Increasing demand for drinking water with
the rise in the population is predicted to be the major driving factor for the global ozone generator market in the estimated period.
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Dynamics of the Market
An ozone purifier is an air purifier that produces ozone. Ozone generators are used to purify and disinfect water from various germs and other contaminants. Ozone
generators are excellent disinfectants and have oxidation qualities, which is why ozone is widely used in treating drinking water. Increasing demand for drinking water with
the rise in the population is predicted to be the major driving factor for the global ozone generator market in the estimated period. Moreover, with the rise in urbanization, the demand for water is also expected to increase across the globe which is predicted to boost the global market in the estimated period.
Lack of awareness among the population about ozone generators is predicted to be the biggest restraint for the market in the estimated period. There is a high demand of
ozone generators in various end use industries but the lack of awareness and high installation cost of these generators is predicted to hinder the market growth in the
forecast period.
Key Segment Highlights
The report has divided the market into different segments based on technology, application, and regional outlook.
Technology: Corona Discharge Sub-Segment Expected to Earn the Highest Market Share
Corona discharge sub-segment recorded a revenue of $427.5 million in 2018 and is further predicted to grow with a CAGR of 5.9% during the analysis period. The main factor behind the market growth is that the corona discharge ozone generators generate huge amount of ozone in a budget-friendly manner compared to UV-ozone generation.
Application: Municipal Sub-Segment Predicted to be the Most Profitable
Municipal application sub-segment recorded a revenue of $353.2 million in 2018 and is further expected to grow with a CAGR of 6.1% during the forecast period. The main
factor enhancing the demand of the product in the municipal sector due to its high oxidizing power that can oxidize heavy material.
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Regional Outlook: Asia-Pacific Expected to Dominate the Market
Asia-Pacific regional market generated a revenue of $413.8 million in 2018 and is further estimated to grow with a CAGR of 7.3% during the forecast period. Rising
urbanization and industrialization in the regional countries have increased the demand of purified drinking water in recent years. This is the main reason behind the growth of the regional market.
Leading Top 10 Ozone Generation Market Key Players & Strategies
The most prominent players of the global ozone generation market include -
- Dayton Water Systems
- Absolute Systems
- Custom Molded Products LLC
- Chemtronics Co. Ltd.
- EBARA Technologies Inc.
- International Ozone
- Mitsubishi Electric Corp.
- Toshiba Infrastructure Systems & Solutions Corporation
- ESCO International
- Suez
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These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in August 2021, Toshiba Water Solutions Private Limited, a derivative company of the social infrastructure domain of Toshiba Corporation of Japan, announced
that a conglomeration of TWS and Frey-Fil Corporation, a leading construction company based in the Philippines, has completed an agreement with Manila Water Company,
Inc., a leader in wastewater solution, to build a sewage treatment plant. TWS will handle the supply, design, installation, testing and commissioning of the process.
Impact Analysis of COVID-19 on the Market
The COVID-19 outbreak has impacted the global ozone generation market in a negative way. During the lockdown period, restrictions were imposed on the operations of
non-essential industries. Manufacturing industries were shut down for infinite time period. These factors impacted the industry in a negative way during the pandemic.
However, with the decreasing cases of COVID-19, the industries has become operational again which is expected to enhance the growth of the global ozone generation
market.
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