New York, USA, Nov. 24, 2021 (GLOBE NEWSWIRE) -- A latest report on the global RO water treatment system components market published by Research Dive sheds light on the impact of COVID-19 pandemic on the current and future scope of the market. This report is a useful study for stakeholders, investors, market participants, and new entrants in the search of comprehensive insights on the impact of COVID-19 on the market growth.
Key Highlights of the Report:
The COVID-19 pandemic has had a positive impact on the growth of the global market for RO water treatment system components in 2020. As per the report, the global RO water treatment system components market garnered $4,200.0 million in 2018 and is estimated to exceed $13,687.3 million, rising at a CAGR of 17.0% by 2026. In the present situation, the market size has surged owing to the growing need to purify water bodies to curb the spread of virus.
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Factors Boosting the Market Growth during the COVID-19 Crisis:
The World Health Organization (WHO) has advised to keep the water supplies safe, as the transmission of the COVID-19 virus can easily pass through drinking as well as sewage water. This is boosting the growth of the global RO water treatment system components market. Moreover, several government institutions and non-profit firms worldwide are undertaking thoughtful initiatives to develop awareness about maintaining water safety and hygiene during the pandemic. Such factors are greatly contributing to the growth of the global market.
Current Face of the Market Due to COVID-19:
Before the outbreak of the pandemic, the market was estimated to garner $4,941.1 million in 2020. In the present situation, the market size has amplified and reached up to $6,299 million in 2020.
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The rise in the market growth is mainly owing to the growing implementation of RO water treatment systems in the residential sector in this pandemic period. Market players are taking significant initiatives to develop advanced RO water treatment systems, which is expected to surge the market growth in the coming years.
Residential End Use Will Grow at a Significant Rate throughout the Forecast Years
On the basis of end use, the RO water treatment system component market is classified into residential and non-residential. The market for residential will witness to rise at a faster rate of 17.9% CAGR and is predicted to register for $6,980.5 million till the end of 2026. Rapidly increasing urban populace owing to urbanization is generating huge quantities of wastewater from residential areas, which is expected to drive the need of RO treatment processes; this factor will fuel the market size in the forecast time. Non-residential end use segment accounted for an evident market size and is projected to experience considerable growth during the forecast time.
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Future Scope of the Market:
According to the report, the global RO water treatment system components market is expected to undergo continuous growth even after the end of the COVID-19 pandemic, owing to growing partnerships, investments in R&D activities, and new developments in the market. Some of the foremost players, such as
- MICRODYN-NADIR
- LG Chem.
- Uniqflux Membranes LLP.
- TORAY INDUSTRIES, INC.
- Hydranautics - A Nitto Group Company
- LANXESS
- membranium
- AXEON
- Koch Membrane Systems, Inc.
- TOYOBO CO., LTD
- Dow, and others,
are anticipated to come up with innovative developments and pave way for lucrative opportunities for the market growth in the upcoming years.
For instance, in August 2020, DuPont Water Solutions, a global frontrunner in water purification and separation technologies, introduced FilmTec™ residential reverse osmosis (RO) elements on Amazon in a collaboration with Onsitego, India’s top customer service company for gadgets, personal devices, and small & large home appliances.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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