New York, USA, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global ozone generation market. As per the report, the global market is projected to surpass $1,624.7 million and grow with a CAGR of 5.2% in the estimated period, 2018-2026. This all-inclusive report delivers a comprehensive overview of the current and future situation of the ozone generation market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Factors Impacting the Ozone Generation Market Growth:
The global ozone generation market growth is driving owing to growing use of ozone as a powerful disinfectant in water treatment processes. As population worldwide is increasing the demand for clean drinking water is also rising, which is fueling the market growth. Additionally, increasing urbanization across the world is projected to divulge profitable opportunities for the growth of the market in the estimated period. However, high installation costs of ozone generators is expected to obstruct the growth of the market in the coming years.
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Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global ozone generation market. The pandemic has curbed the regular processes of numerous industries such as food & beverage processing and chemical factories, which use ozone generators for purification processes. As a result the demand for ozone generators substantial declined during the crisis, which hampered the growth of the market. However, as the pandemic is relaxing and companies are resuming normal functioning, the market is expected to reach newer heights during the forecast period.
The report segments the global ozone generation market based on technology, application, and region.
Corona Discharge Sub-Segment to Hold Leading Market Share
The corona discharge sub-segment of the technology segment is predicted to grow at a CAGR of 5.9% in the estimated period. This growth is mainly because corona discharge ozone generators produce greater amounts of ozone more efficiently in an affordable way as compared to other ozone generators, for instance: UV-ozone generators.
Municipal Application Sub-Segment to Observe Noteworthy Growth
The municipal application sub-segment of the application segment is foreseen to grow at a CAGR of 6.1% in the estimated period. This growth is mainly owing to the widespread demand for ozone generators owing to their high oxidizing power and capability to oxidize heavy materials.
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Asia-Pacific Ozone Generation Market to Witness Outstanding Growth
The report examines the global ozone generation market across numerous regions including Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is anticipated to grow extensively at a CAGR of 7.3% during forecast period. The growth of this region market is mostly owing to the rising scarcity of clean drinking water amongst the rising population, urbanization, and industrialization in this region.
Key Players in the Ozone generation Market:
The report states some of the foremost players operating in the global ozone generation market including
- Chemtronics Co. Ltd
- Absolute Systems.
- International Ozone
- Toshiba Infrastructure Systems & Solutions Corporation
- Custom Molded Products LLC
- Dayton Water Systems
- EBARA Technologies Inc.
- ESCO International
- Mitsubishi Electric Corp.
- Suez
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading-edge in the global market.
For instance, in August 2020, Faraday Ozone, a foremost producer of ozone generators from Coimbatore, has launched Ozodip, a patented ozone-based food detoxifier.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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More about Ozone Generation Market:
- Ozone Generation Systems: A Vital Component Required at Water Treatment Plants
- Global Ozone Generation Market to Witness Robust Growth During the Forecast Period Owing to Novel Product Launches
