Pune, May 20, 2021 (GLOBE NEWSWIRE) -- Water Purifier Market Analysis
Market Research Future (MRFR) predicts the global water purifier market to reach a value of USD 82.6 billion, registering at a CAGR of 17.37% from 2020 to 2027 (forecast period).
Water purifiers are systems or items of equipment that purify drinking water. Water purifiers use a variety of technologies, including activated carbon, UV technology, and reverse osmosis (RO). The need for water purifiers has grown over time due to a rise in contaminants, dissolved solids, chemical substances, and other materials.
Water quality is declining as a result of increasing water contamination caused by continuous industrial expansion and unmonitored waste discharge into water sources. With growing consumer health concerns, demand for water purifiers is expected to rise at a rapid pace during the forecast period.
COVID-19 Impact on the Global Water Purifier Market
The global water purifier market has been harmed in recent months as a result of lockdowns enforced in a number of countries around the world. After the pandemic outbreak in December 2019, these lockdowns have temporarily halted the development of water purifiers. Manufacturing firms are facing difficulties as a result of decreased product demand and disruptions in component supply. In addition, many countries experienced curfew-like circumstances in which companies (except essential services) were not permitted to operate, negatively impacting demand for water purifiers. A water purifier is a system that removes suspended solids, chemicals, unnecessary materials, and gases from water to make it suitable for a particular purpose. The water purifier market is primarily driven by a number of factors, including increased knowledge of water-borne diseases and technological advances in water purifiers. The high cost of equipment and maintenance can limit the growth of the water purifier market.
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The market is being propelled by a number of factors, including increased consumer awareness about the dangers of polluted surface water, which has resulted in a dramatic change in consumer preference toward technology-based water purifiers worldwide. Market share is comparatively higher in developed countries such as the United States, Canada, and Italy. Large semi-urban and rural areas in developing countries such as China and India, on the other hand, remain untapped. As a result of increasing microbial and chemical pollution in surface water supplies, home water filtration units are seen as a necessity, especially in metros and urban areas. The pandemic outbreak has greatly hampered demand for water purifiers in recent months. However, demand for water purifiers is expected to rebound in the coming months as many governments plan to phase out the lockdowns.
Market Segmentation
The global water purifier industry has been segmented based on products, devices, and end-user.
Based on product, the global water purifier market has been segmented into RO water purifiers, UV water purifiers, and activated carbon filters. In 2019, the RO water purifier segment held the largest market share of 54.8%, with a valuation of USD 27,481.7 million. It is predicted to register a 17.13% CAGR during the projected timeframe.
Based on devices, the global water purifier market has been segmented into wall-mounted, countertop, tabletop, faucet-mounted, and under-the-sink (UTS).
Based on end-user, the global water purifier market has been segmented into residential and commercial. In 2019, the residential segment captured a considerable market share of 71.9%, with a valuation of USD 36,069.1 million. It is predicted to register an 18.25% CAGR over the forecast period.
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Regional Analysis
By region, the global water purifier market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific dominates the global water purifier industry, owing to the highest population density in countries such as China and India. The regional market has grown rapidly in the last two to three years as a result of the expanding commercial sector, rising consumer demand for purified water, and government initiatives. The population of these regions is also growing, which is expected to drive market growth even further. Water purifiers are in high demand in India. The rapidly evolving Indian economy, government initiatives for pure water, and increasing population are the main factors driving the Indian market.
During the forecast period, North America is one of the main markets for water purifiers. Increased demand for household products, a lack of clean water, and an increasing population are factors driving the regional market. This is supported by an increasing understanding of water-borne diseases. The United States accounts for the lion's share of the North American water purifier industry. The market is being accelerated by the growing need for optimal water usage in all sections of society.
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Key Players
The growth of the vendors is reliant on market conditions, government support, and industrial development. Accordingly, the vendors should focus on expanding their presence and improving their services. A. O. Smith, Unilever, EcoWater Systems LLC, Panasonic Corporation, Coway Co., Ltd., KENT RO Systems Ltd., and Livpure Pvt. Ltd. are some of the main players operating in the global market.
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