Water Purifier Market Size Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Water Purifier Market Share Research Report, Product , Devices, End-User and Region - Forecast till 2030” the market is projected to be worth USD 127.24 billion by 2030, registering a CAGR of 17.37% during the forecast period (2022 - 2030), The market was valued at USD 46.61 billion in 2022.
List of the Key Companies Profiled in the Water Purifier Market Research Report are:
- O. Smith
- KENT RO Systems Ltd.
- EcoWater Systems LLC
- Panasonic Corporation
- Coway Co. Ltd.
- Livpure Pvt. Ltd., among others
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Impact of COVID-19 on the Global Market
The global water purifier industry has been harmed in recent months as a result of lockdowns implemented in a number of nations throughout the world. Since the pandemic outbreak in December 2019, these lockdowns have temporarily suspended the production of water purifiers. Manufacturing firms are suffering difficulties as a result of lower product demand and disruptions in component supply.
In addition, numerous countries experienced curfew-like situations in which businesses (except essential services) were not allowed to operate, negatively impacting demand for water purifiers. A water purifier is a system that removes suspended solids, chemicals, unwanted materials, and gases to make water fit for a specific purpose. The water purifier market is primarily powered by a number of factors, including increased awareness of water-borne diseases and technological improvements in water purifiers. The high cost of equipment and maintenance may limit the expansion of the water purifier industry.
The market is being driven by a number of factors, including increased consumer knowledge about the dangers of contaminated surface water, which has resulted in a considerable shift in customer preference toward technology-based water purifiers worldwide. Market penetration is comparatively higher in developed countries like the United States, Canada, and Italy. Large semi-urban and rural areas in developing countries like China and India, on the other hand, remain untapped.
As a result of increased microbial and chemical contamination in surface water sources, home water filtration units are considered a need, particularly in metros and urban areas. In terms of revenue, Asia Pacific leads the worldwide water purifier market, followed by Europe and North America. The pandemic outbreak has considerably affected the demand for water purifiers in recent months. Nevertheless, demand for water purifiers is expected to rebound in the following months as various governments prepare to phase off the lockdowns.
Increasing Awareness About Health and Safety Issues
Water purifiers are systems or equipment that filter drinking water. Water purifiers use a variety of technologies such as activated carbon, UV technology, and reverse osmosis (RO). The necessity for water purifiers has grown over time due to a rise in pollutants, dissolved solids, chemical compounds, and other materials. Growing public awareness of water-borne diseases, as well as technological developments in water purifiers, will drive market expansion.
The World Health Organization (WHO) organizes numerous initiatives to improve public awareness about health and safety issues. Such efforts are frequently used to educate the public about the causes of illness. Every year, nearly 4 billion instances of diarrhea are caused by poor drinking water, sanitation, and hand hygiene, according to the WHO.
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The worldwide water purifier industry has been segmented based on product, devices, and end-user.
Based on product, the global water purifier industry has been segmented into RO water purifiers, UV water purifiers, and activated carbon filters. In 2019, the RO water purifier segment captured the largest market share of 54.8%, with a market value of USD 27,481.7 million. It is anticipated to register a 17.13% CAGR during the projected timeframe.
Based on devices, the worldwide water purifier market has been segmented into wall-mounted, countertop, tabletop, faucet-mounted, and under-the-sink (UTS).
Based on end-user, the worldwide water purifier market has been segmented into residential and commercial. In 2019, the residential segment earned a considerable market share of 71.9%, with a market value of USD 36,069.1 million. It is anticipated to register an 18.25% CAGR over the forecast period.
APAC to Dominate the Global Market
The Asia Pacific dominates the worldwide water purifier market, owing to the largest population density in countries like China and India. The regional industry has grown rapidly in the previous two to three years as a result of the expanding commercial sector, rising consumer preference for purified water, and government programs. The population of these regions is also growing, which is likely to drive market expansion even further. In India, water purifiers are in high demand. The rapidly increasing Indian economy, government measures for pure water, and growing population are the primary factors driving the Indian market.
North America to Follow APAC
During the projection period, North America is one of the leading markets for water purifiers. Increased demand for household products, a scarcity of clean water, and a growing population are factors driving the regional market. This is supported by a growing awareness of water-borne diseases. The United States accounts for the lion's share of the North American water purifier market. The market is being powered by the growing requirement for effective water use across all sections of society.
Segmentation of Market covered in the research:
Water Purifier Market Research Report: Information By Product (RO Water Purifier, UV Water Purifier and Activated Carbon Filters), Devices [Wall Mounted, Countertop, Tabletop, Faucet-Mounted and Under-The-Sink (UTS)], End-User (Residential and Commercial) and Region - Forecast till 2028
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