Water Purifier Market Exceed $92.1 Billion is set to Witness a Growth Rate of 10.1% in Next 10 Years
PORTLAND, OREGON, UNITED STATES, April 18, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled global water purifier market was valued at $29,998.15 million in 2020, and is estimated to reach $92,082.60 million by 2031, growing at a CAGR of 10.1% from 2022 to 2031.
LAMEA is expected to grow at the highest CAGR of 12.3% during the forecast period, followed by Asia-Pacific, registering a CAGR of 10.3% during the forecast period.
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The water purifiers market presents several opportunities for businesses to capitalize on. One such opportunity is the growing demand for water purifiers in developing countries, where access to clean and safe drinking water is still a major issue. Businesses can cater to this demand by offering affordable and innovative water purification solutions that are suitable for low-income households. Another opportunity is to cater to the growing trend of eco-friendly and sustainable products, by developing water purifiers that are energy-efficient and use recyclable materials. Additionally, there is an opportunity to leverage advanced technology to develop more sophisticated and user-friendly water purifiers, such as those with smart features that can monitor water quality and provide real-time data on filter replacement. Finally, there is a potential opportunity to offer customized water purification solutions that cater to specific customer needs, such as industrial or commercial applications.
The water purifiers market has been experiencing several trends in recent years. One trend is a growing awareness and concern for water quality and safety, leading to an increased demand for water purifiers. Another trend is a shift towards more advanced and technologically advanced water purification systems, including those that use UV light, reverse osmosis, and activated carbon. There is also a trend towards more compact and portable water purifiers, which are convenient for outdoor activities and travel. Additionally, there is a rising demand for smart water purifiers that can monitor water quality and provide alerts for filter replacement. Finally, there is a growing focus on sustainability, with many consumers seeking out water purifiers that are eco-friendly and energy-efficient.
Analysts’ Perspective on the Global Market for Water Purifier
The global water purifier market is anticipated to witness a rapid growth in the residential segment because of rise in health concerns amongst households. Residential users accounted for the largest share of the overall market in 2020. Moreover, the segment is anticipated to witness prominent growth in developing countries, such as China and India in the coming years, owing to increase in scarcity of clean drinking water and surge in awareness toward health and hygiene.
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The global water purifier market is anticipated to witness notable growth in the recent years. This is attributed to the fact that sales have surged in the past few years in Asia-Pacific, making it the largest revenue generator. Moreover, presence of huge population base and scarcity of clean drinking water drive the market in developing countries, such as India and China. The penetration rate of relatively lower priced products, such as gravity-based water purifiers is higher in developing countries of Asia-Pacific and LAMEA. These markets also witness increase in adoption of high-end products and increase in the number of international players, such as Panasonic, Amway, and others. Thus, the demand for portable water purifiers is expected to increase at a considerable rate in developed countries of Europe and North America, as these markets are nearing maturity.
On the basis of technology, the RO water purifier segment occupied the largest water purifier market share of 66.3% in 2020, followed by the UV segment with 20.4%, and is expected to grow at the highest CAGR of 9.5% from 2022 to 2031. RO water purification systems are widely adopted across the globe, due to their performance efficiency, low electricity consumption, and regular technological innovation.
On the basis of end user, the market is categorized into commercial and residential. The residential users segment occupied a significant market share of 74.3% in 2020 and is expected to grow at a CAGR of 9.9% from 2022 to 2031.
On the basis of distribution channel, the market is segmented into retail stores, direct sales, and online channels. The retail stores segment held a major share of 73.4% in 2020 as compared to others.
Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among these, Asia-Pacific accounted for around 69% of the overall market share in 2020, in terms of value, owing to increase in urbanization, surge in income levels, and rise in health awareness among people in this region Europe water purifier market size accounted for a sales revenue of $4,259.70 million in 2020 and is anticipated to grow at a CAGR of 9.1% during water purifier market forecast period. However, the North American market is expected to exhibit a CAGR of 8.4% during the forecast period, accounting for $8,747.80 million by 2031.
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Major market players
• Amway Corporation
• O. Smith Corporation (Aquasana Inc.)
• Best Water Technology
• Eureka Forbes Limited
• Halo Source Inc.
• Kent Ro System Ltd
• Lg Electronics
• Panasonic Corporation
• Suez Water Technologies & Solutions
• Tata Chemicals Ltd
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