What's drive the Ozone Generation Market Growth - 2023?
Ozone is a highly effectual and dynamic sterilizing agent with application in many industries, owing to collective awareness regarding environmental pollution. Wastewater reclamation, potable water conservation, sludge minimization, and sludge pretreatment are some of the prominent avenues of ozone generation application in industrial and municipal backdrops.
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The global market for ozone generation is expected to witness significant growth over the next decade owing to water scarcity and increasing need to treat waste water and conserve natural water. However, the market for ozone generation has still not penetrated in some of the developing and under developed countries owing to lack of awareness amongst the consumers regarding the benefits of ozone generation technologies.
Rise in need for clean drinking water, increase in usage of ozone technologies, and rapid urbanization & demographic growth drive the market. However, high installation & operational cost of ozone generation systems and lack of awareness regarding ozone generators hamper the potential of the market for different applications.
The potable water treatment segment accounted for around one-third share of the global market in 2016 and is expected to maintain its dominance during the forecast period, owing to growth in population and urbanization. However, air treatment applications are also expected to grow with a moderate CAGR due to rise in demand for deodorizers and high ozone-level shock treatments.
Ozone generation is widely applicable for water disinfection and air sanitizing purposes. Furthermore, it is utilized in therapy of various diseases like AIDS and Cancer. One of the most common technique for ozone generation is known as corona discharge. Although traditional methods like UV light and electrolytic method also provide high concentration and purity.
Key Findings of the Ozone Generation Market:
o The potable water treatment segment is expected to grow at a CAGR of 8.1% during the forecast period.
o In Asia-Pacific, China is estimated to grow at the highest CAGR of 7.7%, in terms of value.
o Corona discharge segment occupied around two-fifths of the global market share in 2016.
o The U.S. accounted for over one-sixth of the global market in 2016, and is expected to grow at a significant CAGR of 7.4%.
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In 2016, Asia-Pacific and North America collectively accounted for around two-thirds share of the global market, while Asia-Pacific is expected to grow at a higher rate during the forecast period. Furthermore, high demand from the emerging countries, such as Japan, India, and China, is estimated to drive the market growth.
The major companies profiled in the report include, Absolute Systems, Inc., Chemtronics Co., Ltd., DEL Ozone, EBARA Technologies, Inc., ESCO International Ltd., Fuji Electric Co., Ltd., International Ozone Technologies Group, Inc., Mitsubishi Electric Corp., Toshiba Infrastructure Systems & Solutions Corporation, and Suez SA.
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