Press release
Water Purifier Market : Industry Analysis & Future Growth Prospects to 2024
The rapid rise in global population has resulted in an alarming increase in water pollution, particularly in urban areas where population growth is higher, in addition to increasing number of industries dumping wastewater into rivers. Moreover, the uneven availability of freshwater resources makes countries, particularly in the Middle East, rely on ocean water. This increases the demand for desalination processes, thereby driving the demand for water purifiers.Other factors driving the global water purifiers market include increasing consumer awareness about drinking water quality, the rising demand for water recycling, and expanding residential and commercial construction projects. The opportunity in the global water purifier market is expected to be worth US$97.89 bn by 2024, expanding at a CAGR of 8.0% from 2016 to 2024.
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In 2015, the RO purifier technology segment occupied the leading share in the global water purifier market by revenue. RO purifiers use a semi permeable membrane to remove larger contaminants from water to be used in households and for industrial activities. Seawater and brackish water desalination processes mostly use RO membranes. The RO purifier segment is also anticipated to expand quickly during the forecast period due to their better efficiency in water purification.
In the accessories segment of the global water purifier market, integrated water dispenser is anticipated to expand at a rapid pace during the forecast period. Significant growth is also anticipated in the water pitcher filters and faucet mount segments during the same period. These point-of-use accessories are gaining market share owing to their compact size and less cycle time.
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The household end-user segment is predominant in the water purifier market, accounting for a major share in the overall water purifier market. It is also anticipated to be register a high CAGR during course of the forecast period. Rising health concerns related to water contamination among consumers, especially in rural areas, have led to the large-scale adoption of water purifiers among households.
In the global water purifier market, Asia Pacific is anticipated to be the leading as well as the most rapidly growing region during the forecast period. This segment is anticipated to register a CAGR of 11.4% from 2016 to 2024. Within Asia Pacific, RO purifier technology is anticipated to drive the growth of the water purifier market, expanding at a double-digit CAGR during the forecast period. With 4.4 billion people, Asia Pacific was home to 60% of the total world population in 2015. Due to the surge in population growth, the need for clean and safe drinking water supply is extremely high, which increases the adoption of water purifiers in this region. Furthermore, environmental pollution and depleting groundwater resources have degraded the quality of drinking water in Asia Pacific, thereby pushing the demand for water purifiers.
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The key players in the global water purifier market include GE Corporation, Tata Chemicals Ltd, Pentair Residential Filtration, LLC, Eureka Forbes, Kent RO Systems Ltd., Brita GmBH, A.O Smith Corp. (Aquasana, Inc.), and Culligan International Company.
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