Global Water Purifier Market: Snapshot
The global water purifier market has been rising at a steady pace and going forward too will continue doing so. It is powered mainly by the growing needs of a burgeoning world population. The demand in urban pockets is comparatively much higher on account of the density of population and high levels of water pollution resulting from industrial waste and massive proportions of garbage being dumped into water bodies.
Another factor serving to bolster demand in the global water purifier market is the dearth or uncertain availability of fresh water in certain parts of the world such as the Middle East. Hence, they have to depend heavily on salty sea water which needs to be desalinated before use. This has served to increase demand for water purifiers.
Apart from that, the growing crop of health conscious people around the world concerned about the purity of water they consume is also generating sales of water purifiers.
According to a report by Transparency Market Research, the global water purifier market, which was worth US$ 53.36 bn in 2016 will become worth US$110.02 bn by 2025 by rising at a CAGR of 8.4% during the period between 2017 and 2025.
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Affordable Prices Drive up Demand for Replacement Filters
The global water purifier market can be segmented depending upon the type of accessories into pitcher filter, under sink filter, shower filter, faucet mount, water dispenser, replacement filters, counter top filters, house hold filters, etc. Of these, the replacement filters are slated outshine all others vis-à-vis growth rate by clocking a strong 9.5% CAGR from 2017 to 2025 because of their affordable price.
The water dispensers, counter top, and pitcher filters segments are also expected to clock considerable growth in the upcoming years because of their compact size and less cycle time.
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Massive Population Makes Asia Pacific Leading Market
From a geographical standpoint, Asia Pacific market is the most promising market on account of its massive population of 4.4 billion, which is about 60% of the world population. According to the TMR report, the region will likely clock a robust 11.9% CAGR from 2017 to 2025. Apart from its substantial population, increasing water pollution and depleting groundwater resources are also driving the water purifier market in the region. The RO purifier technology is said to be spearheading the growth in the Asia Pacific market.
By registering a CAGR of 5.9% between 2017 and 2025, the market in South America comes in a second position in terms of growth rate. The end-use segment of household will likely drive growth in the market for water purifier in the region. The Middle East and Africa is predicted to trail South America in terms of growth rate.
The market in North America for water purifier is forecasted to expand at a CAGR of 5.7% from 2017 to 2027 on the back of strict regulations by the government pertaining to the quality of water. In the next couple of years, the demand for water purifiers is anticipated to grow further in the region due to the massive amounts of industrial and mining wastes being dumped into rivers. This renders the water totally unfit for human use and necessitates elaborate and expensive water treatment processes.
A.O. Smith Corporation, Aquatech International LLC, EcoWater Systems LLC, Eureka Forbes Ltd., GE Appliances, Ion Exchange, Kaz USA, Inc., Kent RO Systems Ltd., Kinetico Inc., LG Electronics, Mitsubishi Rayon Cleansui Co., Ltd., Panasonic Corporation, Pentair Plc, Philip Electronics, Tata Chemicals Ltd., Unilever N.V., and Whirlpool Corporation are some of key players in the global water purifier market.