Demand for Water Purifiers Spikes with Growing Need for Potable Water
The leading players in the 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. The emergence of new players in recent years has led to soaring competition in the water purifier market. Transparency Market Research finds that prominent players are focusing on new product development, geographical expansion, and partnerships as their key strategies to enhance their presence in the global water purifier market.
The revenue generated by the global water purifier market was pegged at US$49.49 bn in 2015 and is projected to rise at an 8.0% CAGR during the forecast period to reach US$97.89 bn by 2024.
Asia Pacific Surges Ahead in Global Water Purifier Market
In the global water purifier market, Asia Pacific is anticipated to be the leading as well as the fastest growing segment by geography, expanding at a CAGR of 11.4% from 2016 to 2024. Within the Asia Pacific market, RO purifier technology is anticipated to contribute significantly to the expansion, with the segment developing at a CAGR of 13.4% during the forecast period.
In 2015, the RO purifier technology segment occupied the dominant share in the global water purifier market by revenue. The segment is also anticipated to expand quickly through 2024 due to the technology’s improved efficiency in water purification. By accessories, the global water purifier market is projected to be driven by integrated water dispensers, with the segment expanding at a CAGR of 7.9% during the forecast period. The household end-user segment is predominant in the water purifier market, accounting for major share in 2015. It is also anticipated to be register a high growth rate from 2016 to 2024.
Large-scale Urbanization and Water Scarcity Offering Growth Opportunities
Rising population growth and urbanization is one of the leading factors fueling the demand for water purifiers across the globe. The United Nations reveals that in 2014, more than 3.5 bn people were living in urban areas, while the World Health Organization states that an estimated 663 mn people lacked access to a protected source of water in 2015.
“Although rising levels of water pollution and water scarcity has a negative impact on the water utility business, it has proven to be beneficial to the water purifier market as the demand for clean and safe water has been on the rise,” the lead analyst points out. The impact of this driving factor is projected to remain high throughout the forecast period, TMR states.
Lack of Understanding and Awareness in Rural Areas Limiting Widespread Adoption of Water Purifiers
The high cost of water purification technologies such as reverse osmosis, ultrafiltration, and ultraviolet treatment is a key deterrent to the growth of the water purifiers market, TMR finds. Investments in these technologies are still low and the customers’ limited knowledge regarding the technical advantages of membrane technology also restricts the number of buyers.
The lack of understanding regarding sanitation and hygiene in several rural areas and the low level of awareness in these areas regarding the health risks caused by unsafe water have also limited the adoption of water purifiers.
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“However, companies as well as governments of several countries have been putting in efforts to improve access to safe drinking water in rural areas and this presents a significant opportunity for market players,” the analyst states.
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