Global Water Filter Market on an Impressive Growth Spree: Likely to Grow at a CAGR of 6.4% by 2027
Published | 27 October 2021
The global water filter market is growing at a high CAGR because of the growing prevalence of water-related issues. Globally, water filter demand is also on the increase due to the declining quality of potable water as well as growing industrialization and urbanization…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global water filter market was worth USD 11.8 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 6.4% earning revenue of around USD 18.2 billion by the end of 2027. As the prevalence of water-related issues becomes more and more concerning for the environment and the global environment, this will become a major factor driving water filter market worldwide. The use of water filters has become vital for people living in today's world. The growing need for water filters varies depending on the degree of pollution, personal or commercial use, water supply & demand, and source of pollution. Water treatment technology has increasingly become a focal point in the industry, advancing its potential as a market.
Rising Demand for Water Filters, coupled with Increasing Disposable Income Creating Lucrative The Opportunities for Market Players
The increase in consumer disposable income leads to better living conditions, which in turn leads to more demand for water filters. A rise in disposable income has been observed in many developing countries, including Brazil, China, and India, due to economic development, skills enhancements, and increased jobs in service-centric industries. Thus, increasing purchasing power acts as a crucial driving factor for the global water filters market growth. In addition, in developing countries, demand for water filters is increasing due to the increased requirement for safe water by the municipal utility sector and an overall increase in the number of water recycling treatments.
Online Sales Channel Witnessing Lucrative Growth in The Global Water Filter Market
The water filter market is segmented into distributors, direct, retail, online, and wholesale in terms of sales channels. Due to rapid urbanization and rising internet penetration globally, the online sales channel is likely to register the highest CAGR during the forecast period. Customers are shifting their purchasing preferences as they research extensively online and assess various features, advantages, and costs associated with a range of brands. Moreover, the online sales channel allows brands to target customers with attractive offers, coupons, and deals to increase sales, which boosts its reach and growth over other distribution channels.
Global Water Filter Market - By End-User
Based on end-users, the global water filter market is segmented into residential, commercial, and industrial. The commercial segment accounts for the largest market share. Furthermore, government measures such as urban wastewater treatment directives, drinking water directives, and water system directives encourage businesses to use both self-generated and public utility water. This has led to an increase in the adoption of water filters for sewage treatment, thus driving the commercial sector market. However, the industrial segment also covers a substantial share in the market because of the growing use of water in various industries such as steel manufacturing, pharmaceutical, refining, etc.
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Global Water Filter Market - Regional Insights
Geographically, the global water filter market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Among all the regions, North America dominates the global water filter market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The declining surface water quality mainly drives Asia Pacific’s growing market in coastal regions and other areas. The growing need for safe drinking water is another primary factor favoring Asa Pacific’s water filter market. Furthermore, rapid industrialization in countries like India, China, Japan, etc., has also led to an increased demand for water filters due to the use of large volumes of water by various industries.
Impact of COVID-19 on Global Water Filter Market
The global water filter market was significantly disrupted after the sudden outbreak of the COVID-19 pandemic. The pandemic has slowed the volume of consumer appliance purchases, increasing the lead time for order fulfillment. A shortage of labor and high supply chain costs are critical obstacles that have hindered the growth of the global water filter market. However, an easing of lockdown restrictions will likely lead to growth opportunities for the market, primarily due to the emergence of online channels.
The leading players in the global water filter market are 3M Company, Resideo Technologies, Inc., GE Appliances, Eaton Corporation plc, A.O. Smith Corporation, Evoqua Water Technologies LLC, SUEZ Water Technologies & Solutions, Pentair plc, BSH Home Appliances Corporation, Best Water Technology, Brita GmbH, Best Water Technology, Pall Corporation, Lydall Industrial Filtration, Mann-Hummel, Dow Water & Process Solutions, Veolia, Kent RO System Ltd., Eureka Forbes Limited, and other prominent players.
The market is fragmented, with the presence of various industry participants. The market players significantly focus on offering a wide range of products to grab a larger share in the market. Diversified product portfolio and proven channel of distribution are factors responsible for strengthening these companies' roles in the water filters industry. The adoption of competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global water filter market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global water filter market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Global Water Filter Market- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Product Type (Reverse Osmosis, Ultraviolet, Gravity, Sediment, Water Softener, Others), By Sales Channel (Distributor, Direct, Retail, Wholesale, Online), By End-User (Residential, Commercial, Industrial), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Publish Date: October 2021
As a result of the deteriorating water quality and the growing demand for healthy and clean drinking water, the water filter market is witnessing a healthy CAGR across the globe.
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