The Global water Filter market is projected to reach the valuation of USD 4330.30 Million by 2026 with a CAGR of 7.10%
Published | August 2020
According to BlueWeaves Consulting, Global Water Filter Market size is expected to reach USD 24330.30 Million by 2026 from USD 18306.49 Million in 2019 at a CAGR of 7.10% over the forecast period 2020-2026. The rising public awareness about water-borne diseases and the growing importance of healthy lifestyle drive this market. Besides, the increased deterioration in water quality and emphasis on water conservation push the demand for water & wastewater treatment & filtration, inducing market growth. The technology has become a focal point in this market with the latest addition of purifiers providing real-time notifications. When it comes to water purifiers, consumers are keen to improve their smart home infrastructure by using connected water filters which offer water quality monitoring and regular water consumption alerts. Manufacturers are gradually integrating the water- filtration technology to smart home networks, sensing the reach of expanding advanced filter technology.
The Global Water Filter Market is segmented based on Product Type, End-user and Sales Channel.
"RO and Commercial End-user Segments occupy the largest share of the Water Filter Market."
Based on Product Type, the water filters are divided into Reverse Osmosis (RO), Ultraviolet, Gravity, Sediment, Water Softener and Others. Among these, Reverse Osmosis water filters are widely adopted across the globe due to their performance quality, low energy consumption and frequent technological advancement in water purifiers. Its demand is likely to increase due to its efficiency and cost-effectiveness during the forthcoming period.
In terms of End-user, the Global Water Filter Market is segmented into the Residential, Commercial and Industrial sector. With continuing urbanization and industrialization around the globe, the demand for water treatment is expected to increase in different industries as well as commercial activities such as restaurants, cafeterias, commercial complexes, tea shops, fast food outlets, etc., at a significant rate during the forecast period. Besides, increasing government regulations on effluent discharge, developments in water purification technologies aimed at improving the quality of drinking water, and rising water treatment & recycling levels are also expected to improve the demand for commercial water filters amid segmentation of the industry.
"Rising Demand for water purifiers, coupled with increasing disposable income creates the opportunity for market players."
Increasing buying power due to the rise in disposable income on the part of consumers contributes to better living conditions, which further leads to more demand for purifiers. Furthermore, demand for water purification systems in developing countries is fueled by the increased requirement of safe water by municipal utility sector and an overall rise in the number of water recycling treatments. Many of the developing nations, such as Brazil, China and India, have witnessed a rise in disposable income due to economic development, skills enhancement and increased jobs in service-centric industries. It has raised the demand for water purification systems, leading to the growth and better prospects of the market.
Online sales channel witnessing lucrative growth in the global water filter market
In respect of Sales Channel, the Water Filter market is segmented into Distributor, Direct, Retail, Online and Wholesale sales channels. Throughout the forecast period, the online supplier channel for sales is expected to expand at a substantial scale due to rapid urbanization and rising internet penetration across the world. Customers ' purchasing preferences are shifting as they research online extensively and compare a range of filters in terms of brand-specific features, advantages and costs. Also, deployment of the online sales channel allows targeting customers with attractive offers, coupons and deals to increase the sales, expanding its reach and growth over other distribution channels during the forthcoming period.
Asia-Pacific is expected to witness significant growth in the market during the forecast period."
Based on the region, the global water filter market segmented into North America, Europe, Asia-Pacific, South America and Rest of the World. Among these, Asia-Pacific dominates the global market and is expected to hold the major market share due to high demand from all end-user segments during the forthcoming period. Market growth in the Asia Pacific is driven primarily by the need for improving the decreasing quality of surface water in coastal & other areas and water conservation as well as industrial &economic development and the rising standard of living in the most populated developing countries of Asia & other economies.
“The Leading players” in the Water Filter Market include 3M, Honeywell, Pentair Inc., BRITA, AO. Smith Corporation, Evoqua Water Technologies LLC, BSH homes, Kinetico Inc., Best Water Technology, GE Appliances, Eaton Corporation and other prominent players. The renowned players in the market for water purifiers have concentrated on introducing well-equipped items with advanced water filtering technologies.
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The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the Global Water Filter Market size & forecast. The report promises to provide state-of-the-art technology of Global Water Filter Market and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive dynamics.
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