Water Purifier Market to Experience Growth Spells: Projected to Grow at the CAGR of 9.4% in the Forecast Period
Published | 02 November 2021
The global water purifier market is growing at a high CAGR because of the decreasing access to safe and clean drinking water due to increasing industrialization, population and water pollution levels.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global water purifier market was worth USD 31.3 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 9.4%, earning revenue of around USD 58.6 billion by the end of 2027. Because of increasing industrialization, population growth, and water pollution levels, the global water purifier market is experiencing significant growth. An additional factor driving the market’s growth is the prevalence of several water-borne diseases, particularly in under-developed and developing countries. Thus, manufacturers are increasingly launching advanced water purifiers to capture growth opportunities, which is expected to drive global market growth in the forecast period. However, the high cost of water purifiers and energy consumption may act as a major restraining factor for the growth of the global water purifier market.
Emergence of Online Sales Channels is Anticipated to Drive the Global Water Purifier Market Growth
The online sales channels are estimated to grow at the highest CAGR during the forecast period in terms of value. Online sales have grown due to rapid urbanization and an increasing number of internet users globally. Buying patterns are also shifting as customers nowadays do rigorous research online and compare a wide selection of water purifier filters before purchasing one. Consumers can compare the features, benefits, and prices of different brands using the online platform. Thus, the easy accessibility of water purifiers through online sales channels also played a crucial role in the market’s growth during the lockdown.
Increasing demand for water purifiers in the industrial sector is driving market growth
Increasing industrialization, especially in emerging economies like China, India, etc., is driving the global water purifier market's growth. Additionally, in response to government regulations, environmental pressure, and social responsibility, industries are treating wastewater discharged into water bodies to reduce its impact on marine life. In order to meet the growing demand for purified water, several large corporations and industries are setting up in-house wastewater treatment plants, which is expected to drive market growth in the forecast period.
The Residential Segment is Driving the Global Water Purifier Market
Based on end-users, the global water purifier market is segmented into residential, commercial, and industrial. The residential segment accounts for the largest market share because of the rising population and deteriorating water quality globally. The increasing cost of traditional water purification methods like boiling and straining is fueling the demand for water purification in households to fulfill the increasing need for clean water. On the other hand, the industrial segment also holds a substantial share in the market because of the rapid industrialization in emerging economies like China, India, etc. Additionally, the high consumption of water in various industries such as pharmaceuticals, textile, sugar, etc., also contributes to the growth of the water purifier market growth in the industrial segment.
Request For Free Sample Report @ https://www.blueweaveconsulting.com/report/water-purifier-market-bwc1845/report-sample
Global Water Purifier Market - Regional Insights
Geographically, the global water purifier market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. North America dominates the global water purifier market among these regions. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. China, India, Japan, South Korea, etc., have limited access to clean drinking water due to these countries’ high population and rapid industrialization, which drives the demand for water purifiers in this region. In addition, health concerns and consumer awareness of the importance of clean water are also driving the market.
Impact of COVID-19 on Global Water Purifier Market
The initial phase of the COVID-19-induced pandemic has had a negative impact on the global water purifier market. Water purifiers were in short supply on the market due to obstructions in manufacturing and supply chains, leading to huge losses for manufacturers. Nevertheless, this loss appears to be temporary, as the post-COVID-19 period will bring lucrative opportunities for market growth. The increasing dependence on online channels for water purifiers is also emerging as a major driving factor for the market growth. In addition, the pandemic increased the need to have access to clean water for health, food, and nutrition security, thereby driving the market’s growth.
The leading players in the global water purifier market are 3M Company, COWAY CO., LTD., Watts Premier, SteriPEN, A.O. Smith Corporation, PUR, Katadyn, General Ecology, Everpure, Culligan, Brita GmbH, Crystal Clear, Aquasana, GE Appliances, Evoqua Water Technologies LLC, Kinetico Inc., LG Electronics, Kent RO System Ltd., Eureka Forbes Limited, and other prominent players.
The market is highly dominated by global and established players such as LG, Kent RO, Eureka Forbes, etc. This is due to the direct link between water quality and health. Moreover, consumers are more inclined towards trusted and renowned brands. Thus, companies engage in continuous product launches and integrate technologies like AI and IoT into their products to advance their products. Additionally, an array of competitive strategies, including partnerships, mergers, acquisitions, joint ventures, etc., are prominent in this market.
Don’t miss the business opportunity of the global water purifier market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global water purifier market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global water purifier 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.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Water Purifier Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Technology (RO Water Purifiers, UV Water Purifiers, Gravity Based Water Purifiers, Sediment Filters), 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
The growth of the global water purifier market is attributed to the scarcity of clean and safe drinking water especially in urban cities and growing awareness towards the health benefits of safe water.
Relevant Press Releases
- Global Organic Personal Care Products Market to Cross USD 41 Billion by 2028
- Global Coffee Machines Market Set to Observe a Brisk Growth Rate—Projected to Reach worth USD 5.2Billion in 2027
- Global Car Care Product Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 3.43% in the Forecast Period
- Global Fan Market worth USD19.1 Bn in 2019 is further projected to reach USD 23.8 billion by 2026, growing at a CAGR of 4.2%
- North America Household Water Treatment System Market Flourishing– Projected to Reach Worth USD 6,559.4 Million by 2027