Water Purifier Market to Reach USD 47.53 Billion by 2028
The supply chain disruption caused by the pandemic has resulted in immense loss for the global market. The shortage of laborers has halted the production process at various facilities. For instance, Pentair PLC, a leading supplier of water purification systems, recorded slow production and operations due to ‘shelter in place’ orders from governance. Nevertheless, some companies are adopting business plans to mitigate the effect of the epidemic.
Similarly, governments are modifying loan policies & supporting cash flow for small & medium scale manufacturing. According to the Water World Magazine, in 2020, around 44% of Water and Wastewater Equipment Manufacturers Association (WWEMA) manufacturing members and 60% of WWEMA representative members were helped through the Federal Payroll Protection Program in the U.S.
The global water purifier market size is expected to reach USD 47.53 billion by 2028, exhibiting a CAGR of 7.2% during the forecast period. The advent of technologically advanced smart water purifier will bolster healthy growth of the market. The market size stood at USD 27.51 billion in 2020. The introduction of user-friendly purifiers will spur demand in the foreseeable future.
Based on product type, the global market is classified into point-of-use filters and point-of-entry filters. Point-of-use filters segment is further divided into under the counter filters, countertop filters, pitcher filters, faucet-mounted filters, and others. Based on category, the market is classified into RO filters, UV filters, Gravity filters, and others. Based on the application, the market is classified into residential and light commercial. The residential segment held the largest share in 2020.
Rising Preference for Quality Drinking Water to Bolster Water Purifier Market Growth
The growing knowledge about the standards of drinking water quality in the emerging nations will consequently foster the growth of the market during the forecast period. The advancement in water purification systems will enable speedy expansion of the market. Similarly, the implementation of point-of-entry and point-of-use filter systems to eliminate pathogens has led to the proliferation of the market. The rising utilization of this purifier for specific and general applications such as the conversion of raw water into safe and enhanced grade water will further uplift the water purifier market share. The perpetual innovation in technological processes involving ultra-violet, reverse osmosis, and gravity-based purifiers can be a vital factor augmenting the growth of the market.
The emergence of smart water purifier with trailblazing technologies will incite the adoption of purifiers in residential and commercial sectors. For instance, in April 2019, Culligan International, a water treatment company based in the US announced the release of ClearLink Connect and Drinking Water Connect accessories. The newly launched accessories can be connected through a mobile app i.e., Culligan Connect, which enables the users to monitor their drinking water systems and remain notified.
Increasing Awareness about Waterborne Diseases to Promote Growth in Asia Pacific
The market in Asia Pacific held the lion’s share in 2020 and is expected to lead the market during the forecast period. The growth in the region is attributed to rising awareness regarding the adverse health effects of waterborne diseases in the region. The rising investment by pre-eminent companies such as Brita LP, A.O. Smith Corporation in the Indian market will significantly enable the growth of the market in Asia Pacific. The rising adoption of this type of purifiers in Japan, South Korea, Australia, New Zealand, and others will boost the growth of the market in the region.
Europe is predicted to hold a major share in the global market owing to the growing implementation of purifiers among the residents in countries such as Germany, the UK, and France. The growing consumption of tap water will further enhance the growth of the market in Europe. According to the German Association of Energy and Water Industries, approximately 83% of Germans drinks tap water in regular practice or occasionally with an average consumption of nine liters per person per week.
Key Industry Development:
July 2019: Pentair PLC, a water treatment company announced that it has signed a partnership to acquire Pelican Water Systems, an eco-friendly water softener, and filter systems manufacturer. The agreement involved a transaction of US$ 120 million intending to expand its geographical footprints.