The water purifier market size was valued at USD 22.85 billion in 2021. The market is estimated to rise from USD 30.62 billion in 2022 to USD 50.66 billion by 2029 at a 7.5% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Water Purifier Market, 2022-2029.”
According to the analysis, commercial and residential sectors are likely to be the major recipients of water purification technology. Industry players expect RO and UV filters to be sought-after across end-use applications. For instance, in September 2021, A.O. Smith rolled out an under-the-counter water treatment unit with UV plus silver activated post-carbon technology in India.
Segments
In terms of product type, the market is segmented into point-of-entry filters and point-of-use filters. The point-of-use filters are sub-segmented into counter top filters, under the counter filters, faucet-mounted filters, pitcher filters, and others.
Based on category, the market is segregated into gravity filters, UV filters, RO filters, and others.
On the basis of application, the market is segmented into light commercial and residential.
On the geographical front, the market covers Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America.
Report Coverage
The report offers a holistic view of the market size, share, volume, and revenue. It has also delved into Porters’ Five Force Analysis and SWOT analysis. The report has been prepared through qualitative and quantitative analysis to bolster the strategic approach. Primary interviews have been used to validate assumptions, findings, and the prevailing business scenarios. The report has also been prepared through secondary resources, such as annual reports, press releases, white papers and journals.
Drivers and Restraints
Smart Purification Trend to Propel Industry Growth
Well-established players are well poised to invest in smart purifiers through the integration of advanced technologies. Water purifier market share will gain traction from the demand for purifiers that can monitor usage and send alerts or notifications at the end of their maintenance cycle. The strong demand from emerging economies will encourage water purifier suppliers to invest in Asia Pacific and Latin America. With the demand to reduce weight and boost the immune system soaring, industry players will continue to invest in technological advancements.
However, the high maintenance cost of filters may challenge leading companies to expand their penetration in the ensuing period.
Regional Insights
Heightened Awareness about Waterborne Diseases to Encourage Investment in Asia Pacific
With emerging economies witnessing a surge in waterborne disease, Asia Pacific is likely to provide lucrative growth opportunities. Stakeholders anticipate India and China to witness investments galore in water purification technology. The Asia Pacific market size stood at USD 10.88 billion in 2021 and will witness an upward trajectory with the growing penetration of residential and light commercial applications.
The Europe water purifier market growth will gain traction during the forecast period due to the presence of leading companies across Germany, the U.K., Italy, and France. An uptick in the use of tap water will further expedite the need for water purification systems.
Industry players expect the U.S. and Canada to witness profound investments in point-of-use filters for lighter applications. North America market outlook will be strong in the wake of the rising penetration of point-of-entry filters across residential and commercial applications. Water purification technologies, such as RO filters, will continue to receive an uptick across the region over the next few years.
Competitive Landscape
Leading Players Invest in Organic and Inorganic Strategies to Expand Footprint
Stakeholders are likely to invest in product launches, research and development activities, technological advancements, and mergers acquisitions. Well-established players and new players could invest in innovations to gain a competitive edge. In doing so, investments in geographical expansion could be noticeable in the ensuing period.
Key Industry Development
- January 2022: With the launch of a new range of alkaline RO water purification products, Tesla Power USA unveiled its Healthy Life division. The products were launched under the brand name of YogiJal Alkalino in India. These products will be available across Tesla Power Shops along with the installation, sales support, and exchange services.
Information Source
https://www.fortunebusinessinsights.com/water-purifier-market-103118
