Furthermore, the growth of industrialization across several regional pockets has resulted in the contamination of water bodies, thus, depleting fresh water resources. Pure drinking water is the most essential part of a healthy lifestyle but the current fettle has made it impossible to fetch pure water from the available sources.
Hence, there is a dire need to have water purifying systems across households, industries, commercial units, and all other establishments. Owing to this reason, the market is experiencing an unprecedented demand from across the globe. Diseases such as cholera, typhoid, and pneumonia are caused due to consumption of impure and contaminated water, and in order to reduce the toll of such diseases, it is important to have water purifying systems.
Transparency Market Research (TMR) prognosticates the market to expand at a CAGR of 8.4% over the period from 2016 to 2025. The market was valued at US$ 53.36 bn in 2016, and is expected to reach a valuation of US$110.02 bn by 2025. These are robust figures that are indicative of the bright future prospects of the market.
Replacement Filter Segment to Capture Substantial Market Shareglobal water purifier market
The market could be segmented along several parameters such as technology, end-user, accessories, and geography. Based on the type of accessories, the market can be segmented into water dispenser, faucet mount, replacement filters, household filter, under sink filter, counter top filter, and shower filter. Of these categories, the replacement filter segment is expected to transcend as the most lucrative segment with a CAGR of 9.5% over the period from 2017 to 2025.
Other segments that are expected to reap a substantial market share include counter top, water dispenser, and pitcher filter. On the basis of technology, the market spans across Water softeners, sediment filter, RO purifier, gravity purifier, UV purifier, and others. The water purifiers are employed across several end uses within industrial, residential, and commercial units, thus, showing the pervasiveness of the market. The rising population has been a key driver for the market because there is a greater need to give the benefits of pure drinking water to this expensive population.
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Asia Pacific Reigns Over Other Regions
The regional analysis of the market portrays the supremacy of the Asia Pacific region in the global market. The region accounts for approximately 60% of the world population which becomes a strong influencer of market. Furthermore, the dearth of sources of potable water within the region has made it the usage of water purifiers indispensable.
The regional market is expected to register a CAGR of 11.9% over 2017-2025. The market in South America comes second on the regional table with a projected CAGR of 5.9% between 2017 and 2025. North America is also expected to exhibit a decent CAGR of 5.7% over the same period.
The leading market players are LG Electronics, Unilever N.V., Panasonic Corporation, Kinetico Inc., Aquatech International LLC, GE Appliances, A.O. Smith Corporation, Whirlpool Corporation,Eureka Forbes Ltd., Pentair Plc, Ion Exchange, Kaz USA, Inc., Mitsubishi Rayon Cleansui Co., Ltd., Kent RO Systems Ltd., Tata Chemicals Ltd., Philip Electronics, and EcoWater Systems LLC.