Published Date : Jun 07, 2016
Increasing scarcity of freshwater resource due to the rapid population growth is a primary factor boosting the global water purifier market. According to a report published recently by Transparency Market Research, the global water purifier market is expected to reach a valuation of US$95.57 bn by the end of 2023. The value of the market in 2015 was pegged at US$44.78 bn. If the figures hold true, the global market for water purifier will surge at a CAGR of 9.0% between 2015 and 2023.
A water purifier is used for water purification. It helps in removing undesirable chemicals, suspended solids, gases, and biological contaminants from water. A water purifier helps in making water fit for human consumption. Apart from purifying water, water purifiers also serve diverse purposes across chemical, medical, pharmacological, and industrial applications. The most widely used methods of water purification include chlorination, filtration, sedimentation, and the use of activated carbon and electromagnetic radiation such as UV light.
Demand for Water Purifier to Rise to Ensure Safe Water for Human Consumption and Use
The increasing prevalence of water pollution in urban areas, and the rising health consciousness among customers are the prime factors bolstering the global water purifier market. The problem related to scarcity of freshwater resource is majorly common in regions with high population. Additionally, the indiscriminate dumping of industrial wastes following rapid industrialization further aggravates the already persisting problem. This has made water purifiers necessary in urban household as well as in industrial sites. Besides this, the unevenness of freshwater supply in the Middle East has compelled countries to depend on ocean water, which subsequently results in high demand for water purifiers to facilitate desalination processes.
Household Segment and Asia Pacific to Dominate Global Water Purifier Market
Based on end users, the household segment held the largest share in the global water purifier market in 2014 and is expected to exhibit a CAGR of 10.1 between 2015 and 2023. The market is also expected to witness rising demand from the industrial sector. Regionally, Asia Pacific dominated the global water purifier market in 2014. The increasing awareness among the rural population in the region about the importance of filtered water will positively impact the water purifier market in the region.