Water Purifier Market

Water Purifier Market Size-(2023-2028):

The water purifier market was valued at USD 35.83 billion in 2022 and is projected to reach USD 65 billion by 2028 by registering a CAGR of 10.5% during the forecast period 2023-2028

Previously, water purification consisted solely of boiling it and only during the rainy season to avoid contamination. Breakthroughs in water purifiers have happened as a result of increased R&D, as well as the market is already saturated with alternatives such as new pollutants inside the water body. The water purifiers require electricity, and it produces a large amount of wastewater, still increasing the need for water purifiers in the market, bringing newer technologies and innovations to achieve the need for more excellent quality water.

Market Scenario:

Major Key players are leading the market with innovation. As a result, the market is growing significantly—water-borne diseases driving the need for water purifiers in the growing population. The market is somewhat hampered due to the COVID-19 pandemic but will recover its growth during the forecast period.

Water Purifier Market Drivers and Restraints:

According to the United Nations World Urbanization Prospects, more than 55% of the population is from urban areas and is projected to grow to 68% by 2050. This increasing urbanization across the world will drive the water purifier market during the forecast period. In addition, rapidly increasing water-borne diseases will enable people to purchase water purifiers. 

The high maintenance cost due to frequent replacement of the filters used for purification is the primary factor that acts as a restraint for the global water purifier market and thus, slows down the market growth during the foreseen period.

Recent Developments:

• In December 2019, Kent RO Systems said in a report that they are planning to invest more than USD 19 million for the next three years to increase their annual capacity by 0.4 million units by developing a new manufacturing unit to double the revenue.
• In April 2019, Culligan International introduced the ClearLink Connect as well as Drinking Water Connect accessories. Culligan International introduced the ClearLink Connect and Drinking Water Connect accessories in April 2019. Using a smartphone app and Wi-Fi, these innovative accessories may be linked to drinking water systems. This allows the consumer to regularly keep track of both the economic and technical functioning of drinking water systems.

Significant Challenges in the Marketplace:

Increasing commercial purified water jars availability at low cost is becoming a challenge for household water purifiers. The water supply system is plagued by acute scarcity, high salinity, and decreasing underground water sources. Development and innovation in water purifiers is a challenge for manufacturers due to the increasing need of consumers and low-cost water purifiers availability in the market. 

Competition in the marketplace:

Leading businesses are using new ideas and products and purchasing small-scale suppliers and manufacturers to enhance their stability in the market and remain competitive in the industry.

WATER PURIFIER MARKET REPORT COVERAGE:

Water Purifier Market Segmentation:

By Technology Used:

• Gravity Purifiers

• RO Purifiers

• UV Purifiers

• Sediment Purifiers

• Water Softeners

• Others

The water purifier market is segmented into gravity, RO, UV, Sediment purifiers, and water softeners based on technology. The gravity purifiers segment is leading the market by holding around 40% of the global market share due to the simplicity and low cost of the product compared to other technologies. On the other hand, RO purifiers, following the gravity purifiers by hold a 20% market share, and the remaining segment holds around 10% market share each. 

By End-User:

• Industrial

• Commercial

• Household

In 2018, the household segment held around 75% market share of the global water purifier market, and the same segment dominated the market in 2021. This dominance of the component is due to increasing urbanization, awareness of health and water quality, and water-borne diseases.

By Distribution Channel:

• Retail Stores

• Direct Sales

• Online Stores

The retail locations fragment held a significant portion of 73.8% in 2018 compared to other direct sales and online store segments. Due to easy maintenance and service, consumers give this segment priority when purchasing through offline retail stores. 

Water Purifier Market by Geography:

• North America

• Europe

• Asia Pacific

• South America

• The Middle East and Africa

The North American water purifier market is expected to rise at a CAGR of more than 7% during the forecast timeframe. Water purifier with gravity-based technology is expected to be the market leader by 2026 in North America. Due to many firms in the line-of-use systems sector and technological advancements in water treatment systems, the United States has the most important proportion of the North American water purifier market. While Canada has the second-largest market, the United States has the third-largest market.

Europe is a highly urbanized region where people have good living standards and discretionary money. Following the Asian area, the European market is ranked second in the global market. With value share, the region accounted for around more than 15%, but less than 15% by volume share. The European market for water purifiers is expected to register a CAGR of 7% from the year 2022 - 2027. In 2021, Germany led the market by registering a 20% market share in the European region. On the other hand, the United Kingdom and Russia are also expected to grow at a significant growth rate by 2026.

From 2015 to 2021, the Asia Pacific water purifier market grew at an annual rate of 8.5 percent, and it is likely to remain the market leader over the forecast period. China covers 50% of the Asia Pacific's water purifier market, and India covers more than 10% market share. Due to government initiatives in the region and increasing tap water availability in rural areas, there is a broad scope for the water purifier market in the Asia Pacific region.

South America, the Middle East, and Africa's water purifier market will expand by 2026, with a CAGR of 10% to 12%. Countries like Saudi Arabia and UAE will lead the market primarily on profit and market presence. 

COVID 19 impact on the Global Water Purifier Market:

COVID-19 has affected the global economy, but water purifier comes under essential service, due to which the market is not much affected still due to the supply chain being disrupted. The market faced around a 2% decline in market growth during the pandemic. Manufacturing companies faced labor unavailability, and marketing was also affected, leading to a decrease in production. Furthermore, due to the covid pandemic, the closedown of hotels, schools, colleges, and other public places hampered the market growth for the water purifier market.

Major Key Players in the Market:

• Kent RO Systems

• Aquatech International LLC

• LG

• Whirlpool

• 3M

• Eureka Forbes Ltd.

• Unilever Pure it

• Panasonic

• Mitsubishi