As the global population increases, an alarming rise in water pollution is being witnessed all over the world. According to the United Nations Development Programme (UNDP), around one-fifth of the world’s population lacks access to clean drinking water currently. The level of water pollution is specifically high in urban areas due to the presence of various industries that discard the waste they produce in the rivers. This, as a result, has augmented the need for water purification and, hence, the demand for water purifiers significantly across the world.
In another report, the United Nations (UN) has estimated that, of 1.4 bn Km3 of water present on the earth, only 200,000 Km3 are fresh water available for human consumption. This uneven distribution of freshwater resources is also expected to fuel the demand for these purifiers considerably in the coming years. A study by Transparency Market Research (TMR) states that the opportunity in the global market for water purifiers, which stood at US$44.7 bn in 2014, is likely to expand at a CAGR of 9.0% during the period from 2015 to 2023 and increase to US$95.5 bn by 2023.
In this blog post, researchers at TMR answer some important queries about the worldwide market for purifiers:
Q. What are the key factors that will shape the future of the global water purifier market?
The growing population and the rising urbanization are the two main factors that will have an extensive impact on the demand for water purifiers across the world. The United Nations stated that over 3.5 billion people, worldwide, were residing in urban areas in 2014. While the number is increasing enormously, a severe scarcity of water is being experienced around the world. According to the World Health Organization (WHO), in 2015, nearly 663 million consumers lacked access to a safe source of drinking water. The swelling scarcity of water has forced consumers to obtain water from various depositions and make it drinkable, which in turn, is leading to a high demand for water purifiers.
On the other hand, the high cost associated with water purification technologies, such as ultrafiltration, reverse osmosis, and ultraviolet treatment may deter the adoption rate of water purifiers in the near future. The dearth of understanding pertaining to sanitation and hygiene among consumers in various rural areas, together with the low awareness level regarding the harm unclean water may cause to their health, is also expected to affect the market for water purifiers adversely in the long run.
Q. Which of the regional markets will lead the global water purifier market in the near future?
In the global market for water purifiers, Asia Pacific is likely to acquire the leading position in the near future. Driven by the massive rise in the population base, the growing need for clean drinking water is likely to accelerate the adoption of water purifiers in this region over the next few years.
The rising number of government programs and initiatives to increase awareness regarding the health issues caused by consuming polluted water is also projected to boost the demand for these purifiers from consumers in Asia Pacific in the years to come.
Q. What are the key strategies leading companies are implementing to sustain competition?
GE Corp., Pentair Residential Filtration, Tata Chemicals Ltd., Eureka Forbes, Brita GmBH, A.O Smith Corp., Kent RO Systems Ltd., and Culligan International Co. are some of the leading manufacturers of water purifiers in the world. The market demonstrates a high degree of competition between these players. To withstand this rivalry, these companies are aggressively focusing on product innovation and advancement of current offerings.
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Mergers, acquisitions, and alliances are also increasingly being adopted by them for the geographical expansion of their businesses in order to strengthen their presence in the global market.