The global residential water purifier market size is expected to grow by USD 8.14 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Residential Water Purifier Market 2020-2024 (Graphic: Business Wire)
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Vendors in the market are increasingly focusing on technological advancements to innovate their products. The multi-stage purifiers technology is one of the key technologies that is driving the market's growth. The technology used in multi-technology-based water purifiers is a combination of different technologies, which ensure the water is clean and free of contaminants. The combinations used in multi-stage water purifiers may be either RO+UV filters or RO+UV+UF filters. For instance, Eureka Forbes, one of the key vendors, offers AquaSure Xpert, a multi-stage water purifier that uses the RO+UV+UF purification technology. The use of nanotechnology in water purification is another example of technological advancement for water purifiers. Researchers from the Indian Institute of Technology (IIT) Madras developed a water purification system using nanotechnology in 2013, which was recognized as a prominent factor in the development of innovative water filters in the Indian market. Such innovations are driving the growth of the market.
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As per Technavio, the increasing penetration of low-cost residential water purifiers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Residential Water Purifier Market: Increasing Penetration of Low-Cost Residential Water Purifiers
Residential water purifiers that were initially introduced in the market were quite expensive which restricted their penetration among urban and suburban households in emerging markets. However, when prominent vendors like Hindustan Unilever launched low-cost water purifiers like Pureit in 2012, the adoption of residential water purifiers among households increased to a significant extent. Furthermore, rising urbanization across the world is encouraging more local and international brands to penetrate into emerging regions. Low-cost purifiers have also penetrated the rural market, particularly in India and China, where the rural population base is higher than the urban population. Companies such as Eureka Forbes are targeting rural communities for a large-scale consumer base. Eureka Forbes offers AquaSure Designa, which is priced at USD 105 and developed with the 3-Stage UV purification system. Thus, the penetration of low-cost residential water purifiers will drive market growth.
"Other factors such as the increasing instances of waterborne diseases and deteriorating quality of water supply, and the advent of smart purifiers will have a significant impact on the growth of the residential water purifier market value during the forecast period," says a senior analyst at Technavio.
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Residential Water Purifier Market: Segmentation Analysis
This market research report segments the residential water purifier market by product (multiple technology-based water purifier, RO water purifier, gravity-based water purifier, and UV water purifier) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the residential water purifier market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the concentration of impurities present in untreated water in this region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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