By 2027, global water filtration industry expected to reach USD 50 billion: Anil Nagabhushan
By ANI | Published: March 22, 2021 06:29 PM 2021-03-22T18:29:46+5:30 2021-03-22T18:40:03+5:30
By 2027, the global water filtration industry is estimated to be worth USD 50 billion, exhibiting a CAGR of 7.2 per cent during the forecast period. The implementation of technologically advanced smart water filters would support the market's continued expansion as stated by Anil Nagabhushan, Founder & CEO of RIGO, a leading company in the field of water filtration equipment.
By 2027, the global water filtration industry is estimated to be worth USD 50 billion, exhibiting a CAGR of 7.2 per cent during the forecast period. The implementation of technologically advanced smart water filters would support the market's continued expansion as stated by l Nagabhushan, Founder & CEO of RIGO, a leading company in the field of water filtration equipment.
Rigo earned a high reputation in the industry for its quality, design, and performance. Rigo's technical expertise is always at their disposal to assist in operating and maintaining systems for years to come.
With the growing knowledge about the standards of drinking water quality in emerging nations, the demand is expected to expand during the forecast era. The rapid growth of the industry would be facilitated by advances in water purification systems.
Similarly, the use of point-of-entry and point-of-use filter technologies to remove contaminants has resulted in a consumer boom. The growing use of water purifiers for unique and general applications such as turning raw water into clean and enhanced grade water is expected to raise the market share of water purifiers.
The constant advancement of technological processes including ultraviolet, reverse osmosis, and gravity-based water filters may be a key factor in the market's expansion. The launch of smart water purifiers with cutting-edge technology would promote water filtration use in both the residential and commercial sectors.
In 2019-2020, Asia Pacific dominated the industry, and it is expected to continue to do so over the forecast period. The region's rise can be due to a growing understanding of the negative health effects of waterborne diseases in the area. The increasing investment in the Indian market by leading compes would greatly aid the market's growth in the Asia Pacific. Water filter adoption is increasing in Japan, South Korea, Australia, New Zealand, and other countries, which will help the demand expand in the region.
Because of the increasing use of water filters by residents in countries such as Germany, the United Kingdom, and France, Europe is expected to hold a significant share of the global market. Tap water use is on the rise in Europe, which would make the market expand much faster.
According to the German Association of Energy and Water Industries, about 83 per cent of Germans consume tap water on a daily or irregular basis, with an average intake of nine litres per person per week.
Indian Water Filter Industry can be divided into two categories: structured and unorgzed. Because of the low prices, the unorgzed sector added more than half of the value. The orgzed industry, on the other hand, contributes more than half of the sales.
The most widely used water purification technology is reverse osmosis (RO). UV water purifiers and gravity purifiers come in second and third, respectively. Gravity purifiers, on the other hand, are well ahead in terms of production thanks to their low retail sale rates.
In India's water purifier industry, the residential sector is the largest end-user. The manufacturing and commercial end-users are the next two groups to follow. In terms of revenue, the Western region currently reigns supreme. The Northern area comes next. The revenues in the Southern Region are marginally higher than those in the Eastern Region.
Due to increased consumer education, declining costs, availability of more model varieties, technical advances, and increased rural presence, the water purifier market is projected to expand at a moderate rate. As of 2020, 1,871 lakh households live in rural areas, with a penetration rate of 2.4 per cent for electric water purifiers, suggesting that rural areas will be the next source of demand. New entrants would enter the industry, as well as a spike in small unorgzed players.
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( With inputs from ANI )
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