LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global residential water purifier market to grow at a CAGR of almost 16% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global residential water purifier market for 2017-2021. The market is segmented on product type (multiple technology-based water purifier, RO water purifier, gravity-based water purifier, and UV water purifier) and distribution channel (offline and online). The market is further segmented into geography, including APAC, North America, Europe, and MEA.
Poonam Saini, a lead retail goods and services research analyst at Technavio, says, “A large segment of people in many developed and developing economies still consume untreated and contaminated water, which leads to incidences of waterborne diseases. The number of reported incidents of waterborne diseases is higher in the developing economies of APAC and MEA compared with developed economies of the Americas and Europe. This is because of the poor quality of drinking water and poor sanitation conditions. As a result, the pressure to improve the quality of drinking water is mounting on governments. This pressure is further expected to increase with growing population and increase in urbanization rate in the developing countries.”
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Technavio consumer and retail research analysts highlight the following three factors that are contributing to the growth of the global residential water purifier market:
- Technological innovations and product differentiation
- High penetration of low-cost residential water purifiers
- Increasing rate of waterborne diseases and deteriorating water supply quality
Technological innovations and product differentiation
The prominent players in the market are focusing on product innovation and product differentiation to gain a competitive edge over their competitors. In 2014, Eureka Forbes launched a low-priced portable water purification system, Aquaguard On The Go, which was designed like a sipper bottle. The sipper bottle was manufactured in a way that it has a maze of nano-sized positive charged media that collects negatively charged impurities present in the water.
High penetration of low-cost residential water purifiers
Residential water purifiers that were initially introduced in the market were high-priced. This restricted their penetration among urban and suburban households in the emerging markets. However, when prominent vendors like Hindustan Unilever Limited (HUL) launched low-cost water purifiers like Pureit, the adoption of residential water purifiers among households increased to a significant extent.
“Low-cost purifiers have also penetrated the rural market, particularly in India and China, where the rural population is higher than the urban population. The focus of HUL and Tata is solely on residential water purification solutions. However, brands like Eureka Forbes are targeting rural communities for a large-scale consumer base,” adds Poonam.
Increasing rate of waterborne diseases and deteriorating water supply quality
Rapid urbanization and heavy industrialization along with many power and chemical plants are being established worldwide. These plants release hazardous materials and dispose of toxic materials into rivers, ponds, reservoirs, and other water bodies. This contaminated water gradually enters the larger water bodies that are used as the source of drinking water.
The deteriorating water quality and the growing awareness about health hazards related to contaminated and impure water are expected to propel the growth of the global residential water purifier market. The World Health Organization (WHO) recommends that the use of Point of Use (POU) water treatment solutions as the quality of drinking water have adverse effects on human health.
Top vendors:
- Amway
- Eureka Forbes
- Hindustan Unilever Limited (HUL)
- LG Electronics
- Panasonic
- Koninklijke Philips
- Whirlpool Corporation
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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