LONDON--(BUSINESS WIRE)--Please replace the release dated August 2, 2017, with the following corrected version due to multiple revisions.
The corrected release reads:
TOP 3 EMERGING TRENDS IMPACTING THE RESIDENTIAL WATER TREATMENT EQUIPMENT MARKET IN THE US FROM 2017-2021: TECHNAVIO
Technavio’s latest report on the residential water treatment equipment market in the US provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The residential water treatment equipment market in the US is expected to grow at a CAGR of almost 12% during the forecast period. The market is witnessing an incremental growth due to the increase in demand for superior quality recycled water. The need of water treatment is because of factors like scarcity of water, which necessitates the recycling of water for further use. The expectations from consumers regarding the taste, odor, and quality of water are increasing. People are increasingly shifting to residential water treatment equipment for this purpose. The key players in the market are EcoWater Systems, 3M, Haier, Pentair, and Whirlpool.
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The top three emerging trends driving the residential water treatment equipment market in the US according to Technavio consumer and retail research analysts are:
- Smart water purifiers
- Growth in online sales of water treatment equipment
- Safety and certification of products
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Smart water purifiers
“The US is one of the most developed countries in the world with high penetration of internet and smartphones. There is an increasing demand for digital technologies and products that are easy and convenient to use. Consumers are ready to pay more for products if they save their time and effort,” says Tamal Saha, a lead analyst at Technavio for research on retail goods and services.
Vendors are introducing smart technologies in their purifiers, which can help connect them to smartphones and the internet through Wi-Fi and Bluetooth. Xiaomi has launched the Xiaomi Mi Water Purifier 2, which is a smart device that can be connected to the mobile phone through Wi-Fi using the Smart Home app. This app provides information about the quality of water and tracks the changes in values before and after purification.
Growth in online sales of water treatment equipment
“E-commerce has changed the lives of people as well as industries like apparel, consumer packaged goods, entertainment, and home appliances market. Amazon.com, an e-commerce site, provides its consumers with a variety of options to buy from. E-commerce sites offer greater convenience and quicker delivery than the offline channel of distribution,” adds Tamal.
Online retail will have a steady growth in future since people with hectic lifestyles prefer the convenience offered by it. Manufacturers would benefit from entering the online business, helping them understand the current needs, priorities, and perceptions of consumers in buying a product.
Safety and certification of products
There are many standards related to the safety and performance of products. Manufacturers should adhere to these standards to maintain the quality of their products. In the US, the Consumer Product Safety Commission (CPSC) requires the manufacturers and importers of products to provide a written certificate that the products abide by the rules of the CPSC. Manufacturers would gain more consumer insight, which will help them increase their brand value.
Another standard is the NSF International/American National Standards Institute (NSF/ANSI), which requires the manufacturer or distributor to comply with NSF/ANSI 61 certification to be able to sell in North America. This certification can be used for other countries also. Most of the market leaders comply with this certification to provide their consumers assurance that the products are safe to use.
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