The global household water purifier filter market size is expected to grow by USD 1.72 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.
Technavio has announced its latest market research report titled Global Household Water Purifier Filter Market 2020-2024 (Graphic: Business Wire)
The increase in waterborne diseases is expected to drive the household water purifier filter market growth during the forecast period. Waterborne diseases like cholera, diarrhea, typhoid, lead poisoning, and intestinal worms are caused by contaminated drinking water. Rising urbanization and industrialization have resulted in pollution of water bodies. Chemical and power plants worldwide release hazardous and toxic materials into ponds, rivers, lakes, reservoirs, and other water bodies. The contaminated water then enters other larger water bodies, which are sources of drinking water. Waterborne diseases are caused due to the presence of heavy metals such as lead, zinc, copper, cadmium, nickel, magnesium, molybdenum, and cobalt. Thus, the importance of water treatment solutions has increased, which provides a massive growth opportunity for vendors operating in the water purifiers and filters market.
As per Technavio, technological innovations for product differentiation 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.
Household Water Purifier Filter Market: Technological Innovations for Product Differentiation
The vendors in the market are focusing on product innovation and differentiation to gain greater market share and attract more consumers toward their brands. They offer various water purification solutions and offerings to the consumers. Some of the notable innovations in water purification include nanotechnology and ceramic water filters. For instance, researchers from the Indian Institute of Technology, Madras have discovered a water purification system using nanotechnology. It eliminates micro-organisms and particles from the water with the help of composite nanoparticles. The nanoparticles emit silver ions that eradicate contaminants. Vendors can set their pricing strategy as per the technology used in the water purifiers. Such technological enhancement in household water purifier filters is expected to propel market growth, globally, during the forecast period.
“Other factors such as the high penetration of low-cost household water purifiers, and the government regulations encouraging the use of safe drinking water will have a significant impact on the growth of the household water purifier filter market value during the forecast period,” says a senior analyst at Technavio.
This market research report segments the household water purifier filter market by technology (RO purification filters, gravity-based purification filters, and UV purification filters) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the household water purifier filter market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rise in marketing and promotional activities by the vendors and increase in the spending capacity of consumers.
