Home Water Filtration Market Size to Reach Revenues of USD 7.13 Billion by 2026 - Arizton
CHICAGO, July 8, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global home water filtration market report.
The home water filtration market is expected to grow at a CAGR of over 8.49% during the period 2020−2026.
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Home Water Filtration Market – Segmentation
Home Water Filtration Market by Product Type
Home Water Filtration Market by End-Use
Home Water Filtration Market by Distribution Channel
Home Water Filtration Market – Dynamics
In a highly competitive home water filtration systems market, it has become inevitable for players to withstand the competition through distinctive features and attributes either in terms of filtration or technology being incorporated. Accordingly, the introduction of smart water filters is expected to be a gamechanger during the next five years as they are aimed at enhancing customer sophistication. With very few players operating in the segment, the niche segment can serve as a differentiating factor to accelerate adoption among millennials and tech savvy households in the US, Europe, and Middle Eastern markets. Smart water filters essentially feature aspects such as remote monitoring, filter replacement cycles, Bluetooth, and other forms of connectivity for smartphone integration through apps. PUR is considered to be a key player in smart water filtration systems. The Bluetooth Ultimate Faucet Filtration System from PUR synchronizes with the smartphone through the Bluetooth feature. It helps and assists in tracking water consumption and filter.
Key Drivers and Trends fueling Market Growth:
Home Water Filtration Market – Geography
The APAC region accounted for 35.33% of the home water filtration market in 2020 and is expected to pose lucrative growth opportunities in potential secondary markets such as Indonesia, Thailand, Malaysia, Singapore alongside major markets such as China, Japan, and India. The rising groundwater depletion in countries such as India can stimulate market demand in price-sensitive nations. The high concentration of industries in China, Japan, and South Korea eventually increases the threat of pollution and contamination in drinking water sources. Poor sewage disposal mechanisms, low and ineffective public water treatment plants, and high incidence of waterborne diseases such as typhoid are expected to propel the demand for filtration systems. The problem revolving around the distribution of water in China is a major crisis in the country where around seven provinces are experiencing water shortages. Around 80% of the coal reserves in the country are located in provinces where the water is scarce, thereby increasing the risk of contamination. As the country continues on its industrialization path, environmental costs are becoming more concerning, thereby fueling the need for water treatment systems, including home water filters.
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Home Water Filtration Market by Geography
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