Water Purifier Market Boom

Key market insights

The global water purifier market size was USD 43.21 billion in 2022 and is projected to grow from USD 53.4 billion in 2024 to USD 120.38 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period.

The U.S. water purifier market size was USD 5.85 billion in 2021 and is projected to grow from USD 6.12 billion in 2022to USD 9.10 billion by 2029 at a CAGR of 5.8% during the 2022-2029 period. The global impact of COVID-19 was unprecedented & staggering, with these products experiencing lower-than-anticipated demand shock across all regions compared to pre-pandemic levels. On the basis of our analysis, in 2020, the market exhibited a huge decline of4.5%% as compared to 2019.

Water purification systems have gained traction in the country on the back of higher spending capacity and awareness programs carried by agencies such as WHO and the U.S. EPA. The U.S. has primarily sourced water from the great takes or rivers. But increasing pollution of these resources after the industrial revolution has obligated the usage of treatment systems to sae guard the health of the residents. Filter media eliminate contaminants in the raw water and make it a better quality.

The people in the U.S. are becoming more health-conscious and have taken up regular drinking habits to support the proper working of essential systems. The rising adoption of health apps helping regulate proper drinking habits in the eading app stores is a testimony to this trend, As pure water offers multiple benefits, consumers have turned to water purifier manufacturers to set up purification systems in residents and commercial spaces to ensure a regular clean supply.

Disrupted Supply Chains & Production Amid COVID-19 to Lower Market Growth

Though the water filtration industry falls under essential services, the supply chain disruption that occurred amid COVID-19 has significantly impacted the growth of the global market. Continuous or partial lock downs across key manufacturing countries caused short-term production halts and shifts in manufacturing schedules. For instance, Pentair PLC, a leading supplier of water purification systems, suffered production slowdown & operation suspension due to ‘shelter in place’ orders from governance. However, with the implementation of business continuity plans and mitigation strategies deployed by manufacturers & tier 1, 2 & 3 distributors, the global market is projected to recover at a slower rate in the upcoming years. Moreover, to secure small & medium scale manufacturing units, regional governments are modifying loan policies & supporting cash flow management. For instance, according to the Water World Magazine, in 2020, around 44% of Water and Wastewater Equipment Manufacturers Association (WWEMA) manufacturing members and60% of WWEMA representative members took advantage of the federal Payroll Protection Program in the U.S.

COVID-19 IMPACT

Consumer Awareness of Clean Drinking Water to Positively Boost Market during COVID-19

While the entire U.S. was not under stringent lockdown regulations during the pandemic, many states had restricted the transportation of men and materials alike. As purification is a labor-intensive industry, the pandemic resulted in severe supply chain interruption, As many companies import filters from Asian countries, a shortage of material, doubled with a shortage in manpower due to health reasons, was observed across the nation, Many companies couldn’t fulfil the existing orders in time due to logistic failures. This resulted in them facing a capital crunch during the period, affecting their growth potential. However, gradual lifting of lock downs and the announcement of the industry being ‘essential’ resulted in companies resuming their operations. Many companies took the strategy of advertising the benefits of pure water in the pandemic, thus improving consumer awareness regarding the benefits of their offerings.

This trend has provided a push to the market, which was significantly affected during the past year.