New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Water Purifier Market Assessment, By Connectivity, By Type, By End-user, By Sales Channel, By Distribution Channel, By Region, Opportunities and Forecast, 2016-2030F" - https://www.reportlinker.com/p06465607/?utm_source=GNW
The need for clean drinking water is growing rapidly as a result of industrialization and the growing worldwide population. Advanced technologies such as Reverse Osmosis (RO), Ultraviolet (UV), and Ultrafiltration (UF) purifications are included in smart water purifiers to ensure that the water is fit for human consumption. Due to the rising trend towards smart homes and IoT, the increase of e-commerce, and the rising emphasis on sustainability, the Global Smart Water Purifier market is estimated to reach to USD 28.94 billion by 2030, growing at a CAGR of 9.3% for the forecast period between 2023 and 2030. The market was valued at USD 14.21 billion in 2022. The necessity of clean drinking water is becoming more widely recognized, which will lead to considerable development in the market for smart water purifiers over the next several years.
Water purifiers have become an essential appliance in every household today as many people strongly believe that “drinking pure” is equivalent to “living pure”. Also, rising living standards, increased internet subscriptions and consumption patterns coupled with smart living in leading to a higher demand for smart water purifiers. As per Culligan’s Global World Water Day Survey 2021, discovered that 33% of North Americans want their houses to be more connected with smart devices. Meanwhile, according to the Water Quality Association, 51% of North Americans are concerned about the quality of their residential water supply. Furthermore, the market is benefiting from the increased usage of smart water purifiers in residential and commercial sectors including educational centers, office premises, and restaurants. Additionally, while working in laboratories, clean and pure water is essential, owing to which the demand for water filtration systems has increased.
Unfortunately, there are many challenges faced by the market. A major obstacle is the expensive cost of deploying these smart technologies, especially in underdeveloped nations with limited financial resources. Moreover, poor administration and infrastructure also limit the expansion of the global smart water purifier market. In the wake of inadequate infrastructure and resources, many African and Asian nations are facing difficulty in providing access to safe drinking water. Many emerging players in the market are tapping into these areas to increase access to safe drinking water and stop the spread of water-borne illnesses.
Growing Awareness of Ecological and Eco-Friendly Features
According to a recent Water Quality Association poll, 30% of residential water utility customers were concerned about the quality of water coming from their taps. Due to this reason, health and environmental consciousness continues to grow, smart water purifiers incorporate eco-friendly features. These could include energy-efficient operation, minimal water wastage during the purification process, recyclable filter materials, and an emphasis on reducing plastic waste through reusable water bottles or dispensers. For example, using a RO system is also a more ecologically responsible option than buying individual plastic water bottles, which require oil and petrol to create and distribute. According to the National Park Service, many bottles wind up in landfills, where they can take up to 450 years to degrade.
IoT Integration and Advanced Filtration Technologies
IoT, AI, and machine learning are modern technologies that have improved the overall performance of water purifiers. For instance, by connecting smart water purifiers to the internet, IoT technology enables customers to monitor and manage the water purifier remotely via a smartphone application. Moreover, with ease of use and many advanced purifying processes, smart water purifiers have become popular on the international market. In smart water purifiers, the usage of water is timely tracked, and settings are modified as required. Smart purifiers also have the ability to send out warnings or messages to consumers to inform them when maintenance is needed.
Government Initiatives are Promoting the Usage of Clean Drinking Water
The Department of Science and Technology (DST) of India has created a knowledge network to develop customized technological solutions for water challenges that are tailored to specific social contexts and meet the National Water Mission’s goals of optimizing water use and increasing water use efficiency by 20%. DST activities support national and collaborative developmental research to solve current and upcoming water concerns; capacity training of research experts and water managers; creation of S&T-based sustainable models in collaboration with industry and recommendation of suitable policy inputs. Similarly, the Government of the United States declared more than USD 49 billion in domestic and global action to ensure that adequate access to climate-resilient water and sanitation infrastructure remains a top goal in the United States and across the world. Such initiatives promote the importance of clean drinking water, thereby driving the usage of smart water purifiers.
Constant Need for Pure Water in Healthcare Industry
Hospitals, clinics, and laboratories require consistent access to clean and filtered water. Smart water purifiers with advanced filtration and monitoring functions are tailored to the demands of the healthcare industry, guaranteeing clean water for patient care, laboratory processes, and equipment sterilization. Smart water purifiers are critical for patient safety, infection control, high-quality water for laboratory applications and dialysis treatments, equipment sterilization, regulatory compliance, and long-term cost savings.
Constant increase in the number of healthcare facilities worldwide especially in the developed countries and urban areas to be specific, tends to result in the rising demand for smart water purifiers during the forecast period. United States alone has more than 6000 hospitals, United Kingdom having 1200+ hospitals and Germany having 1800+ as of 2022.
Growing Need for Disinfection Especially in Asia-Pacific
An estimated 2.1 billion people worldwide lack access to safe drinking water, with 289 million residing in the Asia-Pacific . Many water sources in Asia are contaminated with industrial and urban trash, increasing the risk of waterborne diseases. Rising awareness related to health risks posed by contaminated water has motivated the population to utilize water purifiers, particularly in developing nations such as India and Vietnam. Due to this reason, many companies have added reverse osmosis and UV purifiers to broaden their user base in Asia-Pacific. For example, MI Smart Water Purifier by Xiomi, having a smart app connectivity, is advanced with five stage purifications process and contains both RO filtration as well as UV sterilization.
Impact of COVID-19
Due to the pandemic, people were bound to stay at home, which has raised the demand for smart water purifiers. In addition, on the account of rising concern about contamination, people were inclined towards cutting-edge filtering technology and convenient features like touchless dispensing, IoT connectivity, and UV sterilization in the water filters. On the flip side, as companies faced an economic downturn, the outbreak has resulted in a reduction in demand for commercial smart water purifiers. Therefore, there has been a decline in the need for smart water purifiers as a result of the closing of restaurants, schools, offices, and other commercial buildings. However, as the pandemic subsides, the global smart water purifier market is expected to recover and witness steady growth in the coming years.
Impact of Russia-Ukraine War
Disruptions in the supply chain have impacted the worldwide market because both Russia and Ukraine are significant producers of parts and raw materials for smart water purifiers. Economic sanctions and trade restrictions brought on by the conflict have influenced the export and import of water purifiers and the parts. This causes a rise in the cost of smart water purifiers and a fall in demand.
Key Players Landscape and Outlook
Many brands offer special seasonal discounts and technical advancements and work on product development to have an edge over the intensified competition. With increasing competition and technological advancements, the future of the global smart water purifier market looks promising.
Atlantic Filter Corporation, a provider of water treatment solutions, has been acquired by A. O. Smith. Atlantic Filter’s purchase broadened the company’s capabilities throughout Florida and beyond. A. O. Smith is committed to expanding its water treatment business as part of its objective to provide new, unique water heating and treatment solutions.
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