SDG 6: Global market of water purifiers to reach US$ 54.9 billion by 2024
'In 2018, the global market of water purifiers was estimated to be about US$33 billion and is growing with an annual CAGR of 9%," said a report by the IMARC Group.Devdiscourse News Desk | Brooklyn | Updated: 24-09-2019 17:31 IST | Created: 24-09-2019 17:31 IST
Water pollution is now coming in the form of heavy cost to the human population on this planet. According to a recent report of the market researcher - IMARC Group - the global market of water purifiers has reached US$33 billion in 2018. This is because there is almost no surface water available on the land for the direct consumption of human beings.
Hazardous materials released after farming and industrial processing lead to contamination of water bodies including lakes, rivers and oceans. Most of these pollutants have heavy metals such as zinc, lead, nickel, copper, cobalt, magnesium, cadmium, chromium and molybdenum that can harm human health.
As a result, there has been a rise in the demand for water purifiers to suffice the need for clean water in the residential as well as the industrial segment. Further, manufacturers are launching advanced water purification technologies, such as activated carbon filtration and reverse osmosis, to expand their overall consumer base. According to the global water purifier market report by IMARC Group, the market reached a value of US$ 33.3 Billion in 2018. Looking forward, the global water purifier market size is projected to reach US$ 54.9 Billion by 2024, at a CAGR of around 9% during 2019-2024.
However, it's a big opportunity for those involved in the manufacturing and sale of water purifiers. The major companies in this sector are - LG Electronics, Unilever, N.V.Panasonic, Corporation Kinetico Inc. and Aquatech International etc.