By product, residential water equipment market is segmented into following categories:-
On the basis of equipments used in residential water treatment, the market can be segmented into following categories:-
Global Residential Water Treatment Equipment Market is further classified on the basis of region as follows:
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
The global residential water treatment equipment market is anticipated to expand with a compound annual growth rate of 13% over the period of forecast owing to the increasing adoption of residential water treatment plants across the globe.
Asia-Pacific region is anticipated to project a robust growth over the period of forecast witnessing a compound annual growth rate of 16%. The region is severely affected by the shortage of water supply, rapid growth in economy of countries such as India and China and increasing personal disposable income of the consumers will shift the market towards the adoption of residential water treatment plant and this further propel the growth of residential water treatment equipment market over the forecast period. Further, governments in Asia Pacific countries are focusing on creating awareness about the adoption of water treatment systems to meet the increased demand of power supply in the region.North-America market is expected to expand with a higher momentum owing to the taste, odour and rising expectations on drinking water quality. U.S is anticipated to provide major boost to the market. The Safe Drinking Water Act (SDWA) was established in 1974 to protect the quality of drinking water in the U.S. SDWA regulates the design, management, and operation of POE and POU equipments used in compliance with maximum containment level.
Poor water quality, and increasing demand of water supply due to increase in the population are some factors that will attract the consumer towards the adoption of residential water treatment plant across the globe.
Growing concern over potable water purity and increasing awareness on the benefits of water treatment are driving the residential water treatment equipment market.
Low consumer confidence in municipal water treatment systems and increasing environmental concerns among the consumers are expected to be the key factor behind the rapid adoption of residential water treatment plant and this will further increase the demand of residential water treatment equipment over the period of forecast.
Various new technology are emerging in water treatment industry such as desalination and nanotechnology, until such technologies can be implemented to large scale adoption of these technology in small units or residential water treatment will boost the growth of global residential water treatment equipment across the globe.
Use of mineral water bottle is likely to restrain the growth of residential water treatment equipment market over the period of forecast.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel