Ocean View, DE -- (SBWire) -- 06/19/2020 --Global Market Insights, Inc., forecasts that global water softener market size will hit US$10 billion by 2024. Robust growth of the manufacturing sector in China, India, and the U.S. is anticipated to provide ample opportunities to water softening equipment manufacturers. This growth can be mainly attributed to rapid industrialization and the surging need for soft water in industrial operations. Higher costs associated with water treatment solutions are encouraging manufacturers to switch to cost-effective technologies.
Global water softener market share is poised to garner significant momentum in the forthcoming years. A substantial increase in the global urban population has resulted in increased water stress as well as hardness of groundwater resources. Consequently, these issues will accelerate the demand for efficient water softening equipment in the near future.
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Water softeners can reduce the amount of detergents used by up to 50%. This can be associated with the absence of minerals that tend to interact with cleaning agents. The use of water softeners is known to reduce scratching and itching linked with the use of hard water for bathing and cleansing. Further, the product could extend the life of washing machines, dishwashers, and heaters.
Water softeners can be broadly classified as salt based and salt free. Salt based water softener industry for 450,000 grain capacity is projected to record a CAGR of more than 5.5% through 2024. Hard water presents numerous challenges for healthcare institutions. Manufacturers are increasingly investing in research and development to develop innovative products to help tackle these challenges.
Meanwhile, salt based water softener market for 1,200,000 grain capacity is estimated to exceed 180 thousand units consumption by the end of the forecast period. The product is prominently used in several end-use industries to minimize wastewater and protect equipment damage caused due to interior corrosion. A positive application outlook in oil & gas and food processing industry will augment water softener market share.
Growth drivers are –
- North America: Increasing usage in residential application mainly in the U.S. owing to high amount of hard water
- Asia Pacific: Expanding hotel industry may favor water softener demand
Considering the regional landscape, Italy salt free water softener industry share is projected to reach more than US$125 million valuation by 2024. The regional government has introduced a variety of industrial safety regulations pertaining to clean water and quality standards. The presence of some prominent automakers and a proliferating automotive sector in the region will further complement the regional outlook.
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Salt-based water softener industry in Russia, for 9,00,000 grain capacity, will register a robust CAGR of 7.5% through 2024. The product is witnessing surging adoption in chemical and pharmaceutical sectors and refineries. This can be attributed to its excellent ability to enhance water quality required for these applications.
Factors such as complex operation, extensive energy consumption, and the subsequent cost increase may limit the business growth. Additionally, stringent ecological norms in the U.S. may add on compliance costs, which may negatively impact water softener industry price trends.
However, the introduction of a favorable regulatory scenario by the European Union (EU) pertaining to clean water to minimize health risks will propel the market growth. Ongoing technological developments to implement advanced configuration modes and automatic operation features will drive future water softener market trends.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
