Ozone Generation Market Is Projected to Reach $1,624.6 Million by 2026, Growing at a CAGR of 5.2% - Research DiveDownload Sample Reports Overview
Ozone generation market is projected to reach $1,624.6 million by 2026 growing at a CAGR of 5.2% in the projected timeframe.
Ozone is produced by electricity passing through an air tube as in a lightning strike. Ozone generators are mostly used to deodorize air, purify water, and treat industrial waste. These generators are sold as air cleaners, which produce ozone gas used for the further purification processes.
The novel coronavirus is predicted to have a negative impact on the global ozone generation market. Most organizations have shut down due to the pandemic. Ozone generators are majorly used for purifying water. As people are focusing more on keeping themselves protected by taking precautionary measure due to the corona virus outbreak the demand for safe water has increased. This is predicted to drive the market at the time of the pandemic. When the unlock procedure starts the demand for ozone generators is predicted to increase, which will give rise to the global ozone generators market in the forecast period.
An ozone purifier is an air purifier that produces ozone. Ozone generators are used to purify and disinfect water from various germs and other contaminants. Ozone generators are excellent disinfectants and have oxidation qualities, which is why ozone is widely used in treating drinking water. Increasing demand for drinking water with the rise in the population is predicted to be the major driving factor for the global ozone generator market in the estimated period. Moreover, with the rise in urbanization, the demand for water is also expected to increase across the globe which is predicted to boost the global market in the estimated period.
Lack of awareness among the population about ozone generators is predicted to be the biggest restraint for the market in the estimated period. There is a high demand of ozone generators in various end use industries but the lack of awareness and high installation cost of these generators is predicted to hinder the market growth in the forecast period.
Corona discharge sub-segment is predicted to have the highest market share in the estimated period. The corona discharge sub-segment is projected to reach $624.4 million by 2026, growing at a CAGR of 5.9% in the estimated time frame. Corona discharge is considered to be the most durable and reliable ozone generators. Moreover, the corona discharge rays generators have the highest frequency as compared to UV rays generators, which is predicted to drive the corona discharge sub-segment market in the estimated period.
Potable water treatment sub-segment is predicted to have the maximum growth rate in the estimated period. The Potable water treatment sub-segment is projected to reach $517.4 million by 2026, growing at a CAGR of 7.5% in the estimated time frame. Potable water treatment helps in removing contaminants such as soil sediments, rust and others, which ensures the safety of water for drinking and is predicted to drive the sub-segment market in the estimated period.
Asia-Pacific region market is predicted to have the highest growth rate in the forecast period. The Asia-Pacific region market is projected to reach $670.3 million by 2026, growing at a CAGR of 7.3% in the estimated time frame. Rise in the population with the rise in the urbanization and industrialization alongside the regulatory bodies taking various initiatives for treating wastewater across the region is predicted to drive the region market in the forecast period. In addition, rise in the disposable income among the middle-class population in countries, such as China and India, is predicted to drive the region market in the forecast period.
Some of the significant ozone generation market players include Absolute Systems Inc., Chemtronics Co. Ltd, Custom Molded Products LLC, Dayton Water Systems, Ebara Technologies Inc., Esco International Limited, International Ozone Technologies Group, Inc., Mitsubishi Electric Corp., Toshiba Infrastructure Systems & Solutions Corporation and Suez Water Technologies & Solutions among others.
Porter’s Five Forces Analysis for Ozone Generation Market:
- Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be high.
The bargaining power of suppliers is very high.
- Bargaining Power of Consumers: In this market, the concentration of buyers is low.
The bargaining power of consumers is low.
- The threat of New Entrants: Huge initial investments are essential to start a new manufacturing unit of ozone generators.
The threat of new entrants is high.
- The threat of Substitutes: This market has less number of products and the availability of products is also less due to which switching costs for clients is low.
The threat of substitutes is low.
- Competitive Rivalry in the Market: The ozone generators have numerous small, medium and large, scale players. Many major players are following several strategies, and product differentiation among them.
The competitive rivalry in the industry is high.