The global water market is expected to witness strong growth during the forecast period between 2021 and 2031.
Water has emerged as a key product in both residential and commercial application areas where the product has been deployed, based on the requirements, for different purposes.
COVID-19 pandemic negatively impacted growth in several markets worldwide. But the outbreak of the pandemic positively impacted growth in global water market. Rising number of cases globally led to consumers opting for clean water in a bid to stay healthy for extended periods, thereby increasing product demand and assisting in market growth.
It is anticipated that during the post pandemic phase, consumer sections will continue to demand for clean, high-quality water, thereby helping the global market grow at a steady pace.
Rising customer demand for clean and nutrient-rich water has emerged as key growth driver for global water market.
Also, increasing demand for desalinization plants, reuse establishments, and wastewater management units is expected to help create revenue-generating opportunities for prominent market players in future.
Growing deployment of appealing packaging technology to sell the product could assist in triggering product demand and augment the growth in water market, in the coming years.
Government initiatives and measures, spreading awareness about the need to consume clean water and offering funding to leading players for research and development undertakings could help stimulate the growth in water market.
Other factors such as rapid urbanization and rising disposable income among different population sections could also contribute to growth in global water market, in years to come.
Offline distribution channel is expected to be largest contributor, in terms of revenue, to overall market owing to increasing number of consumers preferring to purchase water bottles from supermarkets and hypermarkets in prominent countries worldwide.
It is anticipated that with growth in online distribution channels such as e-commerce websites, demand of water bottles will rise over these channels in future which would contribute to market growth.
The global water market is extremely competitive with the presence of several well-established market players, many of whom have become successful owing to years of delivering results and are expected to account for a large share in overall market in the coming years, too.
Growth strategies such as novel product launches could help leading players in water market create large amounts of revenue and gain a competitive edge over other players, in the years ahead.
Research and development activities could be key, revenue-generating growth strategy for prominent players in global water market, in future.
Collaboration with smaller players could help well-established water market players expand their market presence and increase their revenue shares.
Some of the leading players in global water market include Xylem Inc., The Danaher Corporation, ITT Corporation, and American Water.
The global water market is classified into five regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Asia Pacific is expected to emerge as maximum revenue-generating region in global water market in future because of increasing construction and manufacturing activities witnessed in countries such as India and China, contributing significantly to market growth in the region.
Europe is expected to witness substantial growth in the coming years because of surge in demand for bottled water among different consumer sections in countries such as Germany and UK.
North America is projected to witness strong growth in overall water market in the years ahead owing to increasing product demand in utilities sector in countries such as US and Canada.
Other parts of the world such as Middle East and Africa and Latin America are expected to witness moderate growth in global water market in the years ahead.
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