South Korea Water Purifiers Market to Grow at a CAGR of Over 15% Till 2025: Says TechSci Research Report
NEW YORK, February 6, 2017 /PRNewswire/ --
Deteriorating drinking water quality coupled with rapid industrial discharge in rivers to steer growth in Korea water purifiers market through 2025
According to TechSci Research report, "Korea Water Purifiers Market By Technology, By Business Model (South Korea), By Sales Channel (North Korea), Competition Forecast and Opportunities, 2011-2025", water purifiers market in South Korea is forecast to grow at a CAGR of more than 15% during 2016-2025, on account of growing number of flood incidents due heavy rainfall, rising awareness among consumers regarding increasing microbial and chemical contamination and increasing urbanization. The country witnessed an increase in phosphate levels in South Korean rivers including Han, Geum, Yesongsan river water, causing algal boom. In 2013, phosphorus levels in major rivers of the country such as Nakdong, Han, Geum, & Yeongsan stood at 0.06 mg/liter, 0.04 mg/liter, 0.02 mg/liter and 0.01 mg/liter. This is a primary factor catalyzing demand for water purifiers in South Korea. Growing industrialization, and uncontrolled discharge of agriculture wastewater in water sources is impacting COD and BOD levels of water resources in South Korea and this is expected to bolster demand for water purifiers in the country during the forecast period. According to Seoul Metropolitan Government, in 2015, total BOD load generated in Seoul stood at 764,643 kg per day.
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"Korea Water Purifiers Market"
In 2015, Central region of South Korea generated high demand for water purifiers, owing to high level of COD and total phosphorous content in two major rivers - Geum and Nakdong. In addition, sites near Daegu and Nakdong river were reported to have poor water quality and high concentration of water pollutants. This is further driving demand for water purifiers in the region. Rental sales dominate South Korea water purifiers market in 2015, owing to growing awareness among consumers about cost benefits of rental system. On the back of low installation and maintenance charges as compared to the open market, rental sales channel is anticipated to maintain its dominance in South Korea water purifiers market through 2025 as well. Few of the prominent water purifier companies operating in South Korea include ChungHo Nais, TONGYANG Magic, Altwelltech, Coway Co., Ltd., and Kyowon Co., Ltd.
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"South Korea water purifiers market is primarily being driven by rising demand for membrane water purifiers owing to their high efficiency in removing both chemical and biological impurities in water sources, as compared to other types of water purifiers. In addition, ability of membrane water purifiers to eliminate divalent and hardening ions in supplied water is accelerating demand for membrane water purifiers in South Korea's residential sector. Furthermore, demand for RO technology based water purifiers is growing at a robust pace owing to its high effectiveness in removal of microbial and chemical contaminants and this is anticipated to augur well for South Korea water purifiers market through 2025.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Korea Water Purifiers Market By Technology, By Business Model (South Korea), By Sales Channel (North Korea), Competition Forecast and Opportunities, 2011-2025" has evaluated the future growth potential of South Korea water purifiers market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in South Korea water purifiers market.
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