Ozone is an unusual and unstable allotrope of oxygen, naturally occurring in the trioxygen (O3) state rather than the more stable and more common dioxygen (O2) state. This gas has an interesting relationship with humans; it blocks the entry of UV rays from the sun into the lower reaches of the atmosphere, significantly reducing the risk of skin cancer for the entire global population, but it is extremely hazardous if inhaled. Its extreme capacity for oxidation, much higher than atmospheric oxygen, means that it is highly corrosive to the lining of the respiratory tract.
In line with its complicated significance to human life, however, this very same extreme capacity for oxidation makes it a highly valuable industrial chemical as an oxidizing agent. It is used in operations ranging from wastewater treatment to the treatment of some of the deadliest diseases in the world, such as AIDS and cancer. Due to these highly beneficial operations, the global ozone technology market is expected to grow at a robust 8.1% CAGR from 2014 to 2020, growing from its 2013 valuation of US$715.4 million to be worth US$1,242 million in 2020.
Water Treatment Applications of Ozone Dominate Ozone Technology Market
According to application, the ozone technology market is divided into potable water, industrial water, waste water, other water, air and gas treatment, and medicine. According to geographical distribution, the market is divided into the regional segments of North America, Europe, Asia Pacific, and Rest of the World. North America and Europe led the global market in terms of demand due to the high level of urbanization and infrastructural support in these developed regions. Due to the growing prevalence of these same factors, Asia Pacific is expected to lead the global ozone technology market in the coming years.
Urbanization has also helped the other water application segment of the ozone technology market grow considerably in developed regions due to increased usage in swimming pools and spas. This represents a vast opportunity for the ozone technology market in both the developed and developing world. The waste water treatment segment, however, was the global leader in the market and will retain its position due to the growing importance of waste water treatment technologies in Asia Pacific countries such as China, India, Japan South Korea, and Indonesia. It will be challenged, however, by the steady expected growth of ozone usage in air and gas treatment.
Urbanization and Consequent Government Support Driving Ozone Technology Market
As discussed previously, urbanization is increasing the scope of the ozone technology market. This is being made easier by favorable government schemes backing the use of ozone technology in the increasingly important water treatment sector.
The prime restraint on the ozone technology market is the relatively higher installation costs it requires in comparison to conventional water treatment solutions. These costs are compounded by the need for an additional cleaning medium in some regions, where the technology to utilize ozone directly is not yet sufficiently developed. These restrict the market in the developing world, where the latter is particularly true.
The medical risk of ozone usage has also made consumers wary of ozone technology, although this restraint is expected to be overcome through technological innovation, which will help produce safer ozone products. This will also help the market spread wider, which will help brand awareness and eradicate misplaced fears about the technology.
Fragmented Ozone Technology Market Shaped by Smart Use of Subsidiaries
The global ozone technology market is highly fragmented and marked by the trend of larger companies relying on subsidiaries to spread their business. Water-related applications of ozone technology are important for the key players in the ozone technology market, since they have the most commercial potential.
The market is led by companies such as Ebara Corporation, Degrémont, and Mitsubishi Electric Corporation. The latter has set the benchmark in product innovation, bringing out highly efficient and efficacious ozone technology products in recent years.
Browse Full Ozone Technology Market Research Report With Complete TOC @ http://www.persistencemarketresearch.com/market-research/ozone-technology-market.asp