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Ozone Technology Market
Ozone technology is a growing industry with numerous applications, including water disinfection and air purification. A growing number of applications are currently driving the global market for ozone technology. In 2013, the global ozone technology market revenues reached a value of US$ 715.4 Mn, which is expected to climb up to US$ 1.24 Bn by the end of 2020. The market expansion is estimated at a CAGR of 8.1% over the forecast period, 2014-2020.
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Growing industrialization and upsurge in urbanization result in increased contamination of water. However, growing health concerns and awareness about consuming clean water are pushing the demand for disinfection of water. This has been a key factor fueling the demand for ozone technology worldwide. In addition, rising need for purification of polluted air also boosts the market.
Several governments across the globe are investing more in upgrading water infrastructure, which will continue to support the market growth over the forecast period. Traditional chlorine-based disinfection of water tanks is rapidly getting replaced by advanced technologies, including UV and ozone technology. This is another factor anticipated to push the market growth. The demand for ozone technology in disinfecting waste water treatment equipment, public swimming pools, spas, and other water treatment segments will remain a major factor sustaining the market growth.
Growing awareness about the benefits of ozone technology, such as higher disinfection capacity, quicker processing time, higher oxidation potential, long run cost, without producing any harmful by-product, is also foreseen to be a key factor expanding the adoption of the technology. Moreover, this technology is also used in therapy of some of the most fatal diseases, including cancers and AIDS. This is estimated to be another driver to the market growth.
However, cost-intensive installation and relatively higher power consumption may continue to be the major roadblocks to mass penetration of the ozone technology across the globe. In addition, unsafe exposure to ozone can result in chronic health conditions, which is predicted to restrict adoption rate and hamper the growth of the market in the next few years, by 2020 end.
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Get a Customized VersionBased on technology, the global ozone technology market is segmented into potable water, waste water, industrial water, other waters, air and gas, and medicine. While water and air or gas segments represent the major market shares, the waste water segment is expected to present promising opportunities to the ozone technology market growth.
This growth is attributed to increasing demand for the technology from municipalities and commercial sectors, such as swimming pools and spas. The waste water application segment already accounts for nearly three-fourth of the entire market share, whereas air or gas treatment segment will witness the fastest growth during the forecast period.
By region, the global market for ozone technology is segmented into four key regional markets viz. North America (the U.S.), Europe (the U.K., France, Germany), Asia Pacific (China, Japan), and rest of the world. Developed economies, such as North America and Europe have widely adopted the ozone technology for air and water purification.
Regulatory bodies in these regions have been supporting advanced techniques over the years, and eventually the market. Although these regions will continue to represent the key markets globally, the ozone technology market will witness significant growth in developing markets, such as Asia Pacific.
Japan and China are especially expected to witness notable growth due to scarcity of water, burgeoning need for air and water treatment, water conservation need, and favorable regulatory norms.
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Some of the key players in the global ozone technology market are ozone generation technologies market are Ebara Corporation, Mitsubishi Electric Power Inc., Vermont Inc., Ozomax ltd., Pacific Ozone Technology Inc., and Degremont Ltd. Leading companies are increasingly focusing on innovating high efficiency, low power zone ozone generation equipment.
