The Growing Demand for Safe Drinking Water is fostering the water dispenser market growth
The global water dispenser market was valued at US$ 2,458.6 Mn in 2020, and is expected to reach US$ 4,088.3 Mn by 2027, and is expanding at a CAGR of 7.5% during the forecast period.
The rising demand for safe drinking water across the globe is the key factor for the growth of the water dispensers market across the globe. As per a recent report published in 2020, by World Health Organization (WHO), Globally, more than 785 million people did not have access to at least basic water services and more than 884 million people did not have safe water to drink. Furthermore, according to another report published by United Nations Children's Fund (UNICEF), in 2021, 1.42 billion people – including 450 million children – live in areas of high or extremely high water vulnerability.
The rising consumer awareness across the world is another key factor for the growth of the water dispensers market. Hence, the rising demand for safe and clean drinking water leading to the increase in sales of water dispensers which are estimated to enhance the global water dispensers market during the forecast period.
Apart from these, the benefits of advanced technologies in water dispensers such as sensor-activated, touchless dispensing, and others is the key opportunity in the global water dispensers market. For instance, in December 2020, Quench, a Culligan company, and provider of filtered water solutions for businesses across the United States and Canada, has announced the launch of the new, touchless Quench Q8 bottle-free filtered water dispenser. The Quench Q8 is has a sleek design, sensor-activated, and touchless, water cooler which connects to an existing water supply to dispense hot and cold, mineral-infused drinking water. Key features of the product include TEXT MISSING
Hence, the integration of advanced technologies in water dispensers is the key opportunity of the global water dispensers market. Additionally, companies are investing a big amount on research and development of flexible electronic products and thereby the development of flexible batteries to power those devices. For instance, in May 2019, Jenax has created a flexible, fast charging, rechargeable lithium-ion polymer battery “J.Flex” to meet the demand for next-generation devices such as wearable and IoT devices.
However, established water purifiers and low product awareness of the product are expected to impede the growth of the global water dispenser market.