The global ozone generation technology market is expected to reach $1.1 billion in 2020.
Wellesley, MA (PRWEB) June 24, 2015
As more people relocate to cities and global populations continue to rise, stressed city infrastructure systems are failing more often. BCC Research reveals in its new report that this population shift will spur growth in many water-related markets, including water infrastructure repair, water recycling and reuse, and water purifying technologies like ozone generation technology (OGT).
The global ozone generation technology market totaled $736.1 million in 2014. This market is expected to grow at a five-year compound annual growth rate (CAGR) of 7.1% from 2015 to 2020, and reach $785.5 million and $1.1 billion in the base and final years, respectively. Water applications, the largest market segment, should total $822.5 million by 2020, up from $593.8 million in 2015. The second-largest segment, air and gas treatment, is expected to reach $282.7 million by 2020, up from $189.3 million in 2015. It shares the highest CAGR of 8.4% with medical applications.
OGT is a powerful oxidant and disinfectant that supports many types of industrial, commercial and residential applications for water, air and gas treatment, as well as medicine. Water applications include potable water, wastewater and process water. Air and gas treatment applications include semiconductor operations and air purification. Medicinal OGTs may be used to treat oral infections, strengthen the immune system and possibly to treat cancer.
The global OGT market is thriving and evolving as many factors work to spur market growth. Some of the more prominent factors include global and regional population growth, increasing global pollution, improved technologies, and a growing number of successful OGT projects and products.
“Until the last few decades, ozone generation technology market growth was held back significantly by a handful of factors, including technological hurdles and high costs, partly due to high energy consumption,” says BCC Research analyst Nana Lapham. “Many market blocks have recently been minimized or removed, allowing ozone use to become more common, especially as the market branches out into an ever-widening network of industries.”
Ozone Generation: Technologies, Markets and Players (CHM044E) Analyze the size, growth and direction of the ozone generation technologies (OGT) market, including an assessment of its directing factors, its technological hurdles and advances.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
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