According to Custom Market Insights (CMI), The Global Ozone Generation Market Size was valued at USD 1.8 billion in 2021 and is estimated to reach USD 3.1 billion by the end of 2030 at a CAGR of approximately 7.1% during the forecast period 2022-2030.
An ozone generator is a device used for the conversion of oxygen from sources like concentrated oxygen, ambient air, or dry air which gets converted to ozone. The ozone generator system can produce ozone from oxygen molecules. Ozone solutions are the effective methods widely used for the reduction of air-borne diseases, bacteria, spores, etc.
Browse the full “Ozone Generation Market Size, Trends and Insights By Type (Ultraviolet, Cold Plasma, Corona Discharge, Electrolytic), By Application (Waste Water Treatment, Air Purification, Medical Equipment, Food & Beverage, Others), By End-User (Industrial, Residential, Municipal, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/ozone-generation-market/
Market dynamics
Drivers
The ozone generation market is expected to represent significant growth in the upcoming years. The driving factors for the growth include the rapid investments in wastewater treatment facilities and along with the frequent development in the hospitality industry. The rapid usage of ozone in varied industries such as biogas drives the market growth for ozone generation. The ozone has anti-bacterial properties due to which it is 3000 times more efficient than chlorine and is used in biogas industries to combat odour and air contamination. Moreover, the rapid shortage of chlorine and the high demand for an alternative source of chlorine has led to the growth of the ozone generation market.
Restraints
Prolonged exposure to the ozone can lead to several complications such as breathing difficulty which leads to asthma, eye, throat, nose, and lung irritation, and other chronic lung diseases. It can also damage fabrics, electrical wire coating, rubber, etc., which can lead to a decline in the market over the coming years. Despite environmental awareness, inhalation of even a small amount of ozone can lead to serious health consequences. The high cost for the pre-treatment of wastewater and the high processing of water treatment has led to the rise in the price of ozone generators and has restricted the market growth. The industry can only invest one time in the installation of ozone generators.
Opportunities
The production of ozone gas is an easy process but its maintenance and control become difficult due to the high price of the ozone sensors. The key manufacturers have taken the initiative to restructure the ozone sensors and order to reduce their high prices. The purpose is to make the sensors an economic-friendly air-cleaning unit that the residential sector can widely use. After the pandemic, many public places such as hospitals, hotels, etc have started using the ozone to control the widespread of covid infection, which can create ample opportunities for product manufacturers.
Based on the World Health Organisation (WHO), 3 in 10 people across the world have a shortage of safe drinking water. The ultimate reason for this is the lack of capital and technology for the proper treatment of municipal and industrial wastewater. Therefore, several countries have adopted the concept of a nationwide loan business model for market enhancement and public benefit. Based on this model, developed countries or private investors have invested in wastewater treatment systems installation which leads to the development of ozone generators across countries. This is projected to provide an opportunity for the ozone generator market to grow across different countries.
Challenges
The lack of awareness especially among the developing regions of Middle and East Africa, North America, and Asia-Pacific regarding the use of ozone generators may be a challenge for the market growth. These regions still use chlorine instead of ozone for the treatment of municipal wastewater. As there is a lack of awareness about the disinfectant and sanitizing properties of the ozone, such factors may be challenging for market growth.
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Report Highlights
Based on the technological types, the corona ozone segment has dominated the world market with over 40% of the share in 2021. This can be attributed to the rapid demand for corona segments due to their cost-effectiveness and their therapeutic nature.
Based on the application, the air treatment segment has a significant market growth with a CAGR rate of 7.8% during the forecast period due to increasing demand for ozone generators for the settlement of waste and unpleasant odours have propelled the market growth for the air treatment segment.
Based on an end-user analysis, the municipal segment has dominated the global market in 2021 and it continues to maintain its market position, holding a market share of over 45%. The market expansion is due to the rise in the demand for production and the high oxidizing power which could oxidize heavy metals.
Regional Snapshots
Based on the regional analysis, the North American region has dominated the ozone generation market in 2021 and is expected to show significant growth during the forecast period.
The market growth can be attributed to the compulsion of regulations to support municipal wastewater treatment coupled with the rapid increase in air pollution. Countries like the US took the initiative to construct a power plant to treat local wastewater. It is the Public-Private Partnership law to enhance investments for such reasons. Such initiatives related to domestic investments have led to the growth of the market across the such region.
Key Players
- Mitsubishi Motors Corp.
- Toshiba Corp.
- Daikin Industries, Ltd.
- Suez
- Ozone Tech Systems
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