Water Vending Machine Market will grow at highest pace owing to increasing penetration in commercial sectors
Water vending machines offer an automated way of dispensing purified drinking water at any time of the day. These machines eliminate the need for bottled water and are equipped with advanced filters that purify water from various sources. Growing awareness about health benefits of consuming purified water is driving the demand for water vending machines in offices, schools, hospitals and other commercial establishments.
The Global Water Vending Machine Market is estimated to be valued at US$ 700 million in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the water vending machine market include Cosmetal, Eden Spring, Akcosan, Midea, Qinyuan, LAMO, and Sparkling Water Company. These players are focusing on expanding their footprints through strategic partnerships and new product launches.
Increasing health consciousness and preference for purified water on-the-go is fueling Water Vending Machine Market Demand for water vending machines across commercial sectors. Public places like airports, railway stations, malls are emerging as major installation sites.
Technological advancements: Major players are investing in R&D to develop advanced water vending machines equipped with touchscreens, card payment options, and IoT integration for remote monitoring. Features like flavored water dispensing and various customized water options are gaining traction.
Market Trends
Miniaturization of machines - Space constraints in offices, cafeterias is driving demand for compact water vending machines. Players are developing mini and table-top water dispensers with payload capacity of 20-40 liters.
Integration of new technologies - Adoption of technologies like Ultra Violet purification, Ion-exchange resins, reverse osmosis is making machines more efficient in eliminating contaminants from water. IoT-enabled connectivity is allowing remote dispensing and maintenance.
Market Opportunities
Developing economies: Growing urbanization and rising incomes in developing nations of Asia Pacific and Africa present lucrative opportunities. Large population and hot climates create need for purified drinking water.
Untapped rural markets: While urban Water Vending Machine Market Challenges And Opportunities are getting saturated, rural areas still offer scope for further penetration of water vending machines. Efforts must be made to address infrastructure challenges in these regions.
Impact of COVID-19 on Water Vending Machine Market Growth
The COVID-19 pandemic has significantly impacted the water vending machine market growth globally. The lockdowns and restrictions imposed by various governments led to closure of public places like malls, airports, schools, colleges where water vending machines are commonly installed. This led to a sharp decline in sales during 2020. With people confined within homes, the demand from commercial sector contracted substantially. However, with increased focus on hygiene and demand for packaged drinking water, the residential demand saw a rise which helped in limiting the downfall.
The post COVID scenario indicates steady recovery of market. With commercial establishments and public places resuming operations gradually, the demand from these sectors is expected to bounce back. However, the growth may be gradual as limitations on visitor count or social distancing norms may still be in place. The increased health awareness among people is expected to boost long term demand and adoption of water vending machines. Various innovations like touchless payment, UV sterilization are being incorporated by manufacturers to provide assurance of safety. The future strategies for market players would be promoting machines for both commercial and residential segments. Tapping emerging geographies and developing customized solutions as per specific needs would help drive volumes.
Concentration of Water Vending Machine Market by Geographies
North America has been the largest regional market for water vending machines in terms of value. The high disposable income levels and awareness about health and wellness has supported premiumization of packaged drinking water in the region. The presence of various global players and widespread installations across commercial establishments has kept North America at the forefront. Europe is another major market concentrated by value, dominated by countries like Germany, UK and France.
Asia Pacific is emerging as the fastest growing regional market for water vending machines. With rising urbanization, population and economic growth in countries like China and India, the demand for packaged and point of use drinking solutions is witnessing a strong surge. Increased focus on health, hygiene and quality of drinking water particularly in densely populated areas is driving installations of water vending machines across various locations in Asia Pacific region. The growth is further augmented by initiatives of market players to expand presence with focus on Asian economies.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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