According to a new report from Grand View Research, the global water dispenser market size was valued at $2.48 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2022 to 2030.
The report says that product demand is being driven by factors such as portability, ease of use and installation, and low maintenance costs. Drinking water scarcity in several regions necessitates robust sources to meet the rising demand for safe drinking water, resulting in increased product sales and, as a result, market growth.
The COVID-19 pandemic has brought about a seismic shift in consumers’ attitudes toward wellness and health safety. As a result, infrared sensor dispensing is gaining high traction as direct human contact is reduced.
According to the report, the bottled product segment accounted for more than 70% of the market in 2021 and is expected to remain dominant throughout the forecast years. The primary factor driving the segment is the rising demand for bottled water. Furthermore, lower initial costs, as well as ease of installation and low maintenance requirements, are likely to boost product demand.
However, the bottle-less product category is expected to grow at the fastest rate of 9.9% between 2022 and 2030.
During the forecast period, the hospitality sector under the commercial application segment is anticipated to grow at the highest CAGR, 9.9%.