The global ozone meter market is evaluated at US$591.948 million for the year 2020 growing at a CAGR of 7.23% reaching the market size of US$899.874 million by the year 2026. An Ozone Meter is an electronic device used to measure the concentration of ozone in the air. The meter is also used to determine the ozone values in industrial applications and to determine if the value is violating the standards provided by the National Ambient Air Quality Standards (NAAQS). The demand of the device increased with the increase in the experimental usage of the ozone gas for industrial applications. The ozone gas comprises of three atoms of oxygen and is considered as highly unstable as the atoms can combine with the atoms of other gases present in the atmosphere to form hazardous mixtures. In order to keep the ozone levels in check, the meter is used. Though the demand for ozone meter has increased for various industrial applications, a more significant rise has been witnessed in the water treatment sector wherein the device is used to measure the ozone content in raw, waste, potable, process, and cooling water. The consequent developments in the wastewater treatment sectors across several countries is expected to drive the market for ozone meters during the forecast period.
FIGURE: GLOBAL Ozone Meter market, US$ million, 2020 to 2026
Source: Knowledge Sourcing Intelligence Analysis, Sample Figure
With the development and ongoing innovation in the sector, the ability of ozone meters has been increased over the years. The newer ozone meters are able to accurately detect low concentrations of ozone in a liquid or a gas which has further increased the demand for the meter across industries. A key advantage that is expected to drive the market is the ability of the meter to measure the ozone for long terms. For instance, the meter can be attached on a tripod or can be mounted on the wall in the premises of where the ozone concentration has to be measured consequently easing down the ozone measurement procedure. This feature of the meters has been a key advantage for the professionals and thus, is expected to drive the market during the forecast period.
The increasing awareness about the adverse effects ozone can cause to human in touch will fuel the market in the coming years. The gas can also cause severe health effects if inhaled. Thus, the need to continuously monitor the concentration of the ozone gas in the atmosphere has increased significantly which has further pushed the demand for ozone meters. Moreover, the demand for the meters has also increased to measure the ozone concentration in the industrial wastewater, drinking water, and other soft drinks.
The advent of COVID-19 had an adverse impact on the global Ozone Meter market since the pandemic brought the industrial activities to a standstill globally which restricted the usual and experimental usage of ozone meters for various purposes. After the initial lockdown period, the industries came back in operation but with restrictions and certain protocols that were required to be followed like the plant will be operated with lesser capacity which will require less labour to come in contact and social distancing was required to be maintained as well. Moreover, the sales of the ozone meters dipped during the initial months of the year owing to the lockdown which led to the shutting down of the sellers for a certain period initially. With the industries recovering after the pandemic gradually, the business and other industries using the ozone meters are expected to operate in the full capacity starting from the third and fourth quarters of 2020.
The segmentation of the global Ozone Meter market has been done into product, application and geography. By product, the classification of the market has been done into Portable, Handheld and Tabletop. By application, the classification of the market has been done into Food Safety, Water Treatment, Environmental Testing, Manufacturing and Sterilization. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
Increasing environmental concern across the world is expected to drive the market during the forecast period
The growth of the Ozone Meter market is fuelled by a significant increase in the awareness about environmental concerns across the world. The world has witnessed a significant level of deterioration in terms of environment in the recent years owing to the increasing pace of urbanization and globalisation which has led to a substantial rise in the number of factories globally. This has further fuelled the demand of ozone meters for various purposes. The usage of the ozone gas for several industrial purposes has increased as well. The meters are used for long term experimentation by mounting them onto the wall nearby to monitor the ozone concentration in the ongoing experiment or the nearby atmosphere which helps the operators to better judge the process. This has led to a rise in the demand of ozone meters by professionals as well.
Rise in the number of wastewater projects across several countries will be a tailwind to the market in the coming years
The market is expected to witness a significant increase during the forecast period owing to the increasing concerns about the environment on a global level which has led the government of several countries to roll out regulations regarding the purification and filtration of wastewater. Additionally, several countries has invested in the development of wastewater treatment plants (WWTP). For instance, the Government of Canada and the Government of Ontario are coming together for the development of a wastewater treatment plant in a city of Canada wherein the investment made by the Canadian government is about US$ 3.7 Million and by the government of Ontario is US$ 908,443. With such an increasing amount of investments made towards filtration, the demand for ozone meters for various applications is expected to increase during the forecast period.
Figure: Global Ozone Meter marketshare, by geography, 2020 and 2026
Source: Knowledge Sourcing Intelligence Analysis
The players in the global Ozone Meter market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.