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Frost & Sullivan reports that market revenue will reach $16.9 million in 2016
Singaporeans are highly conscious of the safety levels of their water supply, despite the high quality of their municipal water, according to a new report by Frost & Sullivan. The digital media fans this consumer demand by stressing the importance of safe water for a healthy lifestyle, compelling residential water treatment equipment manufacturers to provide high-performance water filtration equipment that promotes health wellness.
New analysis from Frost & Sullivan, “Residential Water Treatment Equipment Market in Singapore,” finds that the market is expected to earn revenues of $16.8 million in 2016.
According to the analysis, companies that provide proven and internationally recognized systems that offer water with therapeutic and health benefits are likely to succeed in Singapore. Their research and development (R&D) efforts could bear fruit even before the product is introduced in the market, as the government's tax structure offers a low corporate tax rate, tax exemptions and incentives. This is particularly beneficial to participants involved in cutting-edge R&D in water technologies.
As the Singaporean economy is expected to be stable, the market is likely to exhibit annual growth rates between 4% and 5%. According to Frost & Sullivan Program Manager Melvin Leong, the technology that is likely to make the most of the economic stability and consumers' higher spending power is membrane technology.
Point-of-use (POU) systems with other technologies such as ultraviolet and carbon filtration are rated highly in competitiveness and market attractiveness; however, the sales of POU systems with other technologies are generally lower than those with membrane technologies.
Owing to the socio-economic demographics and market conditions in Singapore, point-of-entry (POE) systems generally experience lower demand, as the majority of end users live in high-rise residential buildings.
Equipment manufacturers' biggest threat is the high quality of potable water supplied by the municipalities, the analysis reports. Government authorities ensure that the water at water treatment plants and storage and distribution points meets the terms of the country's water quality management program. This close monitoring and quality standards negates the need for additional treatment equipment.
To offset the effects of such stringency, manufacturers often provide a variety of after-sales services, which usually include free or low-cost maintenance, cartridge replacement at reduced prices, technical assistance through telephone or e-mail, door-to-door service or affordable product upgrades in trade-in programs.