Market Analysis on Refrigerator Water Filters market, Night Light and Single Vision Lenses market forecasted till 2030

SEATTLE , WASHINGTON, USA, July 12, 2023/EINPresswire.com/ -- Executive Summary:
The global refrigerator water filters market is expected to grow at a CAGR of 1.80% during the forecast period of 2023-2030. Increasing concerns regarding water safety and health, particularly in developing economies, is expected to drive the market growth. The market is further driven by the growing demand for smart homes and the integration of sensors in refrigerators to monitor the quality of water. North America dominates the market in terms of revenue due to the high adoption of advanced technologies. The market size is expected to grow from USD 1.20 Billion in 2022 to USD 1.80 Billion by 2030, at a CAGR of 5.70% during the forecast period.

The global refrigerator water filters market is highly competitive with the presence of various established players across the globe. These companies primarily compete on factors such as product quality, innovation, design, pricing, and distribution channels. Some of the notable companies operating in the market include Whirlpool, Swift Green Filters, Electrolux, LG Electronics, Kenmore, Samsung, Miele, GE, Bosch, KX Technologies, 3M, Ecopure Filter, Ningbo Pureza Limited, among others.

Sales revenue of few of the above-listed companies:

- Whirlpool: $20.4 billion (2019)

- Swift Green Filters: $50 million (2019)

- Electrolux AB: $13.79 billion (2019)

- LG Electronics: $62.4 billion (2019)

Refrigerator water filters come in various types, such as granular activated carbon (GAC) filters and carbon block filters. GAC filters are made up of tiny grains of activated carbon, which trap impurities present in the water. On the other hand, carbon block filters are composed of compressed activated carbon, which offers much finer filtration of impurities. Both filter types remove sediment, chlorine taste and odor, contaminants, and other harmful substances from the water. However, carbon block filters are proven to be more effective in removing lead, cysts, and other microscopic particles, thus making them a preferred choice for those concerned about the purity of their drinking water.

Refrigerator water filters have become an essential part of modern-day appliances due to their ability to deliver clean and safe drinking water. They are used in both residential and commercial applications such as homes, offices, restaurants, hospitals, and hotels. In residential applications, refrigerator water filters are used to remove impurities and improve water taste and odor. They also protect water-using appliances such as fridges, coffee machines, and ice makers from mineral buildup that can damage their components. In commercial settings, refrigerator water filters provide clean water for food and beverage production, minimize downtime in commercial kitchens, and help meet food safety regulations.

The North American region is expected to dominate the Refrigerator Water Filters market, with a market share of around 35% by 2025. This is primarily due to the high demand for clean and safe drinking water in the region. However, the Asia Pacific region is expected to witness significant growth in the coming years, owing to the rise in disposable income and increasing awareness about the need for safe drinking water. The market share of the Refrigerator Water Filters market in the Asia Pacific region is expected to reach around 30% by 2025. Europe is also expected to hold a significant share in the market, with a market share of around 25% by 2025. The remaining market share is expected to be held by the Middle East and Africa and South America regions.

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Executive Summary
The global night light market is expected to grow from USD 269.00 Million in 2022 to USD 346.90 Million by 2030, at a CAGR of 3.70% during the forecast period. The increasing awareness about the importance of a good night's sleep is expected to drive the demand for night lights. Moreover, the growth of the e-commerce industry and the availability of a wide variety of night lights in different shapes, sizes, and colors are expected to drive market growth. Asia-Pacific is expected to dominate the market due to the increasing demand for night lights in countries such as China, India, and Japan. Key players in the market include GE Lighting, Osram Licht AG, Koninklijke Philips N.V., and Acuity Brands, Inc.

The global night light market is highly competitive, with numerous players operating in the market to meet the growing demand for night lights across different segments. Some of the prominent players in the market include Philips, PAK, GE, Eaton, Opple, Osram, Feit Electric, Legrand, Panasonic, Hugo Brennenstuhl, AmerTac, Munchkin, and Maxxima.

The companies mentioned above use the night light market to cater to the various needs of consumers in different segments. These companies help the growth of the night light market by developing innovative and attractive night light products and catering to the evolving needs of consumers.

Philips reported a revenue of €19.5 billion in 2020, while Osram reported a revenue of €3.5 billion in the same year. Feit Electric reported a revenue of $600 million in 2019. Munchkin reported a revenue of $300 million in 2020. However, revenue figures for the other companies are not publicly available.

There are several types of night lights available in the market that cater to diverse customer needs. LED night lights are energy-efficient and long-lasting, making them a popular choice among customers who are looking for sustainable options. Halogen night lights produce bright, warm light that is similar to natural light, making them ideal for reading or working during the night. Incandescent night lights are also popular due to their soft and warm glow that creates a cozy and comfortable ambiance. Other types of night lights include neon, fluorescent, and fiber optics, which offer unique and colorful lighting options for customers.

Night lights have found extensive application both in commercial as well as residential environments. In a commercial setting, night lights are typically used to provide low-level illumination in corridors, walkways, lobbies and other areas where adequate illumination is necessary to maintain safety and security during the night. In residential settings, night lights are used to provide low-level illumination in bedrooms, bathrooms, hallways, and other areas where people may require some illumination during the night to navigate around without disturbing others.

The North American region is expected to dominate the Night Light market with a market share of around 40% in terms of valuation. This can be attributed to the increasing awareness among consumers about the benefits of using night lights and the availability of innovative and energy-efficient products in the region.

The Asia-Pacific region is expected to witness the fastest growth in the Night Light market, with a projected CAGR of more than 7%. The increasing population, rising disposable income, and growing urbanization in countries such as China and India are expected to drive the demand for Night Lights in the region.

Europe and the Middle East and Africa (MEA) regions are also expected to witness significant growth in the Night Light market, with a projected CAGR of more than 5%. The increasing adoption of smart home solutions and the rising trend of home décor are expected to drive the demand for Night Lights in these regions.

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Executive Summary
The global single vision lenses market is expected to register a steady growth rate during the forecast period. Factors such as growing demand from the geriatric population and increasing usage of digital devices are driving the market growth. The market size of single vision lenses was valued to grow from USD 6.80 Billion in 2022 to USD 6.90 Billion by 2030, at a CAGR of 0.10% during the forecast period. The market is highly competitive with major players such as Essilor International, ZEISS International, HOYA Corporation, and Johnson & Johnson dominating the market share. Emerging markets such as India and China hold significant growth potential owing to the increasing awareness about eye care and disposable incomes.

The global single vision lenses market is highly competitive and is dominated by major players, including Essilor, Rodenstock, ZEISS, VISION-EASE LENS, HOYA Corporation, Nikon Corporation, SEIKO Optical Products Co., Ltd, among others. Single vision lenses are widely used in ophthalmology, optometry, and other applications, and these companies are expanding their product range and investing in R&D activities to maintain their market position.

According to the reports, in 2020, Essilor's annual sales revenue was approximately USD 18.5 billion, and HOYA had an annual sales revenue of approximately USD 4.2 billion. Additionally, VISION-EASE LENS's annual sales revenue was around USD 1 billion in 2019.

Single vision lenses are prescribed for people who suffer from refractive error. There are different types of single vision lenses available in the market that cater to specific needs of the individuals. The most common types of single vision lenses are plastic single vision lenses, polycarbonate single vision lenses, and high-index single vision lenses. Plastic single vision lenses are the most popular ones, as they are cost-effective and provide excellent optical clarity. Polycarbonate single vision lenses are known to be impact-resistant and are often prescribed for children and sports enthusiasts. High-index single vision lenses are the thinnest and lightest type of lenses available and are best suited for those who require prescription lenses for higher powers.

Single vision lenses are used for correcting refractive errors in the eye, such as myopia (nearsightedness), hyperopia (farsightedness), and astigmatism. Myopia occurs when the eye is too long, causing distant objects to appear blurry, while hyperopia occurs when the eye is too short, making near objects difficult to focus on. Single vision lenses can also be used to correct presbyopia, which is age-related farsightedness, by adding a reading prescription to the lower portion of the lens.

The single vision lenses market is expected to experience significant growth in the regions of North America, Europe, APAC, USA, and China over the coming years. In North America and Europe, the growing prevalence of myopia and hyperopia among the population is driving the demand for single vision lenses. Additionally, the increasing adoption of digital devices is leading to a rise in computer vision syndrome, further propelling market growth. In APAC, the expansion of the healthcare industry, coupled with rising disposable income and a growing aging population, is driving market growth. The USA and China markets are expected to witness considerable growth due to rising awareness of eye health and the increasing number of people using corrective eyewear.

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