The Global Market for Residential Air Purification Equipment is Projected to Exceed US$10 Billion by 2024
Growing Proliferation of
Smart Air Purifiers, Smart Homes, and Home Automation to Drive the Residential Air
Purification Equipment Market, According to New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global Residential
Air Purification Equipment market. The global market for Residential
Air Purification Equipment is projected to exceed US$10 billion by 2024, driven by the growing
prominence of smart air purifiers, smart homes, and home automation, and alarming
rise in incidence of air-borne allergies amidst deteriorating indoor air
quality.
Indoor
Air Quality (IAQ) refers to the physical, biological, and chemical
characteristics of indoor air affecting the health or comfort of people
residing indoors and is one of the major factors responsible for growing
incidences of respiratory allergies and diseases. A prime reason underlying the
growing magnitude of the problem of poor IAQ is the lack of proper ventilation
in most buildings, a direct fallout of the hitherto focus exerted on
constructing tighter, and more energy efficient buildings. While indoor air
pollution moves up the anxiety chart, the phenomenon is creating more awareness
and is today being widely recognized as a serious health hazard. The magnitude
of the issue is highlighted by the fact that 95% of the population spends time
indoors, in homes, offices, and in a car, or bus traveling. At homes, even
simple acts such as cooking, lighting of candles and cleaning with electronic
appliances can all contribute to increase in in-house pollutants. The primary
factor driving growth in the air purification equipment market is the
increasing consumer awareness about pollution and the number of respiratory and
other diseases that it can cause. Though high costs of installing these systems
is presently a growth deterrent, technology advancements in the coming years
are expected to open up new opportunities.
Strong
growth is projected for the market in the coming years driven by the growing
penetration of smart residential air purifiers, also referred to as Smart Air
Filter, Wi-Fi Enabled Air Purifier, Wireless Air Purifier and Bluetooth Air
Purifier. A smart air purifier is an advanced version of conventional air
cleaning device, enabled by Wi-Fi and Bluetooth to remotely track and control
air quality within a home through a smartphone app, which provides live
readings of air quality data to monitor and measure airborne particles in
real-time, and send out alerts when air quality levels change. Innovative
features such as motion sensors and user friendly designs with simple
programming platforms, along with the ability to control from different
locations inside the home through smart connectivity is expected to drive
robust demand for smart air purifiers. Other important growth drivers include rising
levels of air pollution; growing incidents of allergies; growing demand for high-efficiency
particulate air (HEPA) purifiers; and product advancements
targeted at user-friendliness, low price, reduced noise levels, energy
efficiency, and higher purification efficiency. Products that are expected to
score the maximum gains in the marketplace include multi-functional air
purifiers, which feature the ability to humidify, deodorize and capture, and
eliminate dust, pollen, bacteria, and viruses.
As stated by the new market research report on Residential Air
Purification Equipment, Europe represents the largest market
worldwide, closely followed by the United States. Growing product awareness,
rising incidence of allergies caused by seasonal changes such as high pollen
count in air, strong focus on environmental concerns, and stringent regulatory
standards related to Clean Air Delivery Rate (CADR), among others, represent
key growth drivers in these markets. Asia-Pacific represents the fastest
growing market with a CAGR of 11.4% over the analysis period. Important factors
benefiting growth in the region include rising levels of pollution driven by growing population, industrialization and urbanization, underpenetrated
and unpenetrated nature of the market, and heightened concerns with regard to health.
Key players in the market include 3M Company,
Abatement Technologies, Inc., Amway Corporation, Blueair AB, Camfil Farr, Inc.,
Carrier Corporation, Coway Co., Ltd., Daikin Industries, Ltd., Honeywell
International Inc., Lennox International, Inc., LG Electronics Inc.,
MANN+HUMMEL GMBH, Newell Brands Inc., Panasonic Corporation, Koninklijke
Philips N.V., Samsung Electronics Co., Ltd., Sharp Corporation, Whirlpool
Corporation, and Xiaomi Inc., among others.
The
research report titled “Residential Air Purification
Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review of market trends, drivers, issues, product
launches and strategic industry activities of major companies worldwide. The
report provides market estimates and projections for all major geographic
markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia and Rest of Europe), Asia-Pacific (China, and Rest of
Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of
World. Product segments analyzed include Stand-Alone Air Purification Equipment
and In-Duct Air Purification Equipment.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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