OTTAWA, Dec. 15, 2020 (GLOBE NEWSWIRE) -- The global air purifier market size was valued at US$ 7.59 billion in 2019 and expected to grow at a compound annual growth rate (CAGR) 10.6% during the forecast period 2020 to 2027.
An air purifier refers to a device that eliminates contaminants from the air and enhances the air quality. Air purifiers are also considered as beneficial for people suffering from asthmatics and allergies, and at eliminating or reducing the second-hand tobacco smoke.
Growth Factors
Release of harmful gases from the chemical industries as well as other manufacturing industries contaminate the environment and gives rise to airborne diseases. Despite of various government norms related to the air pollution control, compulsory filtration of industrial gases before releasing them in air, and other regulations related to the use of bio-friendly processes; air quality is still depleting at a rapid pace. The above mentioned factors significantly trigger the need for air purifier to prevent the airborne disease as well as to maintain the air quality.
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Previously, the demand for air purifiers was mainly driven by the consumers suffering from respiratory disorders. Besides this, rising health concern among consumers expected to positively influence the demand of air purifiers in the upcoming years. In addition, rising product demand from hotels on account to satisfy consumer needs for comfort, particularly in cities with significant levels of air pollution projected to further propel the market growth in the coming years.
Report Highlights
- The Asia Pacific anticipated to be the fastest growing market over the forecast period due to rising industrialization & rapid urbanization along with rising population with increased disposable income
- North America projected to maintain its significant market share in the upcoming years because of notable contribution from technological advancement and numerous applications
- HEPA technology segment held the majority of value share in the year 2019 and projected to exhibit substantial growth over the analysis period
- Activated carbon filters poses exceptional trapping capacity due to larger surface area of carbon granules that makes them very effective in trapping fumes, gases, and odors
- The commercial application captured the largest market share of nearly 70% in the year 2019 because of rising demand of air purifiers in educational institutions and office spaces
- The residential application anticipated to witness the fastest CAGR of around 12% over the analysis period due to increasing pollution levels along with rapid urbanization
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Regional Snapshots
The Asia Pacific dominated the global air purifier market in the year 2019 and anticipated to exhibits the fastest growth over the forecast period. The prime factors attributed to this are rapid urbanization as well as rising industrialization in the region. Further, large population in the region triggers the demand for personal and commercial mode of transportation that again contributes prominently towards the rising level of air pollution in the region. To curb the air pollution, government has issued stringent regulations for vehicle emission as well as release of gases from industries.
Europe expected to hold significant value share and expected to surpass USD 3.76 Billion by the year 2027 due to rapid growth of application industries in U.K., Italy, Germany, and France. In addition, most of the global manufacturers are based in Europe, especially in the U.K. and Germany; in addition also accounts for a substantial share in the total exports of equipment around the world.
Central and South America predicted to register significant value growth, with a growth rate of 4.9% over the analysis period. The market provides tremendous potential and lucrative opportunities to the air purifier manufacturers because of high growth in the developing countries that include Argentina and Brazil. The region expected to gain an economic recovery in Brazil together with other countries that anticipated contributing remarkably for the steady market growth.
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Key Players & Strategies
The global air purifier market seeks intense diversity in the product offerings as well as their technology owing to the presence of numerous regional and global market players. These players are strictly focused towards extending their reach and presence on the global level. In account of same, they adopt merger & acquisition, partnership, and collaboration strategies to maintain their competitive edge in the global market. Further, new product enhancement and development is the most important factor that drives the innovation in the air purifier technology. Integration of advanced technologies such as Internet of Things (IoT), Artificial Intelligence (AI), and others plays an important role in transforming the product. Changing consumer preference towards smart and convenient products compels the industry participants to continuously innovate in the air purifier technology.
Some of the key players operating in the market are Honeywell International, Inc., IQAir North America, Inc., LG Electronics, Inc., Aerus LLC, Unilever PLC, Daikin Industries, Ltd., Panasonic Corporation, Koninklijke Philips N.V., Whirlpool Corporation, and Hamilton Beach Brands, Inc. among others.
Market Segmentation
By Technology
- Activated Carbon
- High Efficiency Particulate Air
- Ionic Filters
- Others
By Application
- Residential
- Commercial
- Industrial
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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