The air purifier industry is projected to rise at an impressive CAGR of 10% between 2019 and 2029. The increasing application of air purifiers to minimize the health hazards of air pollution, and air-borne disease are key factors driving sales. The rising health awareness among consumers, and information about the relevant benefits of air purifiers will continue to aid the growth of the air purifier market. This promising growth outlook can also be attributed to the recent outbreak of the coronavirus disease, reveals Fact.MR in its new study.
“Leading air purifier manufacturers are investing in research and development, particularly aimed towards industrial to be compliant with permissible air pollution levels,” concludes the Fact.MR report.
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Air Purifier Market – Key Takeaways
- High Efficiency Particulate Air (HEPA) technology-based air purifier will account for a major market share of over 40% of the overall value through 2029.
- The activated carbon filters segment will provide highly remunerative opportunities with a 11% CAGR.
- Commercial applications will maintain a high growth rate, accounting for more than 70% of the market share through the end of the forecast period.
- Industrial applications will display a CAGR of more than 11% of the overall market revenue through 2029, driven by stringent air pollution regulations.
- South Asia and Oceania will provide highly lucrative growth opportunities with a massive 12% CAGR in this duration, propelled by the adoption of smart devices.
Air Purifier Market – Key Driving Factors
- The high prevalence of air pollution and cardiovascular diseases is a key factor driving the adoption of air purifiers.
- Rising health awareness among consumers, and the frequent outbreaks of airborne diseases will support growth of global market.
- The rising use of air purifiers, in residential and industrial applications, are sustaining market growth.
- Increasingly strict regulations associated with air quality in industrial and commercial spaces is pushing the air purifier market.
- The increasing disposable income among the large millennial consumer demographic contribute to sales.
Air purifiers Market – Key Constraints
- Strong competition from cheaper alternative products such as face masks, providing comparable performance is a key threat that is likely to hamper market growth.
The Impact of the Coronavirus Outbreak
The covid-19 outbreak has generated major remunerative opportunities for air purifier manufacturers, with high performance units comprising HEPA and activated carbon technologies being highly popular, to minimize the spread of the virus, for enclosed spaces.
Premium, high performance air purifiers are capable filtering out particles up to 1 micron, and the size of the Covid-19 virus is estimated to be around 1.2 microns. Consequently, manufacturers have displayed confidence in being able to provide a solution for indoor environments, during the outbreak, which will sustain demand for the near future.
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The global air purifiers market is moderately consolidated. The leading players profiled in the report include, but are not limited to Whirlpool Corporation, IQAir North America Inc., Hamilton Beach Brands Inc., Honeywell International Inc., Panasonic Corporation, Koninklijke Philips N.V., LG Electronics Inc., Daikin Industries Ltd., Unilever plc., and Aerus LLC. Market leaders are investing in research and development activities, for the development of sustainable revenue streams. Manufacturers are also channeling their efforts towards strategic collaborations with non-profit organizations to set up awareness campaigns, as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the air purifiers market. Global, regional and country level analysis of the latest industry trends impacting the air purifiers market are covered in this Fact.MR study. The report offers compelling insights on the air purifiers market on the basis of material (high efficiency particulate air, activated carbon, ionic filters, and others), application (commercial, residential, and industrial), across six regions (Middle East and Africa, South Asia and Oceania, East Asia, Europe, Latin America, North America).