Alarming air pollution levels coupled with rising health consciousness among consumers is set to bolster the growth of air purifier market. Increasing disposable incomes of millennials and constant upgrades in their standard of living are upholding the demand for air purifier products. The global air purifier market will grow at a stellar 10% CAGR during the forecast period (2019 – 2029). Increasingly stringent regulations on air pollution is propelling the demand for air purifiers from industrial applications. Research and development in air purification methods will further expand revenue pools of manufacturers in the air purifier market.
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Key Takeaway of Air Purifier Market Study
- High Efficiency Particulate Air technology is a widely accepted standard for air purifying products. On the back of early entrant advantage, high efficiency particulate air accounts for over 40% of the market value growing at a strong 9% CAGR through 2029.
- Activated Carbon filters are sustainable and efficient in purifying functions. This segment accounts for over 1/4th of the total market value. It is set to offer remunerative opportunities for leading stakeholders and is pegged to grow at a robust CAGR of over with over 11% from 2019 to 2029.
- Commercial applications of air purifier products hold share-wide majority with more than 70% of market value share. Manufacturers are set to witness a stellar growth within this segment of over 9% CAGR through 2029.
- Industrial applications of air purifiers are poised to exhibit highest growth rate of more than 11% from 2019 to 2029. Increasingly stringent regulations regarding air pollution from factories and warehouses will uphold the demand from industrial applications.
- South Asia & Oceania offer the most lucrative growth opportunities made evident by the astounding 12% CAGR during the projection period. Budding ecosystem of smart devices will bolster adoption of air purifiers amid growing disposable income of millennial consumers.
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“Leading air purifier manufacturers are focusing on research and development of products for industrial use-cases as government policies around the world are increasingly wary of permissible air pollution levels from factories. Market players must leverage such favorable economic and environmental factors to their advantage.”-Says the Fact MR Analyst
Innovative End-use Applications- Key Growth Strategy
Infrastructure development is ramping up the adoption of air purifying products such as masks on the back of resultant air pollution from construction activities. Surging industrial sector faces stringent government regulations which compels organizations to adopt air purifying technologies. The multiplying disposable income of health conscious consumers is leading to heightened spending on air purifier products to improve quality of life in metro cities. Market players can leverage these trends by innovating products for a variety of end-uses in various industry verticals such as building & construction, commercial spaces, industrial plants, and residential properties.
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