Feb. 24, 2009: Air Purification Equipment Market to Reach $3.7 Billion by 2015
SAN JOSE, Calif. - The market for air purification equipment has been gaining momentum as a result of rising concerns over IAQ and increasing health consciousness among consumers. Products within this group that until recently had been viewed as a luxury are now found in a large number of homes and commercial workspaces. As a result, the air purification equipment market in North America is forecasted to reach $3.7 billion by 2015, according to new report by Global Industry Analysts.
The report notes that growth in the air purification equipment market, especially in the residential end-use market, has historically been driven by economic conditions, such as growth in GDP, rising disposable incomes, and rise in investments in home improvement and renovations. The aging Baby Boomer population and the increase in the amount of time spent indoors represent other major factors driving growth in the marketplace. Manufacturers will see an expanding market in residential, and in light commercial establishments, though the sector is likely to turn fiercely competitive as an increasing number of entrants target this market. Increase in consumer spending power and investments made in home improvement also contributed to the growing market for air purification equipment. Product types 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.
Growing media focus on poor IAQ and health-related issues have played instrumental roles in stepping up consumer awareness and increasing the importance of IAQ in commercial buildings, homes, and schools. Stand-alone air purification equipment, which previously dominated the market, is forecasted to lose market share to in-duct units in the upcoming years. Growth in in-duct units can be attributed to improved penetration rates, owing to the increase in the number of people adopting high-end products. The market for in-duct air purification equipment in Canada is forecast to grow at more than 10 percent over the analysis period.
Publication date: 02/23/2009
The report notes that growth in the air purification equipment market, especially in the residential end-use market, has historically been driven by economic conditions, such as growth in GDP, rising disposable incomes, and rise in investments in home improvement and renovations. The aging Baby Boomer population and the increase in the amount of time spent indoors represent other major factors driving growth in the marketplace. Manufacturers will see an expanding market in residential, and in light commercial establishments, though the sector is likely to turn fiercely competitive as an increasing number of entrants target this market. Increase in consumer spending power and investments made in home improvement also contributed to the growing market for air purification equipment. Product types 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.
Growing media focus on poor IAQ and health-related issues have played instrumental roles in stepping up consumer awareness and increasing the importance of IAQ in commercial buildings, homes, and schools. Stand-alone air purification equipment, which previously dominated the market, is forecasted to lose market share to in-duct units in the upcoming years. Growth in in-duct units can be attributed to improved penetration rates, owing to the increase in the number of people adopting high-end products. The market for in-duct air purification equipment in Canada is forecast to grow at more than 10 percent over the analysis period.
Publication date: 02/23/2009
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