SAN FRANCISCO — The global dehumidifier market was valued at $2.13 billion in 2014 and is forecast to reach $3.54 billion by 2022, according to a new report by Grand View Research Inc. Increasing construction activity worldwide is expected to primarily contribute to industry growth. Technological advancement is also expected to boost growth over the forecast period.
Price, energy efficiency, and size are anticipated to be critical parameters affecting buyer behavior. The major players in the market are increasingly focusing on products that can be integrated into existing HVAC systems.
Increasing competition due to the presence of a large number of companies in this market has led to price reductions, which may affect profitability. Growth of the organized retail industry in Asia Pacific, Latin America, and Africa has further intensified competition.
Product segments include ventilating (refrigerant/mechanical/compressor), chemical absorbent (desiccant), and heat pumps (electronic). Increasing demand for energy efficient dehumidification is anticipated to drive heat pumps demand over the next seven years. These products are expected to continue accounting for over 10 percent of the overall revenue during the forecast period. Chemical absorbent dehumidifiers are expected to be the key product segment over the forecast period, and are expected to grow at a compound annual growth rate (CAGR) of over 6.5 percent from 2015 to 2022, due to growing demand in office buildings, restaurants, food and beverage industry, hotels, and medical centers.
By application, industrial is expected to be the key application area over the forecast period owing to increased usage of dehumidifiers in the cold storage, food and beverage, construction, and maritime sectors. Increasing adoption in hotels, supermarkets, offices, restaurants, swimming pools, schools, and multiplexes is expected to drive the commercial segment. The residential dehumidifiers market is expected to be driven by rising health awareness and increasing disposable income.
By region, the North American market is expected to benefit from rising construction activity and increasing demand in industrial and commercial applications. The region accounted for over 35 percent of the overall revenue share in 2014. The European dehumidifier market is expected to be driven by rising demand in the food and beverage industry.
More information on this report is available here.
Publication date: 10/28/2015