Air Purification Systems Market to Reach $24.83 Billion by 2024
Increasing IAQ concerns and awareness are the main drivers of the market
ALBANY, N.Y. — The global air purification systems market was valued at $12.06 billion in 2015 and is projected to reach $24.83 billion by 2024 at a compound annual growth rate (CAGR) of 8.4 percent from 2016 to 2024, according to a report from Transparency Market Research.
Based on technology, air purification systems consist of high efficiency particulate air (HEPA), activated carbon, electrostatic precipitator, UV light, and ionic purifier. Air purification systems can also be classified based on impurity handled such as dust collector, smoke collector, oil and mist collector, fume extraction, and others. The end-user sector includes the industrial, commercial, and residential segments. Increasing IAQ concerns and awareness related to the ill effects of air pollution are the main drivers of the air purification systems market. However, the high cost of air purifiers is the major challenge restricting higher adoption.
Based on technology, HEPA purification systems are the major segment and are expected to dominate the market during the forecast period, followed by activated carbon due to their high efficiency in removing particulate matter and odor. HEPA has contributed a majority of the share of the air purification systems market and is anticipated to grow at CAGR of more than 8 percent during the forecast period
Based on impurity handled, dust and smoke collection has contributed more than 50 percent of the total air purification systems market and is expected to dominate the market during forecast period due to increasing infrastructure activities, industrial activities, and use of vehicles, especially in developing regions, which leads to an increase in the level of dust and smoke.
Air purification systems are widely used in the industrial, commercial, and residential sectors owing to its advantage of removing harmful pollutants and maintaining clean air. In terms of end-user, industrial was the largest segment of the global air purification systems market, accounting for more than 40 percent share in 2015. The segment is anticipated to continue its dominance during the forecast period due to steady growth in the industries, especially in emerging economies. Implementation of stringent government industrial norms and increasing awareness related to the health of workers are the reasons that are driving the market. Commercial is another key end-user segment of the air purification systems market owing to rising infrastructure activities and increasing awareness in the health care, tourism, and hospitality sectors. Air purification systems for residential application is still at nascent stage but is also anticipated to grow during forecast period due IAQ concerns
Asia-Pacific dominates the air purification systems market, followed by North America, and Europe. The Middle East and Africa are also expected to be the key upcoming markets for air purification systems during the forecast period. Significant expansion in the industrial and commercial segments which results in increasing air pollution in developing regions is anticipated to be a key factor driving the air purification systems market in these regions.
For more information, visit Transparency Market Research.
Publication date: 12/13/2016