PORTLAND, Ore. — Technological advancements in HEPA filters and the launch of eco-friendly HEPA filters are expected to make the smart air purifiers market segment grow at a compound annual growth rate (CAGR) of 12.2 percent during 2018 to 2025, according to a report published by Allied Market Research. The report offers detailed insights into the market dynamics to enable informed business decision-making and devise growth strategies based on the opportunities present in the market. According to the report, the global smart air purifiers market was pegged at $4.10 billion in 2016 and is estimated to reach $11.40 billion by 2025.
Increasing threat of the effects of air pollution, leading to several skin allergies and chronic diseases, and a growing need to eliminate airborne particles and germs in commercial spaces and homes are the key drivers of the global smart air purifiers market. In addition, several countries have witnessed a rise in the number of diseases caused due to air pollution in households owing to excessive smoke generation through cooking, which in turn has fueled the demand for air purifiers. However, low awareness about the importance of smart air purifiers is the biggest challenge faced by the market, especially in developing countries. Furthermore, growing adoption of smart homes is expected to boost the growth of the global smart air purifiers market.
The research report is categorized based on dust collectors, fume and smoke collectors, and others. The market share of dust collectors was the highest in 2017, contributing about two-thirds of the total market share. On the other hand, fume and smoke collector segment is expected to amass $2.82 billion through 2025.
According to Allied Market Research, the high efficiency particulate air (HEPA) segment is expected to garner the highest revenue through forecast period, commanding market share in excess of 50 percent. However, the activated fiber filtration segment gaining demand and is estimated to grow at 9.8 percent CAGR during the study period.
Additionally, the residential segment contributed the highest revenue in 2017, contributing about 67 percent of the total market share. On the other hand, the commercial segment is expected to grow at 11.6 percent CAGR by 2025.
The report provides a country-level analysis of North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is forecast to be the fastest growing region throughout the study period, registering a CAGR of 14.4 percent from 2018 to 2025. The region houses countries with exponential developments and becoming hub for major air pollution, in turn having growing demand for air purifiers. Europe, on the other hand, will exhibit steady growth to reach a market value of $2.43 billion by the end of forecast period.
Publication date; 8/30/2018