CHICAGO, Aug. 24, 2020
CHICAGO, Aug. 24, 2020 /PRNewswire/ -- According to the new market research report "Residential Air Purifiers Market by Technology (HEPA Filter, Electrostatic Precipitators, Activated Carbon, Ultraviolet, Ionizers, Ozone Generators), Type (Portable, In-duct) - Global Forecast to 2025", published by MarketsandMarkets™, the Residential Air Purifiers Market is projected to reach USD 13.6 billion by 2025 from USD 9.2 billion in 2020, at a CAGR of 8.2% during the forecast period.
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The growth of this market is majorly due to the growing popularity of smart homes, supportive government regulations for effective air pollution monitoring and control, increasing public-private funding for effective air pollution monitoring, rising levels of air pollution worldwide, and increasing public awareness related to the healthcare and environmental implications of air pollution. However, the technical limitations pertaining to air quality monitoring products, along with their initial installation cost are expected to restrain the growth of this market during the forecast period.
The COVID-19 outbreak has generated major remunerative opportunities for air purifier manufacturers, with high-performance units, comprising HEPA and activated carbon technologies, being highly popular, to minimize the spread of the virus for enclosed spaces. Premium, high-performance air purifiers are capable of filtering out particles up to 1 micron, and the size of the COVID-19 virus is estimated to be around 1.2 microns. Consequently, manufacturers have displayed confidence in being able to provide a solution for indoor environments, during the outbreak, which will sustain demand for the near future. Moreover, marketing campaigns run by established air purifier companies promoting purifiers for indoor air quality is also substantially influencing the sale of these air purifiers in recent times.
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The HEPA segment is expected to grow at the highest CAGR during the forecast period
Based on technology, the residential air purifiers market is segmented into HEPA filters (high-efficiency particulate arrestence or high-efficiency particulate air) and other technologies. The other technologies segment comprises electrostatic precipitators, activated carbon, UV filters, and ionic filters. The HEPA segment is expected to grow at highest CAGR in forecast periods (2020-2025). This is due to the growing concern for environmental sustainability, increasing public awareness pertaining to the healthcare implications of air pollution, and the growing popularity of smart homes/ambient-assisted living.
The portable/stand-alone purifiers segment is expected to account for the largest share of the market
Based on type, the residential air purifiers market is segmented into portable/stand-alone purifiers and in-duct purifiers. The portable/stand-alone purifiers segment accounted for the largest market share in 2019. The segment is also expected to witness the highest growth during the forecast period. This is mainly due to the need to remove sources of pollutants or allergens from indoor air, growing popularity of smart homes/ambient-assisted living, and increasing public awareness pertaining to the healthcare implications of air pollution. Furthermore, their installation is cost-effective as compared to the in-duct systems.
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The APAC market is expected to grow at the highest CAGR during the forecast period
The Asia Pacific residential air purifiers market is expected to grow at the highest CAGR from 2020 to 2025. the fast adoption of advanced indoor air quality monitoring technologies, ongoing technological advancements in the field of particulate sensors, rising public-private funding and investments, and the presence of supportive government regulations, are increasing the adoption of residential air purifiers in the Asia Pacific. Moreover, a number of major global players are based in Japan, owing to which Japan is a center for innovation in the market.
The prominent players in this residential air purifiers market are Daikin Industries, Ltd. (Japan), Sharp Corporation (Japan), Honeywell International Inc. (US), LG Electronics Inc. (South Korea), Panasonic Corporation (Japan), Koninklijke Philips N.V. (Netherlands), and Dyson (UK).
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