Global Air Purification Equipment Market Opportunities Forecast 2024 - 2033
19 Apr, 2024
The air purification equipment market has witnessed significant growth, with its size expanding from $65.35 billion in 2023 to $71.33 billion in 2024, representing a robust 9.2% compound annual growth rate (CAGR). This growth trajectory is deeply rooted in factors such as heightened awareness concerning air quality, the rapid pace of industrialization, stringent government regulations, and growing health apprehensions among the populace. Forecasts suggest a continued upward trajectory, with the market projected to soar to $98.79 billion by 2028, maintaining a steady CAGR of 8.5%. Key drivers fuelling this expansion include a surge in sustainability initiatives, heightened consciousness regarding climate change, the proliferation of smart home technologies, demographic shifts towards an aging population, and an increasing emphasis on air quality monitoring. Concurrently, notable trends shaping the landscape encompass technological innovations, the integration of smart functionalities, widespread adoption of HEPA filtration systems, demand for customized solutions, and a preference for portable designs.
Major Driver In The Air Purification Equipment Market
The demand for air purification equipment escalates due to the mounting health concerns stemming from air pollution, a significant contributor to diseases that result in approximately 4.2 million global deaths annually. Various diseases, including heart disease, chronic obstructive pulmonary disease, lung cancer, acute respiratory infections, and stroke, are attributed to air pollution, as reported by the World Health Organization. This concerning scenario drives the increased need for air purification equipment to effectively eliminate harmful pollutants from the air. The market size for air purification equipment witnessed substantial growth in 2023, continuing into 2024, with further expansion projected by 2028.
Request A Free Sample Of The Global Air Purification Equipment Market ReportAir Purification Equipment Market Competitive Landscape
Daikin Industries Ltd., Sharp Corporation, Camfil Group, Philips Electronics N.V., LG Electronics Inc., Panasonic Corporation, 3M Company, Mann+Hummel, Honeywell International Inc., Clarcor Inc., Whirlpool Corporation, SPX Flow, Eureka Forbes, Electrocorp, Fumex Inc.
Key Air Purification Equipment Market Trend
Major companies strategically form partnerships with start-ups and mid-sized firms in the air purification market to expand product offerings and market reach. ScentAir Technologies collaborated with HealthWay, introducing DFS Compact and DFS Ultrafine, innovative air purification systems combining patented technology for pure air solutions. HealthWay, a US-based provider, offers these solutions.
Get The Full Global Air Purification Equipment Market ReportAir Purification Equipment Market Segmentation
The air purification equipment market covered in this report is segmented –
1) By Product Type: Stand-Alone Air Purification Equipment, Induct Air Purification Equipment
2) By Technology: HEPA, Electrostatic Precipitators, Activated Carbon, Ionic Filters, Other Technologies
3) By End User: Residential, Commercial, Industrial
By Geography: The regions covered in the air purification equipment market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
The Asia-Pacific was the largest region in the air purification equipment in 2023. Western Europe was the second largest region in the air purification equipment market during the forecast period. The regions covered in the air purification equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Air Purification Equipment Global Market Report 2024 furnishes information about the global air purification equipmentmarket, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.