The is fragmented and features intense competition among players. Jarden Corp., Sharp Corp., Panasonic Corp., Daikin Industries Ltd., Honeywell International Inc., and Philips NV, which are the six leading players, accounted for 45% of the market in 2015, states Transparency Market Research (TMR) in its new report. These leading players are ensuring their strong foothold in the industry by strategically locating their production and logistic assets. These players are also ensuring that they have a diverse product portfolio range so as to continue to reign in the competitive air purification systems market.
Players in this market are expected to continue to struggle to earn enough profits so as to sustain, especially within the regional markets where cheaper substitutes are easily available. The situation is worse in emerging nations where cost of product is a big issue and plays a key role in purchasing decisions by public. However, emerging economies hold growth opportunities in the years to come and thus, international players are expected to penetrate these markets by way of mergers and acquisitions, partnerships, and collaborations.
According to TMR, the global air purification systems market is slated to be worth US$24.83 bn by 2024. On the basis of geography, while the North American and European markets will witness moderate development, Asia Pacific will exhibit fast paced growth in the forecast period. Between 2016 and 2024, the air purification systems market in Asia Pacific will exhibit a 9% CAGR. Growing industrialization and urbanization coupled with high pollution will remain key factors pushing the growth of the air purification systems market in the region. China is leading in terms of being the number one consumer of air purification systems and shall continue to do so in the coming years. South Korea, Indonesia, India, and Japan are expected to follow suit. On the basis of end user, the industrial sector led in 2016 and is expected to continue to remain so through 2024.
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