The global market for air purification systems has gained huge importance in the past few years as the quality of air has continued to degrade amid the rising pace of infrastructural activities, rise in industrial emissions, and the rising usage of petroleum-based vehicles across the globe. The market is witnessing a vast rise in demand across emerging economies wherein these issues have a worrying level of intensity owing to the rapid pace of industrialization and urbanization.
Transparency Market Research states that the will tread along a healthy growth path owing to these factors. TMR estimates that over the period between 2016 and 2024, the market will exhibit an 8.4% CAGR over the period between 2016 and 2024. As a result, the market will rise to a valuation of US$24.83 bn by 2024 from US$12.06 bn in 2015.
Industrial Sector to Remain Key Consumer of Air Purification Systems
Air purification systems find extensive usage across industrial, commercial, and residential sectors owing to vast advantage of removal of harmful pollutants and maintaining clean air. Of these, the industrial segment emerged as the leading consumer of air purification systems in 2015, accounting for over 40% of the global market. The segment is anticipated to retain its dominance during the forecast period as well, chiefly owing to the steady expansion of a number of industries, especially in emerging economies.
Implementation of stringent government industrial norms and rising awareness about the health of workers are the key drivers of demand in the industrial sector across the globe. The usage of air purification systems in the commercial sector is also rising at a steady pace across the globe. This is attributed to the rising infrastructure activities and increasing awareness in healthcare, tourism, and hospitality sectors. Air purification systems for residential application is still at nascent stage but is also anticipated to exhibit healthy growth during forecast period due indoor air quality concerns.
Asia Pacific to be Vital to Global Market’s Future Growth
In terms of revenue, Asia Pacific held the leading share of more than 30% in the global air purification systems market in 2015. The air purification systems market in the region is anticipated to grow significantly in the next few years. Asia Pacific is estimated to retain its dominant position during the forecast period as well, expanding at a CAGR of more than 9% over the period between 2016 and 2024.
High rate of urbanization, industrialization, and the worsening issue of air pollution have made China the most lucrative market for air purification systems in Asia Pacific in the past few years. Owing to similar factors, China is projected to remain one of the world’s leading consumers of air purification systems in the next eight years as well. Other economies in Asia Pacific, such as India, Indonesia, Japan, and South Korea are also likely to be the high-growth markets for air purification systems market during the forecast period.
The air purification systems markets in North America and Europe, on the other hand, are expected to exhibit growth at a moderate rate during the forecast period. The well-established industrial and commercial sectors in these regions leave little scope for the development of new growth opportunities. Nevertheless, revival of economy in the European market is likely to provide momentum to the air purification systems market in Europe. Overall, the air purification systems market in developed regions is expected to be less lucrative than Asia Pacific in the next few years.
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Some of the key players operating in the largely consolidated global air purification systems market are include Sharp Corporation, Jarden Corporation, Panasonic Corporation, Daikin Industries, Honeywell International, Philips Electronics N.V., Camfil Group, 3M, LG Electronics, Clarcor Inc., Fumex Inc, and Eureka Forbes.