Segmentation By Type (Dust Collectors, Fume & Smoke Collectors); By Technique (High-efficiency Particulate Air (HEPA), Thermodynamic Sterilization System (TSS), Ultraviolet Germicidal Irradiation, Ionizer Purifiers and Activated Carbon Filtration); By End Users (Residential, Commercial and Others); By Region – Global Demand Analysis & Opportunity Outlook 2027
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Industrialization
As a result of globalization, number of industries across the world has increased. Modern companies are now focused on providing efficient equipment and services to their consumers. Additionally, demand for new engineering tools is increasing owing to increasing demand for automation. Escalation in the number of industries have resulted in rapidly rising levels of air pollutants. This is expected to propel the demand for efficient air purifiers across the world.
The developing urban population over the globe has prompted a solid interest for reliable and health saving medical items such as smart air purifier and face mask. Additionally, the market has witnessed an improved growth of smart appliances. Rising population of urban cities has led a strong impact over air pollution and has degraded the quality of air. Additionally, rising number of vehicles and the emission of pollutants is also anticipated to generate a demand of air purifiers.
Increasing Awareness
Smart air purifiers display efficient working for long hours. The increase in the disposable income of the families have resulted in improved lifestyle creating enormous demand for smart devices to make life comfortable. Utilizing such devices has proven to assist in comfortable breathing especially in people with breathing conditions. Such factors are estimated to foster the growth of market.
The air purifier market is anticipated to record a CAGR of around 27.96% over the forecast period. The market is segmented by type into dust collectors, fume & smoke collectors and by technique into high-efficiency particulate air (HEPA), thermodynamic sterilization system (TSS), ultraviolet germicidal irradiation, ionizer purifiers and activated carbon filtration. The market is also segmented by end users into residential & commercial, out of which residential segment is anticipated to capture highest demand in air purifier market on account of increasing demand for smart purifier along with rising awareness the effects of air pollution on the body.
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High Cost of Product
High cost of production and the subsequent cost of the end-product is a major concern that every manufacturer is focused towards. Initial purchasing cost of air purifier is high and poses as a major barrier restricting the low-income populations from availing the product. Further, regular maintenance of these smart equipment results in further increasing the cost. Such factors are expected to restrain the demand for air purifiers across the globe.
Our-in depth analysis of the air purifier market includes the following segments:
By Type
By End Users
By Region
Based on regional analysis, the air purifier market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. According to WHO Global Ambient Air Quality Database 2018, around 4.2 million deaths take place every year as a result of exposure to ambient (outdoor) air pollution. Due to such factors there is a rising demand for efficient air purifiers to minimize the effects of the pollutants. On account of easier adoption of innovative technologies, North America region is expected to witness a significant demand in the global market.
Asia Pacific market is anticipated to capture the largest market share in the air purifier market owing to growing urbanization, industrialization and construction activities. With growing health awareness and increase in advancement in healthcare industries, market of Asia Pacific is expected to observe a substantial growth over the forecast period.
The air purifier market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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