Smart Indoor Air Quality Monitoring Device Market
Smart Indoor Air Quality Monitoring Device Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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Smart Indoor Air Quality Monitoring Device Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Smart indoor air quality monitoring device measures humidity, temperature, atmospheric pressure, and indoor air quality. The device can be connected with a smart phone by bluetooth or by wi-fi. These devices are widely used by various sectors such as government buildings, residential sector and others.
The global smart indoor air quality monitoring device market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Further, smart indoor air quality monitoring device market is driven by various factors such as growing consumer awareness for healthy and pollution-free indoor environments and rising personal disposable income of the population.
In terms of geography, the most prominent regional markets include North America and Europe, which together constituted around 65% in 2016. North America region accounted for the largest market of smart indoor air quality monitoring device in terms of revenue in 2016. Further, North America region is expected to continue its dominance by the end of 2024 owing to huge adoption of technologically advanced air monitoring products. The market of smart indoor air quality monitoring device is majorly driven by the presence of major key players of smart indoor air quality monitoring device in the region. Moreover, U.S. and Canada are expected to be the dominating countries during the forecast period owing to growing adoption of smart home technologies. CLICK TO DOWNLOAD SAMPLE REPORT
Europe region captured the second largest market of smart indoor air quality monitoring device in 2016. The factors propelling the growth of smart indoor air quality monitoring device in Europe region are rapid urbanization coupled with growing use of digital technology by end users for monitoring indoor air pollution level. Asia-Pacific region is also projected to show a tremendous growth over the forecast period i.e. 2017-2024. The growth in this region is credited to the rise of middle class and rising purchasing power of the population. Furthermore, Japan and China are the leading countries of smart indoor air quality monitoring device market in this region. Additionally, increased connectivity and a greater demand for air quality monitoring are envisioned to foster the growth of smart indoor air quality monitoring device market in the Asia-Pacific region.
Our in-depth analysis segmented the global smart indoor air quality monitoring device market in the following segments:
Global smart indoor air quality monitoring device market is further classified on the basis of region as follows:
Factors such as growing popularity of smart homes, rising technological advancements in the field of indoor air monitoring devices, rising adoption of green building & smart home technologies and spiked penetration of smart phones are believed to be the dynamic factor behind the rapid growth of smart indoor air quality monitoring device market across the globe. Moreover, technological advancements have made these devices compact, comfortable, and easy to use. This factor is expected to propel the growth of smart indoor air quality monitoring device market.
Furthermore, smart indoor air quality monitoring device market is driven by various factors such as rising research and development activities, explosion of interest in gadgets and rising disposable income of the population. Likely, stringent government regulations for monitoring and controlling of industrial exhausts coupled with development and commercialization of innovative gas and chemical detection sensors are projected to bolster the growth of smart indoor air quality monitoring device market.
However, high cost of smart indoor air quality monitoring device is expected to hinder the growth of smart indoor air quality monitoring device market. Further, less adoption of smart gadgets by developing and underdeveloped nations is also believed to dampen the growth of smart indoor air quality monitoring device market.
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