(PharmaNewsWire.Com, February 10, 2021 ) The residential air purifiers market is projected to reach USD 13.6 billion by 2025 from USD 9.2 billion in 2020, at a CAGR of 8.2% during the forecast period. The growth of this market is majorly driven by the growing popularity of smart homes, supportive government regulations for effective air pollution monitoring and control, increasing public-private funding for effective air pollution monitoring, rising levels of air pollution worldwide, and increasing public awareness related to the healthcare and environmental implications of air pollution.
COVID-19 Impact on Global Residential Air Purifiers Market :
According to our findings, the residential air purifiers market is expected to grow at an approximate CAGR of 8-10% during the next two years. According to our analysis, the below factors are playing a key role in shaping the growth of the global market;
The COVID-19 outbreak has generated major remunerative opportunities for air purifier manufacturers, with high-performance units, comprising HEPA and activated carbon technologies, being highly popular, to minimize the spread of the virus for enclosed spaces. Premium, high-performance air purifiers are capable of filtering out particles up to 1 micron, and the size of the COVID-19 virus is estimated to be around 1.2 microns.
Based on technology, the residential air purifiers market is segmented into HEPA filters (high-efficiency particulate arrestence or high-efficiency particulate air) and other technologies. The other technologies segment comprises electrostatic precipitators, activated carbon, UV filters, and ionic filters. The HEPA segment accounted for the larger market share in 2019. The growing concern for environmental sustainability, increasing public awareness pertaining to the healthcare implications of air pollution, and the growing popularity of smart homes/ambient-assisted living has resulted in the increased adoption of the HEPA technology in the residential air purifiers market.
Based on type, the residential air purifiers market is segmented into portable/stand-alone purifiers and in-duct purifiers. The portable/stand-alone purifiers segment is expected to witness the highest growth during the forecast period. This is mainly due to the need to remove sources of pollutants or allergens from indoor air, growing popularity of smart homes/ambient-assisted living, and increasing public awareness pertaining to the healthcare implications of air pollution. Furthermore, their installation is cost-effective as compared to the in-duct systems.
Geographical Growth:
Asia Pacific is the largest regional market for residential air purifiers. The fast adoption of advanced indoor air quality monitoring technologies, ongoing technological advancements in the field of particulate sensors, rising public-private funding and investments, and the presence of supportive government regulations are key factor driving the residential air purifiers market in Asia Pacific
Global Leaders:
The prominent players in this market are Daikin Industries, Ltd. (Japan), Sharp Corporation (Japan), Honeywell International Inc. (US), LG Electronics Inc. (South Korea), Panasonic Corporation (Japan), Koninklijke Philips N.V. (Netherlands), and Dyson (UK).
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