Press release
Dehumidifier Market - Witnessing Tremendous Growth
The market for dehumidifiers globally was valued at USD 1,927.1 million in 2013 and is expected to grow at a CAGR of 6.4% from 2014 to 2020 to reach USD 2,966.6 million in 2019.
The global dehumidifier market is primarily driven by increasing adoption of dehumidification solutions in commercial and industrial sectors. Additionally, the increasing health awareness and stringent government regulations for controlling global warming and curtailing food wastage is fueling the growth of the market.
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Dehumidifiers are used to keep the building materials such as cement, iron bars/rods, etc. free from moisture. Dehumidifiers are also used for drying of slab/wall in construction industry, which helps reduce the average time span of the entire project.
Thus, with rise in number of construction activities across the regions such Asia Pacific and Rest of the World (RoW), the demand for dehumidifiers in the construction industry is expected to grow, thereby driving the market growth. However, technical issues with the dehumidifiers have resulted in product recall and thus have recessed the market growth over the past few years.
Chemical absorbent dehumidifiers’ (desiccant dehumidifiers) held the largest market share, accounting for 53.5% of the global revenue share in 2013. This dominance is attributed to the wide application of desiccant dehumidifiers across food and beverage industry, hotels, commercial apartment buildings, restaurants and medical centers among others.
However, owing to the changing industry trend, across all applications, towards adopting energy efficient dehumidifiers across is propelling the market growth for heat pumps.
This growth is attributed to the high energy efficiency of heat pumps as compared to other dehumidifiers. Heat pumps market is expected to grow at a CAGR of 6.5% during the forecast period.
In 2020, the industrial application segment is expected to dominate the market followed by residential application segment. Rise in adoption of dehumidifiers owing to increasing health awareness across residential applications is expected to boost the market growth for residential application dehumidifiers. The residential dehumidifier market is forecast to grow at a CAGR of 6.0% from 2014 to 2020.
Moreover, improved indoor air quality (IAQ) and ventilation guidelines by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) are expected to further drive the demand for residential dehumidifiers.
Construction industry dominated the industrial application segment of dehumidifier market in 2013. This dominance is attributed to the increasing infrastructural activities across the world.
However, the market is expected to witness tremendous growth in the food and beverage and cold storage industries. The food and beverage industry is expected to grow at a CAGR of 6.7% during the forecast period.
In 2013, North America dominated the global dehumidifiers market. Growth in the region is mainly driven by rise in number of construction activities. Moreover, with growth trend of using dehumidifiers for maintaining the food quality and keeping the inventory moisture free in the hotel and restaurant industry is propelling the market growth in this region.
However, the players in dehumidification market also find remarkable growth opportunities across the coastal regions of Asia Pacific and Rest of the World (RoW), which have become epicenter for tourism and commercial trade activities.
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