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Profuse Demand for Air Purification Systems to ride on back of Mounting Concerns of Health Hazards caused by Air Pollution
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The intensifying need for maintaining adequate air quality in industrial, commercial, and residential spaces is a primary factor behind the unhindered rise in demand for air purification systems. Amid the mounting concern of air pollution adversely affecting the general well-being of the population, the demand for various technologies in air purification systems will continue unabated. The global market is projected to expand at a CAGR close to 8.0% during the forecast period from 2017 to 2024 and reach a worth of US$ 24,829.2 mn by this period end.
The key technologies used in air purification system comprise Ionic Purifier, HEPA purifier, electrostatic precipitator, UV light, and activated carbon based purifier. Of these, high-efficiency particulate absorber (HEPA) witnesses a prominent demand. The widespread uptake of this type of air filter can be attributed to the high standard of efficiency, which makes it suitable to a wide range of application areas.
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The swift pace of industrialization in several developing and developed economies has consistency led to a decline in the quality of ambient air, causing spiraling health concerns. The rising concern of human health hazards caused by toxic microscopic particles present in the air and the damaging environmental effects of airborne particulate matter is driving the demand for air purification systems.
The rapid decline in indoor air quality due to pollution in several urban centers in developing regions, notably Asia Pacific, is providing a substantial impetus to the need for air filters. The rise in vehicular pollution caused by burning of the fossil fuels in various parts of the globe is a notable factor bolstering the demand.
The global demand is also benefitting immensely from the constantly rising awareness among worldwide population about the various health hazards of air pollution such as severe asthma, throat irritation, allergic respiratory diseases, and burning sensation in eyes. Stringent implementation of mechanism in developing and developed economies for the monitoring the quality of air from industrial emissions is fortifying the uptake.
The emission of harmful byproducts emitting some air purification system is a crucial factor crippling the growth of the market. For instance, the emission of ozone from ionic air purifiers is restraining their popularity. Furthermore, the high cost of better air filter technology is boosting the demand.
A growing number of players are aiming at diverse product portfolio to stay ahead of others. Several global players are entering into deals and agreements with regional and local players, in a move to consolidate their shares. Some of the top players operating in the air purification systems include Koninklijke Philips N.V., Daikin Industries, Honeywell International Inc., Panasonic Corp. and Jarden Corp.
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