Stringent Building Standards And Surging Demand For Automation In Air Treatment Products Fostering Market Growth From 2021-2031
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Key Takeaways from Market Study
• Smart automation in air treatment products for automatic detection is estimated to create substantial demand growth.
• South Asia and Latin America are anticipated to be lucrative markets for air treatment products market.
• Air purifiers and humidifiers are expected to lead the market in terms of value over the forecast period.
• The commercial and residential sectors are expected to hold dominant market shares by value throughout the forecast period.
• With growing awareness regarding energy saving and greenhouse gas emissions, governments are more focused on implementing new standards for the air treatment industry. These stringent standards will create more complex projects and demand effective air treatment systems for residential and commercial buildings.
• Introduction of high-end energy-efficient air treatment products with integration to IoT and connectivity and growing need for a healthy ecosystem are expected to propel market growth.
• Integrated business planning is expected to enable manufacturers to reduce working capital costs. Leading players are following strategic mergers & acquisitions with manufacturers and distributors for long-term supply of products.
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The market is understood to be moderately fragmented, with key players accounting for nearly 46% to 48% of overall market value share. Players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are Honeywell International Inc, Samsung Electronics Co., Ltd, LG Electronics Inc., Panasonic Corporation, Sharp Corporation, Daikin Corporation, and Atlas Copco AB.
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