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Air Quality Control System Market Size, Future Trends, Key Growth Drivers, Share Analysis And Forecast To 2033
Air Quality Control System Market Size
According to The Business Research Company's, The air quality control system market size has grown strongly in recent years. It will grow from $114.45 billion in 2023 to $120.67 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to stringent environmental regulations, rising awareness of health impacts, industrial growth and urbanization, global efforts to combat climate change, healthcare costs and productivity concerns.
The air quality control system market size is expected to see strong growth in the next few years. It will grow to $148.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to continued strengthening of environmental policies, growing emphasis on real-time monitoring, expansion of smart cities initiatives, adoption of renewable energy sources, health and wellness prioritization. Major trends in the forecast period include integration of iot and ai technologies, technological innovations in control systems, advancements in air quality monitoring technologies, sensor technology advancements, data analytics and visualization.
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Market Drivers and Trends:
Growing concerns about indoor air quality are expected to propel the growth of the air quality control system market. Indoor air quality (IAQ) refers to the quality of the air within and surrounding buildings and other structures, with a focus on how it affects the comfort and health of building inhabitants. Air quality control systems offer comprehensive solutions for addressing and improving indoor air quality by removing pollutants, controlling ventilation, regulating humidity, and enhancing overall indoor environmental quality. For instance, in December 2023, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization working to promote health, household air pollution was linked to an estimated 3.2 million annual fatalities, including approximately 237000 deaths of children under the age of five in 2020. Additionally, in April 2023, according to the American Lung Association, a US-based professional organization, 119.6 million Americans, or almost 36% of the country's population, continue to reside in areas with unfavorable ozone or particle pollution ratings. Therefore, the growing concerns about indoor air quality will drive the growth of the air quality control system market.
Major companies operating in the air quality control system market are focused on developing products with advanced technologies, such as smart IoT solution integration in the AQCS system, to strengthen their position in the market. Internet of Things (IoT) solutions make use of data that is collected by IoT devices, focusing on data from a single kind of sensor as well as several sensors to uncover a wider variety of insights. For instance, in March 2023, Siemens AG, a Germany-based automation and digitalization company, through its subsidiary Siemens Smart Infrastructure (SI), introduced Connect Box, an open-source, user-friendly Internet of Things solution for managing small to medium-sized buildings. Connect Box, the newest product in the Siemens Xcelerator line, is an easy-to-use method of tracking building performance that has the potential to dramatically improve indoor air quality and maximize energy efficiency in small to medium-sized buildings like apartments, retail stores, schools, and small offices by up to 30%.
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Major Key Players of the Market:
Major companies operating in the air quality control system market report are Siemens AG, General Electric Company, Thermo Fisher Scientific, Honeywell International Inc., 3M, Mitsubishi Hitachi Power Systems Ltd., Anguil Environmental Systems, Inc., ENVEA Group, Daikin Industries Ltd., Johnson Controls International plc, Alstom SA, Camfil AB, ANDRITZ AG, GEA Group Aktiengesellschaft, MANN+HUMMEL Group, Donaldson Company Inc., Pall Corporation, Dürr AG, Thermax Limited, Babcock & Wilcox Enterprises Inc., Calgon Carbon Corporation, Clyde Bergemann Power Group, Doosan Lentjes GmbH, Balcke-Dürr GmbH, Fuel Tech Inc., Sierra Instruments Inc., Bühler Technologies GmbH, Foster Wheeler AG, Hamon Corporation
Air Quality Control System Market 2024 Key Insights:
• The air quality control system market is expected to grow to $148.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Surge In Concerns Over Indoor Air Pollution Fuels Growth Of Air Quality Control System Market
• Technological Advancements Drive Market Leaders To Integrate Smart Iot Solutions In Air Quality Control Systems
• Asia Pacificwas the largest region in the air quality control system market in 2023
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