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Humidifying Equipment Market Insights, Analysis, Size, Share, Demand 2024-2033
Humidifying Equipment Market Insights
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According to The Business Research Company's, The humidifying equipment market size has grown steadily in recent years. It will grow from $4.12 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 2.0%. The growth in the historic period can be attributed to indoor air quality (iaq) concerns, healthcare industry, industrial applications.
The humidifying equipment market size is expected to see steady growth in the next few years. It will grow to $4.63 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%. The growth in the forecast period can be attributed to energy efficiency, climate change and weather patterns, infection control, residential market. Major trends in the forecast period include smart and iot integration, hybrid systems, customization and scalability.
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Market Drivers and Trends:
An increase in the prevalence of diseases such as asthma, sinusitis, and other allergies attributed to dry air has created awareness among customers to maintain specific humidity in the air by using humidifying equipment. For instance, in march 2023, according to the Asthma and Allergy Foundation of America , in 2021, 39.6% of adults ages 18 and older who had asthma reported having one or more asthma attacks in the past year. Humidifying equipment releases steam or water vapor into the air to increase humidity and help individuals avoid issues faced with dry air. Hence, the increasing prevalence of diseases such as asthma, sinusitis, and other allergies to dry air is projected to generate higher demand for humidifying equipment.
Major players operating in the market are focusing on developing new innovative products to attract a large customer base and maintain their position in the competitive business environment. The humidifying equipment manufacturing companies are incorporating advanced technologies to introduce innovative portable smart products. For instance, in March 2021, Condair Group AG, a Switzerland-based manufacturer of commercial and industrial humidification and evaporative cooling products and systems launched New Evaporative Humidifier Condair MC, a new in-duct evaporative humidifier and cooler. A single unit is capable of supplying up to 360kg/h of humidity and around 245kW of adiabatic cooling to an air handling unit (AHU) from less than 0.15kW of electrical energy.
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Major Key Players of the Market:
Armstrong International Limited, Boneco AG, Carel Industries S.p.A., Crane Co., Condair Group AG, Honeywell International Inc., DriSteem Corporation, Koninklijke Philips N.V., Dyson Ltd, Winix Inc., Guardian Technologies LLC, Carrier Corporation, Levoit Technologies LLC, HoMedics LLC, Richardson-Vicks Inc., Elechomes US Inc., Smartmi International Ltd., Vitruvi US Corp., TruSens LLC, Lasko Products LLC, Sunvalley Group LLC, Aircare Technologies India Pvt. Ltd., Air Innovations LLC, CVS Health Corporation, Essick Air Products Inc., Hunter Douglas N.V., Sprout Social Inc., Stadler Form Aktiengesellschaft, Vornado Realty Trust, Magic Technology Co. Ltd., Hey Dewy Inc.
Humidifying Equipment Market 2024 Key Insights:
• The humidifying equipment market size is expected to see steady growth in the next few years. It will grow to $4.63 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%.
• Rising Disease Prevalence Spurs Demand For Humidifying Equipment As A Solution For Health-Related Ailments
• Innovative Product Development Drives Competitive Edge In The Humidifying Equipment Market
• The Asia-Pacific was the largest region in the humidifying equipment market in 2023
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