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Commercial Fan and Air Purification Equipment, Global Market Trends, Growth, Insights 2024
Global Commercial Fan and Air Purification Equipment, Industry Report
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According to The Business Research Company's, The commercial fan and air purification equipment market size has grown strongly in recent years. It will grow from $78.62 billion in 2023 to $85.7 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to technological advances and increasing concerns of workers on poor quality of air at work places.
The commercial fan and air purification equipment market size is expected to see strong growth in the next few years. It will grow to $118.33 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to changing climate conditions, coronavirus impact, and stringent regulation on industrial and commercial sector air pollution. Major trends in the forecast period include focus on developing smart commercial fan and air purification equipment to capitalize on the changing trends and growing popularity of these products, to increase revenues, focus on developing energy-efficient commercial fan and air purification equipment, vod systems and consider increasing their focus on m&a growth strategies to expand customer base.
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Market Drivers and Trends:
Technological advances in commercial fan and air purification equipment drove the market in the historic period. Increased access to the internet and the use of smartphones supported the development and consumption of innovative technologically enabled appliances. For instance, according to the GSMA annual State of Mobile Internet Connectivity Report 2022, 55% of the world's population was using mobile internet by the end of 2021, which is an increase of almost 300 million since the end of 2020. Thus, technological advances drove the market for air purifiers in the historic period.
The growing popularity of smart air purifiers is a major trend in the market. With air pollution increasing across the world, a growing awareness of allergies, pollution, and climate change is increasing consumer concern about the quality of the air they breathe. As a result, air purifiers are growing in popularity. Smart air purifiers are devices that are connected to other devices via the internet, and other technologies such as Bluetooth, near field communication (NFC), and Wi-Fi. The rise of the Internet of Things (IoT) technology also supports the development of smart air purifiers. Smart air purifiers allow the air quality to be monitored and managed from a smartphone application, which provides a live reading of quality data. For instance, in November 2022, Samsung India Electronics Ltd. (SIEL), a subsidiary of Samsung Electronics Company Ltd (SECL) of South Korea Samsung India Electronics Ltd. (SIEL), a subsidiary of Samsung Electronics Company Ltd (SECL), a Korea-based technology company, launched two models of air purifiers, AX46 and AX32. These purifiers are Internet of Things (IoT)-enabled and remove nanoparticles, ultrafine dust, bacteria, and allergens.
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Major Key Players of the Market:
ebm-papst Group, Systemair, Sharp Corporation, CECO Environmental Corporation, Johnson Controls International plc, FlktGroup, Twin City Fan & Blower, Greenheck Fan Corporation, Munters, Volution Group plc, Daikin Industries Ltd, LG Electronics Inc, Panasonic, Xiaomi Corporation, Coway, Sunbeam Products Inc, YADU, Midea, Beiangtech, Air 0 Limited, Jimco A/S, Dry IT Out Limited, Air Concern Limited, Bench Vent, Respr Technologies, ABIOTEC UV, Dyson Ltd, IQ Air, Honeywell International Inc, Camfil, Koninklijke Philips Electronics NV, Blue Air, Electrolux, Lexy, Whirlpool Corp, Teqoya, Dexwet Holdings Corporation, Lennox International Inc, Air Purification Incorporated, Americair Corporation, Austin, Wynd Technologies, Samsung Electronics America.
Commercial Fan And Air Purification Equipment Market 2024 Key Insights:
• The commercial fan and air purification equipment market size is expected to see strong growth in the next few years. It will grow to $118.33 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Impact Of Technological Advances On The Commercial Fan And Air Purification Equipment Market
• Transforming Air Quality Management With IOT Technology
• The Asia-Pacific was the largest region in commercial fan and air purification equipment in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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