Air Purification Systems Market New Study Offers Insights for 2016 – 2024
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Players in this market are expected to continue to struggle to earn enough profits so as to sustain, especially within the regional markets where cheaper substitutes are easily available. The situation is worse in emerging nations where cost of product is a big issue and plays a key role in purchasing decisions by public. However, emerging economies hold growth opportunities in the years to come and thus, international players are expected to penetrate these markets by way of mergers and acquisitions, partnerships, and collaborations.
Demand for Air Purification Systems High in Asia Pacific owing to High Pollution
According to TMR, the global air purification systems market is slated to be worth US$24.83 bn by 2024. On the basis of geography, while the North American and European markets will witness moderate development, Asia Pacific will exhibit fast paced growth in the forecast period. Between 2016 and 2024, the air purification systems market in Asia Pacific will exhibit a 9% CAGR. Growing industrialization and urbanization coupled with high pollution will remain key factors pushing the growth of the air purification systems market in the region. China is leading in terms of being the number one consumer of air purification systems and shall continue to do so in the coming years. South Korea, Indonesia, India, and Japan are expected to follow suit. On the basis of end user, the industrial sector led in 2016 and is expected to continue to remain so through 2024.
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Health Hazards Occurring due to Air Pollution to Fuel Demand for Air Purification Systems
The growing realization of the harmful effects of air pollution is the key driving factor of the rising demand for air purification systems across the global. As the population is continuously rising, the use of automobiles is also increasing, resulting in more pollution than ever. The deteriorating quality of air being breathed in by people and animals and its hazardous effect on their health shall drive the growth prospects of the air purification systems market in the coming years. Rapid industrialization and urbanization are two other factors contributing to the dire need for air purification systems, especially in countries such as China and India where they are taking place. “As a high percentage of health hazards seem to occur on account of the toxic and polluted air that we breathe, the demand for air purification systems will only see a positive uptake in the years to come,” says a TMR analyst. Moreover, the imposition of strict laws regarding toxic emission control shall also drive the growth prospects of the air purification systems market.
Hazardous Health Effects of Using Ionic Air Purifiers to Hamper Growth
Harmful effects of ozone (O3), which is a by-product of ionic air purifiers, are poised to act as a challenge for market players. O3 causes lung irritation, discomfort in the chest, and throat irritation among humans, which will hamper the demand for ionic air purifiers. In addition to this, consumers are reluctant to buy air purifiers for residential applications, especially in cost sensitive nations such as China and India on account of their high cost. This will restrict the growth of the air purifiers market.
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This review of the market is based on a recent report published by Transparency Market Research, titled,” Air Purification Systems Market (Technology - HEPA Purifier, Ionic Purifier, Electrostatic Precipitator, UV Light Purifier, and Activated Carbon Purifier; Impurity - Oil and Mist, Smoke, Fume, and Dust; End User - Industrial, Residential, and Commercial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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