Air Purification Systems Market Growth Set to Surge Significantly during 2024

The global air purification systems market is fragmented and features intense competition among players. Jarden Corp., Sharp Corp., Panasonic Corp., Daikin Industries Ltd., Honeywell International Inc., and Philips NV, which are the six leading players, accounted for 45% of the market in 2015, states Transparency Market Research (TMR) in its new report. These leading players are ensuring their strong foothold in the industry by strategically locating their production and logistic assets. These players are also ensuring that they have a diverse product portfolio range so as to continue to reign in the competitive air purification systems market.

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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.

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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 release was published on openPR.