Air Purification Systems Market will exhibit an 8.4% CAGR by 2024 – TMR

Global Air Purification Systems Market: Snapshot

The global air purification systems market is expected to witness a healthy growth in the next few years. The rising issues related to increasing air pollution across the globe are projected to encourage the growth of the overall market in the next few years. The rapid rate of industrialization and urbanization is another key factor estimated to accelerate the growth of the air purification systems market in the coming years. Some of the end use industries for the global air purification systems market are residential, commercial, and industrial sectors.

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As per the research study, in 2015, the global market for air purification systems was worth US$12.06 bn. The market is likely to reach a value of US$24.83 bn by the end of 2024, exhibiting a progressive 8.40% CAGR between 2016 and 2024.

Rising Health Awareness among Consumers to Boost Demand for Air Purification Systems

A substantial rise in the health awareness among consumers is one of the important factors projected to fuel the growth of the global air purification systems market in the coming years. In addition, the growing need of air purifiers in industrialized zones and the rising air quality concerns in developing nations are some of the other factors projected to accelerate the development of the overall market in the coming few years.

On the contrary, the high cost of air purifiers and the generation of harmful by-products are predicted to restrict the growth of the global air purification systems market in the coming few years. Nonetheless, the rise in the popularity of green eco-friendly air purifiers and the rising research and development activities are projected to generate promising opportunities in the coming years. Moreover, the growing demand for air purification systems from commercial and residential sectors are expected to encourage the growth of the global air purification systems market in the forecast period.

Asia Pacific to Remain in Leading Position in Global Air Purification Systems Market

From a geographical perspective, Asia Pacific held a key share of the global air purification systems market in the last few years. The demand for air purification systems in Asia Pacific is expected to rise at a robust pace in the next few years. According to the research report, this region is predicted to register a progressive 9.0% CAGR between 2016 and 2024, owing to the increasing rate of urbanization and industrialization. In addition, the tremendously rising concerns of air pollution are predicted to generate lucrative opportunities for key players operating in the Asia Pacific air purification systems market.

On the flip side, Europe and North America are projected to register moderate growth rates throughout the forecast period. The presence of well-established commercial sectors and industries in these two regions is anticipated to accelerate the growth of the market in the next few years. The increasing consumer awareness and the rising number of health concerns due to air pollution are some of the other key factors anticipated to supplement the growth of the air purification systems market in North America and Europe.

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Some of the prominent players operating in the air purification systems market across the globe are Philips Electronics N.V., Jarden Corporation, Panasonic Corporation, LG Electronics, Sharp Corporation, Daikin Industries, 3M, Camfil Group, Fumex Inc, Honeywell International, Eureka Forbes, and Clarcor Inc. The increasing number of players expected to participate in the global market is likely to enhance the level of competition in the coming years. In order to enhance the market presence, the key players are focusing on improving their distribution channels and network across the globe.

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