Increasing Industrialization to Bolster Growth of Global Air Purification Systems Market

Published By : 06 Dec 2016 | Published By : QYRESEARCH

The global air purification systems market has experienced immense significance lately due to the degradation in the quality of air because of the increasing infrastructural activities, the growing utilization of petroleum-based vehicles, and growing industrial emissions globally. The global air purification systems market stood at US$12.06 bn in 2015 and is predicted to touch US$24.83 bn by 2024, growing at a CAGR of 8.40% from 2016 to 2024. s

Increasing Count of Industries to Raise Employment of Air Purification Systems in Industrial Sector

In terms of technology, the report categorizes the air purification systems market into HEPA, electrostatic precipitator, activated carbon, UV light air purifier, ionic air purifier, and others including kitchen ventilation systems. In terms of end use, the market is segmented into residential, commercial, and industrial. Of these, air purification systems are being extensively utilized in the industrial sector. This segment constituted a share of more than 40% in 2015 and is predicted to maintain its superiority all through the forecast horizon, mainly due to the constant rise in the count of industries, particularly in developing economies.

In addition, the introduction of strict industrial norms by governments globally and the increasing health awareness about workers will also drive the growth of air purification systems in the industrial sector. On the other hand, the demand for air purification systems in the commercial sector is also on the rise owing to the growing infrastructural activities, tourism, and the rising awareness about health.

Increasing Urbanization in China to Make it Most Promising Market in Asia Pacific

Geographically, the Asia Pacific air purification systems market held a dominant share of over 30% in 2015. This region will maintain its dominance all through the forecast period and is predicted to rise at a CAGR of over 9.0% from 2016 to 2024. In Asia Pacific, the growing problem of air pollution, industrialization, and the increasing urbanization in China will make it the most promising market in Asia Pacific. On the other hand, the market for air purification systems in Europe and North America will also exhibit a moderate growth rate over the forecast horizon

The chief players dominant in the market are Jarden Corporation, Sharp Corporation, Panasonic Corporation, Honeywell International, Daikin Industries, Philips Electronics N.V., 3M, Camfil Group, LG Electronics, Fumex Inc, Eureka Forbes, and Clarcor Inc., among others

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