Residential Air Purifiers Market worth $14.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 11, 2021 /PRNewswire/ -- According to the new market research report "Residential Air Purifiers Market by Technology (High Efficiency Particulate Air (HEPA), Electrostatic Precipitators, Activated Carbon, Ultraviolet), Type (Portable Air Purifiers, In-duct Air Purifiers), COVID-19 Impact - Global Forecast to 2026", published by MarketsandMarkets™, the global Residential Air Purifiers Market is expected to reach USD 14.1 billion in 2026 from USD 9.6 billion in 2021, at a CAGR of 8.1% during the forecast period.
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The growth of this market is majorly due to the growing popularity of smart homes, supportive government regulations for effective air pollution monitoring and control, increasing public-private funding for effective air pollution monitoring, rising levels of air pollution worldwide, and increasing public awareness related to the healthcare and environmental implications of air pollution. However, the technical limitations pertaining to air quality monitoring products, along with their initial installation cost are expected to restrain the growth of this market during the forecast period.
The overall growth of various sectors has been heavily impacted by COVID-19, specifically in countries with a high incidence rate of COVID-19, such as India, China, Brazil, the US, and several European countries (including Russia, Italy, and Spain). While industries such as oil and petroleum, aeronautics, and mining are experiencing a steep fall in revenues, the healthcare, biotechnology, and pharmaceutical industries are optimizing this situation to serve a maximum number of patients and healthcare professionals.
The COVID-19 outbreak has generated major remunerative opportunities for air purifier manufacturers, with high-performance units, comprising HEPA and activated carbon technologies, being highly popular, to minimize the spread of the virus for enclosed spaces. Premium, high-performance air purifiers are capable of filtering out particles up to 1 micron, and the size of the COVID-19 virus is estimated to be around 1.2 microns. Consequently, manufacturers have displayed confidence in being able to provide a solution for indoor environments, during the outbreak, which will sustain demand for the near future. Moreover, marketing campaigns run by established air purifier companies promoting purifiers for indoor air quality is also substantially influencing the sale of these air purifiers in recent times.
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The HEPA segment is expected to grow at the highest CAGR during the forecast period
Based on technology, the residential air purifiers market is segmented into HEPA filters (high-efficiency particulate arrestence or high-efficiency particulate air) and other technologies. The other technologies segment comprises electrostatic precipitators, activated carbon, UV filters, and ionic filters. The HEPA segment is expected to grow at the highest CAGR in forecast periods (2021-2026). This is due to the growing concern for environmental sustainability, increasing public awareness pertaining to the healthcare implications of air pollution, and the growing popularity of smart homes/ambient-assisted living.
The portable/stand-alone purifiers accounted for the largest share of the residential air purifiers market in 2020
Based on type, the residential air purifiers market is segmented into portable/stand-alone purifiers and in-duct purifiers. The portable/stand-alone purifiers segment accounted for the largest market share in 2020. The segment is also expected to witness the highest growth during the forecast period. This is mainly due to the need to remove sources of pollutants or allergens from indoor air and increasing public awareness pertaining to the healthcare implications of air pollution. Furthermore, their installation is cost-effective as compared to the in-duct system.
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Asia-Pacific region is expected to register the highest CAGR in the residential air purifiers market
The APAC market is expected to grow at the highest CAGR from 2021 to 2026. This can be attributed to factors such as the increasing investments by major players in the region, the presence of less stringent regulations for product approval, and growing demand for quality lifestyles are expected to drive the growth of this market during the forecast period.
The prominent players in the global residential air purifiers market are Daikin Industries, Ltd. (Japan), Sharp Corporation (Japan), Honeywell International Inc. (US), Samsung Electronics Co., Ltd. (South Korea), LG Electronics Inc. (South Korea), Koninklijke Philips N.V. (Netherlands), Dyson (UK), Unilever Group (UK), Panasonic Corporation (Japan), Whirlpool Corporation (US), AllerAir Industries Inc. (US), IQAir (Switzerland), Winix Co., Ltd. (South Korea), Xiaomi Corporation (China), Camfil AB (Sweden), Airpura Industries Inc. (Canada), Airgle Corporation (US), Hunter Pure Air (US), Kent RO Systems Ltd. (India), SHIL Limited (India), IDEAL Krug & Priester GMBH & Co. KG (Germany), Havells India Ltd. (India), Molekule (US), Carrier Global (US), and Coway CO., Ltd. (South Korea).
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