Air Purification Market Size to Hit $73.43 Billion, Globally, by 2028 | Exclusive Report by The Insight Partners
Air Purification Market is growing at a CAGR of 17.7% from 2021 to 2028.
Pune, India, Nov. 02, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Air Purification Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Activated Carbon Filtration, HEPA, Ionizer Purifiers, UVGI, and Others), Application (Commercial, Residential, and Industrial), and Geography,” the market share is projected to reach US$ 73.43 billion by 2028 from US$ 23.80 billion in 2021; the Air Purification market size is estimated to grow at a CAGR of 17.7% from 2021 to 2028.
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Global Air Purification Market: Product Type Overview
Based on product type, the air purification market is segmented into Activated Carbon Filtration, High-efficiency Particulate Air (HEPA), Ionizer Purifiers, Ultraviolet Germicidal Irradiation (UVGI), and others. The HEPA segment accounted for the largest market share in 2021, owing to growing demand from various industries, including semiconductors and microelectronics.
Global Air Purification Market: Competitive Landscape and Key Developments
Activepure Technologies Llc; Whirlpool Corporation; CAMFIL; Daikin Industries, Ltd.; Honeywell International, Inc.; Iqair North America, Inc.; Koninklijke Philips N.V.; LG Electronics, Inc.; Panasonic Corporation; and Unilever PLC are the key players in the air purification market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.
In June 2020, Camfil launched a portable air purifier, CamCleaner CC500. This air purifier is driven by a HEPA filter aimed at lowering the harmful impacts of airborne viruses and pathogens.
Global Air Purification Market Scope:
|Market Size Value in||USD 23.80 Billion in 2021|
|Market Size Value by||USD 73.43 Billion by 2028|
|Growth rate||CAGR of 17.7% from 2021 to 2028|
|Segments covered||Product Type, Application|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Air purifiers are air cleaner devices that remove contaminants from the air in a room to improve air quality. The increasing concern for rising air pollution levels in indoor and outdoor spaces is augmenting the need for air purifiers. As per the United States Environmental Protection Agency (EPA), indoor air can be five times as polluted as outdoor air. Since indoor air is not circulated as much as the outside air, many airborne pollutants continue to thrive inside, further emerging the need for air purifiers, which helps drive the market. Several factors, such as increasing symptoms of asthma, changing preferences of lifestyle, deteriorating quality of air, a growing number of airborne diseases, presence of harmful contaminants, odors, dust & asbestos particles in the air, and growing awareness among the consumers are the prominent factors which likely fuel the market growth. The significant technological advancement from key industry players is also aiding the market dynamics over the projected period. For instance, in November 2020, Molekule, one of the US-based innovative manufacturers of air purification products, announced its patented Photo Electrochemical Oxidation (PECO) air purification device. Further, in February 2021, Molekule introduced 2 products in India, namely, Molekule Air Mini and Air Mini+, which are ideally suitable for residential and commercial applications. Thus, such technological advancements are anticipated to drive the air purification market growth over the forecast period.
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Supportive Government Regulations and Policies for improving Air Quality Drives Market
Government regulations are formulating policies to enhance the air quality of industrial and commercial environments, further strengthening the demand for air purifiers across various applications. For instance, the Clean Air Act (CAA), EPA sets limits on certain air pollutants, including how much can be in the air anywhere in the US. The surge in government initiatives to remove small particles, which helps improve air quality, is further fueling the market growth. For instance, in July 2022, the Canadian government introduced a clean air delivery rate (CADR) policy. The CADR describes how well the machine reduces tobacco smoke, dust, and pollen. The higher the number, the more particles the air purifier can remove.
Furthermore, in April 2021, Under the Air Act, the Central Pollution Control Board (CPCB) developed the National Ambient Air Quality Standards for 12 parameters, including SOx, NOx, particulate matter, and ozone. Also, in June 2021, the German Guideline on Odour in Ambient Air (GOAA) will incorporate ambient air limit values. Thus, such regulatory policies are strengthening the demand for the installation of air purifier products in the industrial sector, augmenting the market growth over the forecast period.
Impact of COVID-19 Pandemic on Air Purification Market
The US is the worst-hit country in North America, with thousands of infected individuals facing severe health conditions. During late Q1 and the entire Q2, most of the manufacturing plants operated with minimum staff or halted their manufacturing momentarily; the supply chain of components and parts was disrupted; these are some of the critical issues faced by the North American countries. The COVID-19 outbreak has hampered the growth of the air purification industry due to lockdown measures in various countries and delays in the manufacturing and production of these air purifications. Air purifications and HVAC filters filter pollutants and contaminants from the air flowing through them; the COVID-19 outbreak has greatly increased their popularity. Due to the COVID-19 pandemic, consumers are turning to standalone air purifications for clean, virus-free air, which is expected to boost the global air purification market. Air As demand for purifications increases, companies are introducing new products. For example, in July 2020, VironAire announced the availability of two affordable HEPA-based air purifications for hospitals, homes, and businesses.
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