The Business Research Company’s Global Air Purifiers Market Report 2020-30: COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, September 23, 2020 /EINPresswire.com/ — The global air purifiers market is expected to grow from $1.29 billion in 2019 to $1.55 billion in 2020 at a compound annual growth rate (CAGR) of 20.74%. The growth is mainly due to the COVID-19 outbreak that has led to increase in the demand of HEPA filters by consumers for personal use. The air purifiers market is then expected to reach $1.86 billion in 2023 at CAGR of 6.13%.
Rising concern for airborne diseases is driving the air purifiers market. An increase in health issues such as asthma, allergies and other breathing disorders due to airborne diseases encourages the consumers to invest in air purifiers at commercial and residential locations. For instance, in 2018, as per the estimates of the World Health Organization (WHO), 90% of people across the globe breathe air containing high levels of pollutants.
Further, according to the Centers for Disease Control and Prevention, in 2018, 19.2 million adults in the USA aged 18 and above had asthma. In 2017, as per the department of statistics in Singapore, there were 246 cases of airborne diseases reported across Singapore. Therefore, increasing prevalence of airborne diseases contributes to the growth of the global air purifiers market.
The high installation and maintenance costs of air purifiers is hindering the home air purifiers market growth. Individuals in urban cities in developing nations consider air purifiers as a luxury. Regular maintenance cost for air purifier also adds as an additional expense, which is for filter changes and cleaning of media filter because of continuous use.
For instance, a home air purifier will cost up to $1,000 and the installation of an air purifier will be added extra over it. The customers cannot gauge the benefit of using air purifiers against any parameters and this leaves them clueless in understanding the actual benefit of the purifier against the money invested. Therefore, high installation and maintenance cost coupled with customers lack of understanding about the appliance have a negative impact on the growth of the residential air purifiers market.
The use of smart air purifiers through smartphone-enabled applications is a key trend in the air purifier market. Smart air purifiers allow the air quality to be monitored and managed from a smartphone application, which provides a live reading of quality data.
For instance, in January 2019, Pathpartner, an India-based technology company, developed IoT-enabled smart air purifier that gives information about air quality and provides a report on the humidity content of the air. Through this technology, the temperature of the room and freshening up the room can be controlled remotely.
The air purifier market is segmented by technology into HEPA filter, activated carbon, and others. It is also segmented by type into dust collectors, fume & smoke collectors, and others. By end-user, the market is segmented into residential and commercial.
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Source: EIN Presswire