Stringent Building Standards and Surging Demand for Automation in Air Treatment Products Fostering Market Growth
NEW YORK CITY, NEW YORK, UNITED STATES, May 5, 2022 /EINPresswire.com/ — The global air treatment products market: is set to be valued at around US$ 50 Bn in 2021, with stable long-term projections as far as demand growth is concerned, according to latest revised insights Persistence Market Research. The market is projected to expand at nearly 10% CAGR over the 2021-2031 assessment period. Building standards becoming increasingly stringent across regions is also giving impetus to market growth. Across regions, demand for air purifiers is especially high, followed humidifiers.
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However, demand for air treatment products waned in 2020 due to the recessionary effects of COVID-19 on construction activities, resulting in retardation in sales. However, with industrial activities picking up, demand is rising once again with substantial increase in demand from residential and commercial establishments in both, developed and developing countries.
Key Takeaways from Market Study
Smart automation in air treatment products for automatic detection is estimated to create substantial demand growth.
South Asia and Latin America are anticipated to be lucrative markets for air treatment products market.
Air purifiers and humidifiers are expected to lead the market in terms of value over the forecast period.
The commercial and residential sectors are expected to hold dominant market shares value throughout the forecast period.
With growing awareness regarding energy saving and greenhouse gas emissions, governments are more focused on implementing new standards for the air treatment industry. These stringent standards will create more complex projects and demand effective air treatment systems for residential and commercial buildings.
Introduction of high-end energy-efficient air treatment products with integration to IoT and connectivity and growing need for a healthy ecosystem are expected to propel market growth.
Integrated business planning is expected to enable manufacturers to reduce working capital costs. Leading players are following strategic mergers & acquisitions with manufacturers and distributors for long-term supply of products.
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“Consumers are becoming more informed, tech-savvy, and environmentally-aware, and there is growing demand to be able to monitor air treatment systems in real-time and control them remotely. This change in behavior will result in increased demand for high-end, smart air treatment products with integration of IoT and increased connectivity,” says a Persistence Market Research analyst.
The market is understood to be moderately fragmented, with key players accounting for nearly 46% to 48% of overall market value share. Players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are Honeywell International Inc, Samsung Electronics Co., Ltd, LG Electronics Inc., Panasonic Corporation, Sharp Corporation, Daikin Corporation, and Atlas Copco AB.
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