Dublin, Nov. 23, 2020 (GLOBE NEWSWIRE) -- The "Residential Air Purification Equipment - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
COVID-19 Erodes Middle-Class Income Painting a Bleak Outlook for Consumer Goods. Residential Air Purification Equipment Plummets by -2.8%
The global market for Residential Air Purification Equipment is expected to decline by -2.8% in the year 2020 and thereafter recover and grow to reach US$13 billion by the year 2027 trailing a post COVID-19 CAGR of 6% over the analysis period 2020 through 2027.
While the pandemic is estimated to cost trillions of dollars to the global economy, another knock-on effect of COVID-19 is the rise in unemployment across the globe. As businesses struggle to keep afloat, job cuts and bankruptcies are expected to rise sending millions into unemployment. Rapid tightening of financial conditions, dwindling trade, and increasing geopolitical tensions, continue to erode business confidence. Unemployment rates are climbing to worrisome levels in both developed and developing economies alike.
The loss in consumer confidence and erosion of household wealth and discretionary spending will impact virtually every industry and business worldwide. The pandemic has pushed consumers to conserve cash. With unemployment rates rising amid the virus induced economic crisis, consumers are cutting spending budgets. Unemployment rates have hit never-before highs with the US topping the charts with double digit growth in unemployment rates.
Social outlook against this background remains grim with households expected witness erosion in wealth. Personal financial outlook, community, economy, job security confidence, purchasing and investment confidence are all tumbling as the human and economic cost of the global pandemic rises. As discretionary funds are used to purchase consumer goods, the scenario is expected to impact demand for residential air purification equipment in the year 2020.
In the post COVID-19 period, growth will be supported by the growing role of smart air purifiers, which interestingly has been elevated by the pandemic. The pandemic has focused the spotlight on indoor air quality. The ability of residential air purifiers to considerably reduce the viral load in indoor settings is poised to bolster their adoption over the short-term. In addition, rising consumer awareness over the many benefits of air purification amid the pandemic will fuel retail sales of these purifiers, once the economic climate improves.
Leading companies are ramping up production and integrating their devices with specific technologies including HEPA filters, activated carbon purifiers, ionic filters and photocatalytic purifiers. With growing awareness over airborne transmission of the infection, emphasis on ambient indoor air gained huge interest in recent months. COVID-19 aerosols can stay in the air for a longer period, which creates the robust need for filtering the air to keep the indoor environment virus free. Smart air purifiers are set to experience incremental demand growth in the year 2021. The strong focus on clean indoor air is expected to push the adoption of smart air purifiers. Various organizations and countries such as the US Centers for Disease Control and Prevention are recommending airborne precautions.
The scenario will create significant demand for advanced air purifiers built on sophisticated technologies. In response to the COVID-19 pandemic, several companies have launched new innovative products with claims for air purifiers to kill novel Coronavirus. Third party lab tests on Airdog X5 demonstrated that the product kills 99.9% of H3N2 viruses in a 30 cubic meter sealed testing room over the course of an hour. AirX Pro range of air purifiers featuring patented technology claims to remove up to 99.9% of particles, viruses and bacteria and other air borne allergens in enclosed spaces. Research on air purifiers incorporated with UV lights showed that the product holds potential to fight the coronavirus.
With countries across the world easing lockdown restrictions and businesses reopening to the public, people will shift focus on measures to mitigate the risk of airborne transmission of the virus and also make the indoor environment cleaner and safer. This is expected to augur well for air purifiers, in particular smart air purifiers. Deployment of these tools will also gain traction in retail centers, public facilities, and other areas, where people movement is high. Large malls in New York City were required to install air filtration systems before reopening to keep indoor air safe.
Furthermore, the technology will be attractive in residential homes, specifically large households in the high income bracket. While Air purifiers with HEPA filters are claimed to be effective in capturing viruses including the COVID-19 virus, studies reveal that they cannot be considered as a complete solution for protection against COVID-19. Nonetheless, given the fact that the COVID-19 disease is likely to persist for some more time, demand for smart air filters in commercial and residential environments will grow robustly as part of proactive hygiene strategies as people begin to learn to live with the virus.
Competitors identified in this market include, among others:
- 3M Company
- Abatement Technologies, Inc.
- Amway Corporation
- Blueair AB
- Camfil Farr, Inc.
- Carrier Corporation
- Coway Co., Ltd.
- Daikin Industries, Ltd.
- Honeywell International, Inc.
- Koninklijke Philips N.V.
- Lennox International, Inc.
- LG Electronics
- MANN+HUMMEL GMBH
- Newell Brands Inc.
- Panasonic Corp.
- Samsung Electronics Co., Ltd.
- Sharp Corporation
- Whirlpool Corporation
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession
- COVID-19 Crisis Presents Opportunity for Residential Air Purification Systems
- COVID-19 Pandemic Elevates Role of Smart Air Purifiers
- Air Purifier with Impressive Efficacy of over 99.9% against COVID-19 Virus
- HEPA Air Purifiers Suitable for Protection Against COVID-19
- Pandemic Weakens Global Economic Environment, Triggering Negative Tide in GDP
- Residential Air Purification Equipment: A Prelude
- History and Evolution of Air Purifiers
- An Insight into Types of Air Purification Technologies
- Types of Air Filtration Technologies and their Advantages and Limitations
- Types of Air Purifiers
- Stand-Alone Purification Equipment
- Induct Air Purification Equipment
- Residential Air Purification Equipment: Addressing Indoor Air Quality Concerns
- Causes of Indoor Air Pollution
- Global Market Prospects & Outlook
- Standalone Air Purification Equipment Market Leads Global Market
- HEPA Filters to Fuel Revenue Growth
- Developed Regions Lead, Developing Economies to Spearhead Future Growth
- Competition
- An Intensely Competitive Marketplace
- Induct Air Purification Marketplace: Fragmented in Nature
- Key Factors Influencing Purchases of Air Purifiers
- Major Factors Responsible for Variation in Air Purifier Prices
- Dispersion of Knowledge: An Important Competitive Variable
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Deteriorating Indoor Air Quality amid Rising Pollution Levels in Residential Buildings: The Fundamental Growth Driver
- Major Indoor Pollutants: Brief Details of Pollutant, Source, and Impact on Health
- With Climate Change and Wildfires Impacting Indoor Air Quality, Adoption of Air Purifiers Poised to Grow
- Trend towards Home Automation and Smart Homes Boosts Demand for Smart Air Purifiers
- Select Smart Air Purifiers: A Review
- Few Players Operate in Smart Air Purifiers Market
- Alarming Rise in Incidence of Asthma and Allergies Spurs Demand for Air Purifiers
- Rising Prevalence of Asthma in Children Bodes Well for Air Purifiers Market
- HEPA Purifiers: Superior Attributes over Other Alternatives Drive Widespread Market Adoption
- Aging Population Vulnerable to Air-borne Allergies and Health Risks to Fuel Air Purifier Market
- Usage of Residential Air Purifiers Tends to Soar During Summer Season
- Technology Advancements to Boost Market Prospects
- A Review of Potential Air Purifier System Innovations
- Select Innovations in Air Purification Systems Market
- Influx of New Products Boosts Smart Air Purifiers Market
- Ventilation as Double-Edged Blade Popularizes 'AC + Air Filter' Formula for Indoor Air amid COVID-19
- Combination Technologies Offer Scope for Product Differentiation
- Eliminating Odors and Smoke Remain Key to Product Success
- Air Purifiers: A Must Have for Sufferers of Multiple Chemical Sensitivity Condition
- Regulatory Standards Spruce Up Sales of Air Purification Equipment
- Construction Activity Worldwide Signals Opportunities for Residential Air Purifiers Market
- E-Commerce Makes Rapid Inroads, Expands Growth Opportunities for Air Purifiers Market
- Demographic and Economic Trends Influence Market Prospects
- Ballooning Global Population
- Expanding Urban Population
- Middle Class Population
- Key Factors Restraining Market Growth
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- UNITED STATES
- Residential Air Purifiers Market Gears Up for Significant Decline Amid COVID-19 Pandemic
- Current Negative Trend in the Residential Construction Sector Discourages the Market
- Long-Term Prospects Remain Optimistic Amid Growing Concerns Over Deteriorating Indoor Air Quality
- Surging Air Pollution Levels in the United States: Steps Taken by EPA
- Steps Taken by the EPA for Curbing Greenhouse Gas Emissions (GHGs)
- EPA Measures for Curbing Air Pollutants
- Protecting the Ozone Layer: The EPA Implements New Regulations for ODSs
- Growing Awareness of Indoor Air Quality (IAQ) Drives Further Legislative Initiatives
- Technologically Advanced HEPA Purifiers Gain Wider Traction
- High Rate of Infectious Diseases Propel Demand for HEPA Purifiers
- Popular Residential Air Purifier Brands in the US: Snapshot Profiles
- Distribution Landscape
- Market Analytics
- CANADA
- JAPAN
- Japan: A Prominent Market
- Vendors Focus on Delivering Improved Products
- Market Analytics
- CHINA
- China Emerges as the Most Lucrative Market for Air Purification Equipment
- Air Purifiers Market Evolves Rapidly after the 2013 Beijing Smog Incident
- Newly Built World's Biggest Air Purification Tower in Xian Illustrates China's Focus on Air Quality
- Stringent Regulatory Standards on Air Pollution Control Steer Growth
- New GB/T 18801-2015 Standard to Reshape Manufacturing Ecosystem
- Builders Focus on Advanced Air Purifiers to Improve Building Quality
- Air Purifiers Gain Traction in Lung & Heart Disease Treatment Settings
- Competitive Landscape
- Market Analytics
- EUROPE
- Market Overview
- Weak Housing Construction Activity Curtails Momentum
- Emphasis on Curbing Air Pollution Augurs Well for Long-Term Growth
- Market Analytics
- Sluggish Scenario Deters Current Market Prospects
- Long-Term Growth Remains Intact Amid Rising Concerns over Air Pollution
- Multifunction Products Present Huge Market Potential
- Foreign Companies Establish Operations to Widen Regional Footprint
- Focus on Product Innovation: A Must for Marker Participants
- Market Analytics
- AUSTRALIA
- INDIA
- Bright Future Projected for Residential Air Purifiers in the Country
- Air Purification Market Looks Ahead at Emphatic Gains in India
- Bengaluru Gets Ready for India's Foremost Residential Air Purification Tower
- Major Cities Dominate Residential Air Purifier Sales in India
- Market Analytics
IV. COMPETITION
- Total Companies Profiled: 143
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