Published on : Dec 01, 2016
The global air purification systems market has gained significant traction over the past few years owing to the continuous degradation of air quality amid the increasing pace of industrial and infrastructural activities. The rising concerns regarding the adverse effects of air pollution on the health of living beings are driving the market. Moreover, the stringent regulations and policies related to the control of toxic emissions are working in favor of the global market.
The growing usage of petroleum-based automobiles across the globe is another factor propelling the market. According to a report by Transparency Market Research (TMR), the global air purification systems market was valued at US$12.06 bn in 2015 and is poised to reach US$24.83 bn by the end of 2024, expanding at a CAGR of 8.4% from 2016 to 2024.
Concerns Pertaining to Emission of Hazardous By-products to Hamper Market Growth
Some of the classes of ionic air purifiers produce ozone (O3) as a by-product. The gas has hazardous effects on human health and leads to conditions such as lung irritation, throat irritation, and chest irritation. Moreover, due to their high costs, consumers are reluctant to purchase these purifiers. These factors play a vital role in inhibiting the growth of the global air purification systems market.
Rapid Industrialization and Urbanization to Put Asia Pacific at Forefront
Asia Pacific will continue to be the leading regional market in terms of revenue until 2024, rising at a CAGR of more than 9% from 2016 to 2024. Rapid urbanization and industrialization and the worsening scenario of air pollution have made China the major contributor in this region. Other economies such as Japan, Indonesia, South Korea, and India are also likely to be lucrative markets for air purification systems during the forecast period. North America and Europe are expected to project a moderate growth rate during the forecast period. The well-established commercial and industrial sectors in these regions provide momentum to the air purification systems market in these regions.