DUBLIN--(BUSINESS WIRE)--The "Air Purification Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Application" report has been added to ResearchAndMarkets.com's offering.
The air purification market is expected to grow from US$ 23,809.52 million in 2021 to US$ 73,437.36 million by 2028. It is estimated to grow at a CAGR of 17.7% from 2022 to 2028.
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 air purification market.
Furthermore, a factor supporting the air purification market dynamics throughout the anticipated time is the significant technological advancement from leading industry competitors. For example, in November 2020, Molekule, a pioneer in the US air purification industry, unveiled its patented Photo Electrochemical Oxidation (PECO) air purification system.
Additionally, in February 2021, Molekule launched two products in India, the Molikule Air Mini and Air Mini+, which are excellent choices for both residential and commercial applications. Therefore, it is expected that these developments will propel the air purification market throughout the forecast period.
Market Dynamics
Market Drivers
- Rising Urbanization & Industrialization is propelling the market growth
- Supportive Government Regulations and Policies for improving the Air Quality Drives the Market Growth
Key Market Restraints
- Low cost substitutes may hamper the growth of the market
Key Market Opportunities
- Rise in Sale of Air purification Products from Emerging Countries holds potential opportunity for growth of the market
Trends
- Rising adoption of Portable Residential Air Filter
Companies Mentioned
- Whirlpool Corporation
- Camfil
- DAIKIN INDUSTRIES, Ltd
- Honeywell International Inc.
- Koninklijke Philips N- V
- LG Electronics
- Panasonic Corporation
- Unilever PLC
- ActivePure Technologies, LLC
- IQAir
For more information about this report visit https://www.researchandmarkets.com/r/r4j98d
