The global air purification’s systems market is increasing IAQ concerns and awareness are the main drivers of the market.
The global air purification systems market was valued at $12.06 billion in 2015 and is projected to reach $24.83 billion by 2024 at a compound annual growth rate (CAGR) of 8.4 percent from 2016 to 2024, according to a report from Transparency Market Research.
Based on technology, air purification systems consist of high-efficiency particulate air (HEPA), activated carbon, electrostatic precipitator, UV light, and ionic purifier. Air purification systems can also be classified based on impurity handled such as dust collector, smoke collector, oil and mist collector, fume extraction, and others. The end-user sector includes the industrial, commercial, and residential segments. Increasing IAQ concerns and awareness related to the ill effects of air pollution are the main drivers of the air purification systems market. However, the high cost of air purifiers is the major challenge restricting higher adoption.
Based on technology, HEPA purification systems are the major segment and are expected to dominate the market during the forecast period, followed by activated carbon due to their high efficiency in removing particulate matter and odor. HEPA has contributed a majority of the share of the air purification systems market and is anticipated to grow at CAGR of more than 8 percent during the forecast period