PORTLAND, Oregon, August 24, 2018 /PRNewswire/ --
Technological advancements in HEPA filters and launch of eco-friendly HEPA filters are expected to make this segment grow at the fastest CAGR of 15.7% during 2018-2025.
Allied Market Research published a report, titled, Smart Air Purifiers Market by Product Type (Dust Collectors, Fume & Smoke Collectors, and Others), Technique (High Efficiency Particulate Air (HEPA), Thermodynamic Sterilization (TSS), Ultraviolet Germicidal Irradiation, Ionizer Purifiers, Activated Fiber Filtration, and Others), and End User (Residential, Commercial, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers detailed insights into the market dynamics to enable informed business decision-making and devise growth strategies based on the opportunities present in the market. According to the report, the global smart air purifiers market was pegged at $4.10 billion in 2016 and is estimated to reach $11.40 billion by 2025, registering a CAGR of 12.2% from 2018 to 2025.
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Increasing threat of the effects of air pollution, leading to several skin allergies and chronic diseases and growing need to eliminate airborne particles and germs in commercial spaces and homes are the key drivers of the global smart air purifiers market. In addition, several countries have witnessed a rise in the number of diseases caused due to air pollution in households owing to excessive smoke generation through cooking, which in turn has fueled the demand for air purifiers. However, low awareness about the importance of smart air purifiers is the biggest challenge faced by the market, especially in developing countries. Furthermore, growing adoption of smart homes is expected to boost the growth of the global smart air purifiers market.
Dust collectors to portray highest growth by 2025
The research report is categorized based on dust collectors, fume & smoke collectors, and others. The market share of dust collectors was the highest in 2017, contributing about two-thirds of the total market share. On the other hand, fume & smoke collector segment is expected to amass $2.82 billion through 2025.
Sales of eco-firendly HEP filters to gain traction by 2025
According to AMR study, the high efficiency particulate air (HEPA) segment is expected to garner the highest revenue through forecast period, commanding market share in excess of 50%. However, the activated fiber filtration segment gaining demand and is estimated to grow at 9.8% CAGR during the study period.
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Commercial use gaining traction, Residential to remain dominant
According to the report, residential segment contributed the highest revenue in 2017, contributing about 67% of the total market share. On the other hand, the commercial segment is expected to grow at 11.6% CAGR by 2025.
Asia-Pacific Cruising in Growth
The report provides a country-level analysis of North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is forecast to be the fastest growing region throughout the study period, registering a CAGR of 14.4% from 2018 to 2025. The region houses countries with exponential developments and becoming hub for major air pollution, in turn having growing demand for air purifiers. Europe, on the other hand, will exhibit steady growth to reach a market value of $2.43 billion by the end of forecast period.
Frontrunners of the global market
The report discusses the major players of the global smart air purifiers market, which include Honeywell International Inc., Sunbeam Products, Inc., Blueair, Americair Corporation, Dyson Technology Limited, Koninklijke Philips N.V., Xiaomi Corporation, Coway Co. Ltd., Whirlpool Corporation, and Sharp Corporation. These market leaders have adopted several strategies such as partnerships, new product launches, mergers & acquisitions, and collaborations to gain a foothold in the global market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research