Air Purification Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Activated Carbon Filtration, HEPA, Ionizer Purifiers, UVGI, and Others) and Application (Commercial, Residential, and Industrial)

Air Purification Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Activated Carbon Filtration, HEPA, Ionizer Purifiers, UVGI, and Others) and Application (Commercial, Residential, and Industrial)

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.

The air purification market is segmented on the basis of product type, application, and geography. Based on product type, the market is segmented into Activated Carbon Filtration, High-efficiency Particulate Air (HEPA), Ionizer Purifiers, Ultraviolet Germicidal Irradiation (UVGI), and others. Based on application, the market is segmented into commercial, residential, and industrial. Further, the market is divided into 5 regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The key companies operating in the field of Air Purification market that are profiled in the report include Activepure Technologies LLC; Whirlpool Corporation; Camfil; Daikin industries, LTD.; Honeywell International, INC.; IQAir North America, INC.; Koninklijke Philips N.V.; LG Electronics, INC.; Panasonic Corporation; and Unilever PLC.

Impact of COVID-19 Pandemic on Air Purification Market

The COVID-19 outbreak dramatically impacted the global economy during its initial days and peak in 2020. The crisis hampered the business activities in manufacturing industries. Before the outbreak, the air purification market was experiencing substantial growth owing to the growing population, increasing disposable income, and easy availability of credit and financing in the industrial equipment sector. In the pre-pandemic scenario, there were significant investments in the development of Air Purification that could strengthen the air purification market growth. However, the eruption of the pandemic slowed down the investments and shut production units, hampering the market. During the initial days of the pandemic, the crisis restricted all business deals, collaborations, and partnerships, which shattered the market significantly.

The COVID-19 pandemic has had a swift and severe impact on the globally integrated manufacturing industry. The pandemic disrupted the parts exports from China, interrupted large-scale manufacturing across Europe, and closed assembly plants in the US. All these factors are declining the demand for air purification solutions worldwide. However, with ease in restrictions and the reopening of business units, the demand for woodworking and meat processing is rising and achieving the new normal.

From 2021, market players have significantly invested in adopting advanced technologies in the industrial equipment and machinery industry. The pandemic has forced businesses to restructure their business models, focusing on strengthening strategies to achieve economies of scale. Furthermore, the COVID-19 pandemic has invoked a rising need for featured air purification solutions that enable high precision and performance, which are trending among consumers. Therefore, although the global air purification market plummeted initially due to the adverse impact of the COVID-19 pandemic and the related regulations, it has achieved a strong recovery from the pandemic and is expected to gain strong recovery in the coming years due to the rise in the uptake of advanced technologies across the world.

The Air Purification Market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information about the market. The process also serves the purpose of obtaining an overview and forecast concerning all the market segments. Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic. Participants in this process are industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Air Purification market.

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