Jul 1, 2022   SOURCE: BusinessWire

Global Commercial Fan and Air Purification Equipment Market to 2031 - Featuring Honeywell International, Carrier and Hitachi Among Others - ResearchAndMarkets.com

The "Commercial Fan And Air Purification Equipment Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global commercial fan and air purification equipment market as it emerges from the COVID-19 shut down.

The global commercial fan and air purification equipment market is expected to grow from $66.1 billion in 2021 to $73.24 billion in 2022 at a compound annual growth rate (CAGR) of 10.8%. The market is expected to grow to $105.96 billion in 2026 at a compound annual growth rate (CAGR) of 9.7%.

Companies Mentioned

  • Honeywell International Inc.
  • Panasonic Corporation
  • Carrier Corporation
  • Hitachi Ltd.
  • Sharp Corporation
  • 3M Company
  • Regal Beloit Corporation
  • SPX FLOW Inc.
  • Illinois Tool Works Inc.
  • Helen of Troy Ltd.

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The commercial fan and air purification equipment market consists of sales of commercial fan and air purification equipment by entities (organizations, sole traders, and partnerships) that produce commercial and industrial fan and air purification equipment such as industrial dust and fume collection equipment, electrostatic precipitation equipment, warm air furnace filters, air washers, and other dust collection equipment, attic fans and industrial and commercial fans and blowers, such as commercial exhaust fans and commercial ventilating fans.

The main types in the commercial fan and air purification equipment are air purification equipment, attic and exhaust fans, and other types. Air purification equipment refers to the machinery that purifies the unpure air into a pure one. The various technologies include high-efficiency particulate absorption/absorber (HEPA, activated carbon, electrostatic precipitator, ultraviolet (UV) light air purifier, ionic air purifier, and other technologies. The various capacities are small, medium, and large.

The Asia Pacific was the largest region in commercial fan and air purification equipment in 2021. Western Europe was the second largest region in the commercial fan and air purification equipment. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Technological advances in commercial fan and air purification equipment drove the market in the historic period. Increased access to the internet and the use of smartphones supported the development and consumption of innovative technologically enabled appliances.

About 4.49 billion people globally had access to the internet in 2019, 4.33 billion were active internet users and there are 3.9 billion unique mobile internet users worldwide. Further, increasing integration of the Internet of Things (IoT) with appliances allowed customers to connect with their appliances via the internet and remotely control essential tasks by collecting data. Thus, technological advances drove the market for air purifiers in the historic period.

High adoption and maintenance costs are expected to limit the growth of the air purifiers market. Air purifiers are considered premium products due to the high adoption cost in both developed and developing countries. According to consumer reports, air purifiers range from $200 to $900 and the maintenance is high due to the change of filters two or three times a year, and some air purifiers have multiple filters.

For instance, considering the average carbon activated filter air purifier that eliminates bad odors on the market, the filter needs to be replaced every three months to be effective, which costs $50, then there is an additional cost of the main filter which ranges from $20 to $200 each. The Honey wells Air Touch S8 is a HEPA technology-based air purifier that costs around $500 (36,000 INR) in India and is a multiple-filter air purifier. The filter should be replaced every 4 months, which costs $40 (3,000 INR) each time. , Therefore, high adoption and maintenance costs are expected to affect the air purifiers market's growth.

The growing popularity of smart air purifiers is a major trend in the market. With air pollution increasing across the world, a growing awareness of allergies, pollution, and climate change is increasing consumer concern about the quality of the air they breathe. As a result, air purifiers are growing in popularity. Smart air purifiers are devices that are connected to other devices via the internet, and other technologies such as Bluetooth, near field communication (NFC), and Wi-Fi.

The rise of the Internet of Things (IoT) technology also supports the development of smart air purifiers. Smart air purifiers allow the air quality to be monitored and managed from a smartphone application, which provides a live reading of quality data.

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