air purification Market

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 devices designed to improve the air quality in a room by eliminating harmful contaminants from the air. The demand for air purifiers is increasing due to growing concerns over rising air pollution levels both indoors and outdoors. According to the United States Environmental Protection Agency (EPA), the air indoors can be up to five times more polluted than outdoor air due to inadequate ventilation. This highlights the importance of air purifiers in removing pollutants that continue to circulate in indoor environments, driving the growth of the air purification market.

The air purification market is expected to experience sustained growth, largely due to the significant technological advancements made by key industry players. For instance, in November 2020, Molekule, a US-based air purification industry leader, introduced its patented Photo Electrochemical Oxidation (PECO) air purification system. Furthermore, in February 2021, Molekule launched two products, the Molikule Air Mini and Air Mini+, in India, which are suitable for use in both residential and commercial settings. As a result, these innovations are anticipated to drive the growth of the air purification market throughout the projected period.

The air purification market is categorized into three main segments, which include product type, application, and geography. The product type segment comprises several sub-segments, such as Activated Carbon Filtration, High-efficiency Particulate Air (HEPA), Ionizer Purifiers, Ultraviolet Germicidal Irradiation (UVGI), and others. The application segment encompasses commercial, residential, and industrial sectors. Furthermore, the market is regionally divided into five regions, namely 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 pandemic had a significant impact on the global economy, particularly during its initial phase and peak in 2020. Manufacturing industries were adversely affected, resulting in a slowdown of business activities. Before the pandemic, the air purification market was experiencing robust growth, driven by factors such as a growing population, increasing disposable income, and easy access to credit and financing in the industrial equipment sector. There were also substantial investments in the development of air purification technology, which was expected to strengthen the growth of the market. However, the outbreak of the pandemic disrupted the market, as investments slowed down and production units were forced to shut down. During the early days of the pandemic, all business deals, collaborations, and partnerships were restricted, significantly impacting the market.

The COVID-19 pandemic has rapidly and significantly impacted the manufacturing industry worldwide. The outbreak disrupted parts exports from China, halted large-scale manufacturing activities in Europe, and forced the closure of assembly plants in the US. As a result, the demand for air purification solutions has declined globally. However, with the easing of restrictions and the reopening of businesses, the demand for woodworking and meat processing is increasing and slowly returning to normal.

Since 2021, market players have made significant investments in adopting advanced technologies in the industrial equipment and machinery industry. The pandemic has prompted businesses to restructure their models and focus on strengthening their strategies to achieve economies of scale. Moreover, the COVID-19 pandemic has created a growing need for advanced air purification solutions that offer high precision and performance, which are becoming increasingly popular among consumers. As a result, although the global air purification market initially experienced a decline due to the adverse impact of the pandemic and related regulations, it has since made a strong recovery and is expected to continue to recover in the coming years due to the increasing adoption of advanced technologies worldwide.

The air purification Market's size has been determined through primary and secondary sources. The research process began with thorough secondary research using internal and external sources to collect qualitative and quantitative information about the market. This process also aimed to provide an overview and forecast of all market segments. Furthermore, primary interviews were conducted with 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 who specialize in the air purification market. These interviews were conducted to validate data and gather further analytical insights into the topic.