Though the release of WHO report was nothing to rejoice about, the industry players find this an opportunity to leverage air purifier market. According to the recent forecast from Navigant Research, the global revenue from the IAQ monitoring and management market will grow 80 percent by 2020. Similarly, the market for indoor environmental and air quality (IEAQ) technologies used in new construction and retrofit applications is expected to grow from $4.2 billion in 2015 to $7.1 billion by 2024. However, the market for IEAQ technologies will be primarily driven by new standards, building code regulations and the rebounding economy.
Looking at the Indian market scenario, the current penetration level of air purifiers in India is extremely low when compared with countries like US, Japan & Korea where penetration level exceeds 20%.The air purifier market is currently concentrated in the premium segment, with expatriates and embassies accounting for about 60 per cent sales.
However, Research report on “India Air Purifier Market Forecast and Opportunities, 2019”, says that the country’s air purifier market is projected to register a CAGR of around 50% during 2014-19. Further, according to “India Air Purifier Market Forecast & Opportunities, 2018”, says that India’s air purifiers market will grow at the CAGR of about 45% during 2013-18. It is also forecasted that the growing urban population, per capita income, commercial sector and foreign investments in industrial sector are anticipated to fuel the demand for air purifiers in India during next five years. The demand for air purifiers is being generated mostly from the commercial sector, however, the demand from residential sector is also expected to grow because of the increasing health concerns in the country. There are many established players who are planning to enter this market as its offers huge growth opportunities.