Nov 29 2011
North American Air Purification Equipment Market to Reach US$4.8 Billion by 2017, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) November 17, 2011
Follow us on LinkedIn - Air purification equipment is gradually transcending its popular perception of being considered as a luxury, non-essential product. Today, thanks to painstaking manufacturer efforts, air purifier equipments are evolving into a necessity, a crucial and critical element to be a part of every modern home. The growing clamor over the health risks posed by poor indoor air quality has played an instrumental role in giving these equipments a status of indispensability. Moreover, increase in consumer spending power and investments made in home improvement also contribute to the growing use of air purification equipment. Customer base for these products today spans residential consumers who purchase these equipments under medical prescription, to consumers seeking to improve the health of their indoor environment.
The 2007-2009 recession in retrospect, weakened the growth momentum in the North American Air Purification Equipment market. Recession induced economic and business pressures resulted in growth slowing down to single digit in the year 2009 as compared to the robust double digit growth recorded in the preceding year. Growth in the year 2009 shrank to an all time low of 3.7% largely as a result of the then depressed construction industry. Rise in unemployment, lower disposable incomes, reduction in household wealth, reduced consumer spending, depreciation in home values, high unsold home inventory, and decline in investments in new constructions and renovations all crippled the growth prospects.
The market however staged a remarkable recovery in 2010 with growth rates returning to pre-recession levels during the year. Resurgence in growth fundamentals such as improvement in consumer income levels, and increase in spending power among others have helped boost demand for air purification equipment immediately after recession. Further, in the upcoming years, growing awareness over climate change and environmental problems will increase investments in solutions and products which offer a cleaner environment. In addition, social responsibility and ethical issues are gaining paramount importance in workplaces, which is expected to increase focus on issues related to workplace environment and health, thereby creating a fertile environment for the future growth of the air purification equipment in this space.
Stringent regulatory mandates for improving indoor air quality at workplaces and residential buildings governed by authorities such as Occupational Safety and Health Administration (OSHA), and American Society for Heating, Refrigeration and Air Conditioning Engineers (ASHRAE) will continue to drive demand for air purification equipment in the region over the next few years. Product innovations, which continue to help bring into the market several new air purification products with added functionalities and benefits, will drive new opportunities for the market. High-end air purification equipment designed to fight and deactivate air borne viruses and control moisture levels in indoor air for instance, will especially attract considerable demand in the market in short to medium term period.
As stated by the new market research report on Air Purification Equipment in North America, US is the fastest growing regional market for Air Purification Equipment with dollar sales waxing at a CAGR of about 15.3% over the analysis period. Stand-Alone Air Purification Equipment is the fastest growing market segment, by product type. The large untapped light commercial applications end-use market, including the hospitality industry, which requires flexible air purification solutions, will drive tremendous gains for stand-alone air purification equipment market over the next few years.
Major players in the marketplace include AeroMed Inc., AllerAir Industries, Aprilaire, Blueair, Inc., Continental Fan Manufacturing Inc., Hamilton Beach Brands, Inc., Honeywell International, Inc., Hunter Fan Company, IQAir North America Inc., Jarden Corporation, Lennox International, Inc., Oreck Corporation, Sanuvox Technologies Inc., SANYO Electric Co., Ltd, Sharp Corporation, Steril-Aire Inc., Trion Inc., White-Rodgers, among others.
The research report titled Air Purification Equipment: A North American Market Report announced by Global Industry Analysts, Inc., provides a review of market trends, competitive scenario, and recent industry activity. The study analyzes market in terms of dollar sales for product segments Induct Air Purification Equipment (Media Combination, UV, ESP, and Photocatalytic Oxidation, among others), and Stand-Alone Air Purification Equipment (Media Combinations, ESP, and Plasma, among others) across the US and Canadian markets. The report also analyzes the market in dollar sales by containment removal feature - Air Purifiers with Odor Removal Features (Stand-Alone and Induct), and Air Purifiers without Odor Removal Features (Stand-Alone and Induct). Additionally the report also presents market estimates and projections in terms of volume sales for total North American Air Purification Equipment market by segments, Stand-Alone Air Purification Equipment, and Induct Air Purification Equipment.
For more details about this comprehensive market research report, please visit http://www.strategyr.com/Air_Purification_Equipment_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/
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