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The Indoor Air Quality (IAQ) Solution Market size is estimated to grow at a CAGR of 7.32% between 2022 and 2027. The market size is forecast to increase by USD 13.21 billion. The growth of the market depends on several factors, including new air quality product launches, an increasing number of government regulations and projects, and increased air pollution and related health concerns.
This indoor air quality solutions market report extensively covers market segmentation by product (equipment and services), type (fixed and portable), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
New air quality product launches are one of the key drivers for the growth of the market. New product development, technology improvements, and high-level marketing support are the key factors to increase consumer awareness of smart air purifiers. In recent years, vendors have focused on launching new products and have developed a variety of new products. For instance, Trane Technologies introduced Wellsphere digital Indoor environmental quality management solutions in December 2021 which provide building owners and facility managers with actionable insights for healthier and more efficient indoor spaces and peace of mind to occupants.
Thus, the new product launch gives buyers new choices in design, color, and size for indoor air quality solutions. Additionally, the Indoor Air Quality (IAQ) Solution Market players keep buyers informed about the latest technological improvements through advertisements and promotional activities. Hence, such factors will boost the growth of the global indoor air quality solutions market during the forecast period.
An increase in demand for energy-efficient air purifiers is the primary trend in the global indoor air quality (IAQ) solution market. Traditional indoor air quality solutions that need to run continuously consume a lot of electricity, even more than new refrigerators consume. At the same time, energy-efficient indoor air quality solutions such as air purifiers and humidifiers can save around 40% of energy. Most vendors in the IAQ solution market are now focused on providing energy-efficient air purifiers and other indoor air quality solutions.
Moreover, government guidelines and regulatory standards in North America and Europe make mandatory that manufacturers of consumer electronics, including indoor air quality equipment required to meet energy rating standards. These norms should be followed by IAQ solution market players while manufacturing air purifiers. Several vendors in the Indoor air quality solution market offer energy-efficient air purifiers. New air purifiers entering the market are given an Energy Star rating according to their energy consumption. Thus, the preference for such energy-efficient products is expected to boost the growth of the global indoor air quality?solutions market during the forecast period.
A major factor that affects the growth of the market is rising competition among indoor air quality solution vendors. The indoor air quality solution market has a fragmented vendor presence. Also, the presence of many regional and international players has raised competitiveness, which has a negative impact on indoor air quality solutions, devices, and services.
Moreover, with several local vendors catering to the market, international players face difficulties in retaining their foothold. Local vendors offer indoor air quality solutions and devices such as air filters, air purifiers, humidifiers, and other devices at lower costs, so global vendors should have to offer products at similar prices. Thus, these factors are expected to impede the overall growth of the global indoor air quality solutions market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Indoor Air Quality Solutions Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co.: The company offers indoor air quality solutions that include an electrostatically charged air filter that effectively captures up to 96 percent of pm 2.5 particles like dust, pollen, bacteria, viruses, and allergens in 2 hours.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The equipment segment is estimated to witness significant growth during the forecast period. Indoor air quality solutions and equipment mainly include air monitor sensors, air purifiers, and humidifiers. High demand for smart and low-cost air monitoring sensors are the key factors boosting the growth of the equipment segment.
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The equipment segment was the largest segment and was valued at USD 15.75 billion in 2017. Prominent vendors in the IAQ solution market are focusing on launching innovative and smart variants of indoor air quality solutions. For instance, Honeywell announced the launch of a new line of Honeywell-branded air purifiers in December 2021 with features such as UV LEDs, ionizers, and humidifiers. Technological innovation and the variety of new devices flooding the market have significantly raised indoor pollutants.
Another company, TSI, provides precision air quality instruments and air quality monitoring solutions that measure key indicators of air quality in real-time to help people better understand air quality. Thus, the availability of a variety of innovative indoor air quality devices will continue to be a key growth driver for this segment during the forecast period.
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North America is estimated to contribute 29% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In the fields of indoor air quality services and equipment, the region is among the early users of modern technologies. The growing variety of pollutants in the region is one of the major factors stimulating the growth of the market.
Moreover, the number of regulatory agencies such as the US Environmental Protection Agency (EPA) is also increasing to further drive the indoor air quality (IAQ) solution market growth. In North America, the US and Canada are the main countries supporting the growth of the regional market. The growing demand for clean indoor air in both commercial and residential areas plays a key role in the regional market growth during the forecast period.
In 2020, the market in North America was negatively affected by the nationwide lockdowns and disruption in supply chains due to COVID-19. However, a Centers for Disease Control and Prevention (CDC) study of schools in Georgia, US, stated that air purifiers incorporated with high-efficiency particulate air (HEPA) filters reduce the spread of the SARS-CoV-2 virus. Moreover, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions. The use of air quality solutions in commercial buildings has raised due to employees' return to the office. The indoor air quality solutions market in this region is expected to grow as the demand for indoor air quality solutions is expected to remain strong during the forecast period.
The indoor air quality solutions market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Indoor Air Quality Solutions Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.32% |
Market growth 2023-2027 |
USD 13.21 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.32 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 29% |
Key countries |
US, China, Japan, South Korea, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Aeroqual Ltd., Camfil AB, Carrier Global Corp., ClimateCare, Daikin Industries Ltd., Ferguson plc, Germguard Technologies M Sdn. Bhd., Honeywell International Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., MANN HUMMEL International GmbH and Co. KG, Panasonic Holdings Corp., Perfect Pollucon Services, SGS SA, Spectro Analytical Labs Pvt. Ltd., Trane Technologies Plc, Sensirion AG, and UL Solutions Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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