International. Technological advancements in HEPA filters and the launch of environmentally friendly HEPA filters are expected to cause the smart air purifiers market segment to grow at a compound annual growth rate (CAGR) of 12.2 percent during 2018 to 2025, according to a report published by Allied Market. Research.
According to the report, the global smart air purifier market was set at US$4.10 billion in 2016 and is estimated to reach US$11.40 billion by 2025.
The increasing threat of the effects of air pollution, which gives rise to various skin allergies and chronic diseases, and the increasing need to remove airborne particles and germs in commercial spaces and homes are the key drivers of the global Smart Air Purifiers market. In addition, several countries have witnessed an increase in the number of diseases caused by air pollution in homes due to excessive smoke generation through cooking, which in turn has boosted the demand for air purifiers. However, low awareness about the importance of smart air purifiers is the biggest challenge facing the market, especially in developing countries. In addition, the increasing adoption of smart homes is expected to drive the growth of the global smart air purifiers market.
The research report is classified based on dust collectors, smoke collectors, and others. The market share of dust collectors was the highest in 2017, contributing approximately two-thirds of the total market share. On the other hand, the smoke collector segment is expected to accumulate US$2.82 billion through 2025.
According to Allied Market Research, the High Efficiency Particulate Air (HEPA) segment is expected to earn the highest revenue through the forecast period, with a market share in excess of 50 percent. However, the active fiber filtration segment is gaining demand and is estimated to grow at 9.8 percent CAGR during the study period.
In addition, the residential segment contributed the highest revenue in 2017, contributing around 67 percent of the total market share. On the other hand, the commercial segment is expected to grow at a compound annual growth rate of 11.6 percent by 2025.
The report provides a country-level analysis of North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific is forecast to be the fastest growing region during the study period, recording a CAGR of 14.4 percent from 2018 to 2025. The region is home to countries with exponential developments and becomes the center of greatest air pollution, having in turn a growing demand for air purifiers. Europe, on the other hand, will exhibit steady growth to reach a market value of US$2.43 billion by the end of the forecast period.
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