2024 Commercial Fan And Air Purification Equipment Market Outlook: Size, Share, and Key Growth Drivers
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What Growth Rate is the Commercial Fan And Air Purification Equipment Market Anticipated to Experience from 2024-2033?
The size of the commercial fan and air purification equipment market has witnessed significant growth in the past few years. It is expected to escalate from $78.62 billion in 2023 to $85.7 billion in 2024, showing a compound annual growth rate (CAGR) of 9.0%. The surge during the historical period is a result of technological improvements and rising apprehensions among employees regarding inferior air quality in their workplaces.
In the coming years, the commercial fan and air purification equipment market is projected to experience robust growth, with its worth soaring to $118.33 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 8.4%. Factors contributing to the expected growth during this period include shifting climatic conditions, the impact of the COVID-19 pandemic, and strict regulations on air pollution in industrial and commercial sectors. Key trends expected during this period focus on the development of smart commercial fan and air purification systems to take advantage of changing preferences and growing product popularity, which would boost revenue. There’s also an emphasis on creating energy-efficient commercial fan and air purification devices, vod systems, and an increase in focus on mergers and acquisitions growth strategies to widen the customer base.
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What Are the Significant Influencers of Growth in the commercial fan and air purification equipment Market?
The growth of the market for commercial fans and air purifiers during the historic period can be attributed to the progress made in technology. The widespread internet accessibility and the prevalent use of smartphones played a pivotal role in devising, and promoting the use of technologically innovative equipment. As per the State of Mobile Internet Connectivity Report 2022 by GSMA, there was a nearly 300 million rise in mobile internet users as of the close of 2021, encompassing 55% of the global population. Consequently, these technological innovations fueled the air purifier market during the historic period.
What Key Segments Define the Commercial Fan And Air Purification Equipment Market?
1) By Type: Air Purification Equipment, Attic And Exhaust fans, Other Commercial Fan And Air Purification Equipment
2) By Range: Less Than 200 Square Ft, 200 – 400 Square Ft, More Than 400 Square Ft.
3) By Capacity: Small, Medium, Large
What Are the Key Developments Shaping the Commercial Fan And Air Purification Equipment Market?
The expanding demand for smart air purifiers represents a significant trend in the market. The rise in global air pollution, coupled with increasing consciousness about allergies, pollution, and climate change, heightens consumer apprehension about the standard of the air they inhale. Consequently, air purifiers are becoming more common. Smart air purifiers are gadgets linked to other devices through the internet, along with other technologies like Bluetooth, NFC, and Wi-Fi. The growth of Internet of Things (IoT) technology similarly encourages the rise of smart air purifiers. These purifiers allow the air quality to be tracked and controlled via a smartphone application, providing real-time readings of air quality data. For example, in November 2022, Samsung India Electronics Ltd. (SIEL), a subsidiary of Samsung Electronics Company Ltd (SECL) based in South Korea, debuted two air purifier models, AX46 and AX32. These purifiers, equipped with IoT technology, can eliminate nanoparticles, ultrafine dust, bacteria, and allergens.
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What Regions Are Driving Expansion in the Commercial Fan And Air Purification Equipment Market?
The Asia-Pacific was the largest region in commercial fan and air purification equipment in 2023. Western Europe was the second largest region in the commercial fan and air purification equipment. The regions covered in the commercial fan and air purification equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Commercial Fan And Air Purification Equipment Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the commercial fan and air purification equipment market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Commercial Fan And Air Purification Equipment Market Include
1. Commercial Fan And Air Purification Equipment Market Executive Summary
2. Commercial Fan And Air Purification Equipment Market Segments
3. Commercial Fan And Air Purification Equipment Market Size And Template Market Growth Rate
4. Key Commercial Fan And Air Purification Equipment Market Trends
5. Major Commercial Fan And Air Purification Equipment Market Drivers
……
25. Key Mergers And Acquisitions In The Commercial Fan And Air Purification Equipment Market
26. Top Commercial Fan And Air Purification Equipment Companies
27. Commercial Fan And Air Purification Equipment Market Opportunities And Strategies
28. Commercial Fan And Air Purification Equipment Market, Conclusions And Recommendations
29. Appendix
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