The Global Commercial Fan and Air Purification Equipment Market size is expected to reach $131.2 billion by 2030, rising at a market growth of 8.4% CAGR during the forecast period

Jun 03, 2024

Several chronic disorders, including asthma, COPD, and other respiratory diseases, rise due to inhaling particulate matter. Globally, the air and water quality is impacted by climate change, thus, the need for air purification arises.

New York, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Commercial Fan and Air Purification Equipment Market Size, Share & Industry Trends Analysis Report By Equipment Type, By Power Range Type, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06487754/?utm_source=GNW Hence, the air purification equipment would generate more than 40% share of the market by 2030. For instance, millions of people throughout the world suffer from poor health due to deteriorating air quality. Additionally, the WHO has predicted that almost 2.43 billion people are exposed to hazardous levels of household air pollution while using simple stoves or open fires fueled by coal, kerosene, and biomass (animal dung, wood, and crop waste.) Further, in 2019, 455 000 individuals died from asthma and roughly 262 million others were affected by it. 3.23 million people died from chronic obstructive pulmonary disease (COPD) in 2019, making it the third most common fatality worldwide.The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In June, 2021, Daikin introduced Daikin Air Purifier. This product is a portable room air purifier designed for improving indoor air quality (IAQ) while helping reduce the risk of airborne infections and pollutants. Additionally, In December, 2021, Sharp Corporation released an FX-J80 air purifier to offer clear and fresh air inside homes. The FX-J80 air purifier can be tracked and controlled with the “SHARP AIR APP” available on Apple Store and Play Store, offering added ease of use to users.Based on the Analysis presented in the KBV Cardinal matrix; 3M Company, Hitachi, Ltd., and Honeywell International Inc. are the forerunners in the Market. In November, 2020, Honeywell launched Honeywell Electronic Air Cleaners (EACs) with UV Systems and a new line of indoor air quality (IAQ) sensors, to assist in enhancing and measuring commercial building indoor air quality. Companies such as Carrier Global Corporation, Illinois Tool Works Inc., and Daikin Industries Ltd. are some of the key innovators in the Market.Market Growth FactorsGrowing demand for healthier indoor environmentsOne of the key factors driving the rising demand for commercial air filtration systems is the growing emphasis on creating healthier indoor environments. In recent years, there has been a significant improvement in awareness and understanding of the impact of indoor air quality on human health and well-being. Regulatory requirements and suggestions, in addition to health issues, are urging the usage of commercial fan and air purification. By investing in air purification systems, many businesses and companies boost employee productivity and well-being, which is anticipated to impact the market’s overall performance positively.Integration of IoT technologiesBy improving functionality and efficiency, incorporating Internet of Things (IoT) technology in commercial fan and air purification equipment presents fantastic prospects. The demand for these cutting-edge solutions is fuelled by real-time monitoring, preventative maintenance, remote diagnostics, and advanced sensors that optimize performance, increase energy efficiency, and offer a seamless user experience. IoT remotely monitors and controls systems for commercial fan and air purification equipment. Businesses are drawn to technological improvements as they search for innovative solutions to optimize their indoor environments. As a result of the rising IoT, to create excellent opportunity the market.Market Restraining FactorsHigh initial and operating costsThis equipment is frequently more expensive than conventional options. Incorporating sophisticated technologies, filtration systems, and features into these products contributes to their higher price tags. Commercial fan and air purification have significant prices because of several things, including the original purchase price, installation expenses, ongoing maintenance, and operational costs. Air purification equipment frequently requires regular filter replacements, servicing, and cleaning to guarantee optimum efficiency and longevity. These recurring expenses can be a burden, particularly for businesses with limited funds or without maintenance staff. The market’s expansion is anticipated to be constrained by high adoption and maintenance costs.Equipment Type OutlookBy equipment type, the market is classified into air purification equipment, attic & exhaust fan, and others. The attic & exhaust fan segment covered a considerable revenue share in the market in 2022. Building attics often have attic fans installed to assist in controlling humidity and temperature. They enhance ventilation by removing hot air from the attic and preventing it from seeping into the rest of the structure. Exhaust fans are frequently employed in commercial settings for clearing indoor environments of foul odors, contaminants, and stale air.Power Range Type OutlookBased on power range type, the market is bifurcated into 200 - 400 square Ft, more than 400 square Ft, and less than 200 square Ft. The 200 - 400 square Ft segment witnessed the largest revenue share in the market. The particular requirements of small to medium-sized areas are driving the requirement for commercial equipment in the 200–400 square feet range. Due to their accessibility, adaptability, and ability to satisfy niche markets, small cafes, boutique shops, and offices have become increasingly popular.Regional OutlookRegion wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The development of the regional market is significantly influenced by technological innovation, high per capita income, the high standard of lifestyle people adopts, and rising pollution consciousness. The market is expanding due to growing employee health awareness and governments implementing strict industrial regulations. The diverse climate of the region affects the need for commercial fans.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Regal Rexnord Corporation, Panasonic Corporation, 3M Company, Daikin Industries Ltd., Hitachi, Ltd., Carrier Global Corporation, SPX Flow, Inc., Honeywell International Inc., Sharp Corporation and Illinois Tool Works Inc.Recent Strategies Deployed in Commercial Fan and Air Purification Equipment MarketPartnerships, Collaboration and Agreements:Jun-2022: Hitachi Energy joined hands with Petrofac, a leading international service provider to the energy industry. With this collaboration, both companies would combine their expertise to support the decarbonization of power systems and deliver clean energy.Product Launch and Product Expansions:Dec-2021: Sharp Corporation released an FX-J80 air purifier, a novel AIoT air purifier fitted with Sharps Plasmacluster Technology that eliminates dust, airborne mold, microbes, and viruses to offer clear and fresh air inside homes. The FX-J80 air purifier can be tracked and controlled with the “SHARP AIR APP” available on Apple Store and Play Store, offering added ease of use to users.Jun-2021: Daikin introduced Daikin Air Purifier. This product is a portable room air purifier designed for improving indoor air quality (IAQ) while helping reduce the risk of airborne infections and pollutants.Jun-2021: Carrier revealed a new Wi-Fi-enabled smart air purifier. The smart air purifier continuously measures levels of pollution, samples incoming air, and indicates air quality. The new smart air purifier features three different technologies to make indoor air healthier.Mar-2021: Sharp Corporation released SmartAir, a new state-of-the-art air purifier model. The product was introduced in India under a partnership with QNET. The product is equipped with IoT functionality that enables it to be connected to Wi-Fi and managed from anywhere on a smartphone through the SHARP Air mobile app. The QNET and Sharp partnership had been in existence for 6 years and has grown in strength over that period.Acquisitions and Merger:Apr-2023: SPX Technologies Inc. completed the acquisition of Tamco, a manufacturer and distributor of lighting and electrical products. Through this acquisition, the company aimed to boost its growth by leveraging its combined product offerings, distribution channels, and SPX Technologies’ business system.Nov-2022: Daikin Europe N.V. completed the acquisition of Landi S.p.A., a manufacturer of electrical equipment and supplies. The acquisition allows the company to develop its service and solution proposition in the HVAC market. Moreover, it would strengthen the service capabilities of the company and its partners.Oct-2021: Regal Rexnord Corporation announced the merger of Regal Beloit Corporation with Rexnord Corporation’s Process & Motion Control Business. The merger would allow the company to provide broader components of offering enhanced digital and IoT capabilities.Sep-2021: Carrier acquired Toshiba Corporation’s ownership stake in Toshiba Carrier Corporation (TCC). Through this acquisition, Carrier aimed at benefiting from growing electrification and sustainability trends with the aid of Toshiba’s differentiated technology, strong channel, and global design and manufacturing footprint.Scope of the StudyMarket Segments covered in the Report:By Equipment Type• Air Purification Equipment• Attic & Exhaust Fan• OthersBy Power Range Type• 200 - 400 Square Ft• Less Than 200 Square Ft• More Than 400 Square FtBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• Regal Rexnord Corporation• Panasonic Corporation• 3M Company• Daikin Industries Ltd.• Hitachi, Ltd.• Carrier Global Corporation• SPX Flow, Inc.• Honeywell International Inc.• Sharp Corporation• Illinois Tool Works Inc.Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: https://www.reportlinker.com/p06487754/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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