Air Purification Systems Market Global Industry Analysis 2016 - 2024 Nov 2016 | Page 2

Air Purification Systems Market REPORT DESCRIPTION Air Purification Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024 The global air purification systems market features an essentially fragmented competitive landscape, with the top six vendors in the market collectively accounting for a nearly 45% of the overall market in 2015, observes a recent report by Transparency Market Research (TMR). These top vendors, namely Sharp Corp., Jarden Corp., Panasonic Corp., Honeywell International Inc., Daikin Industries Ltd., and Philips NV maintain their stronghold in the global market with the help of strategically located production and logistics assets and diversified product portfolios. Well-established brand names are also key to the top positions of these vendors in the market. However, the struggle to gain sustainable profits, especially in regional pockets that feature easy availability of cheaper technology and substitutes, is tough. The situation is markedly challenging in emerging economies wherein the cost of product plays a key role in purchasing decisions. Nevertheless, the high growth opportunities in these regions are bringing in international players through mergers, acquisitions, and collaborations. For instance, in order to capture the market in Asia, especially India, Sharp Corporation recently announced it had entered into a partnership with QNET to market its air purifier product ‘Plasmacluster’ on the latter’s redemption e-store. Complete Report with TOC : http://www.transparencymarketresearch.com/air-purification-systemmarket.html According to TMR, the global air purification systems market will exhibit an 8.4% CAGR over the period between 2016 and 2024, rising from a valuation of US$12.06 bn in 2015 to US$24.83 bn by 2024. Thanks to High Pace of Industrialization, Asia Pacific to Remain Key Consumer of Air Purifiers In terms of end-user, the global air purification system market acquired more than 40% of its overall revenues from sales in the industrial sector in 2015. In the next few years as well, the demand for air purification systems across the industrial sector will be the most lucrative as compared to other end-use sectors. Geographically, the market earns a dominant share of the overall revenue from sales across Asia Pacific. The Asia Pacific air purification systems market accounted for more than 30% of the market in 2015 and is expected to remain dominant over the forecast period as well. Worsening Levels of Air Pollution in Emerging Economies to Drive Market The global air purification systems market in developing regions is primarily driven by the increasing urbanization and industrialization, especially in countries such as China and India. The starkly degrading quality of air, followed by the rising concerns regarding harmful effects of air pollution on human health in Transparency Market Research 2