International.
The global air purification systems market was valued at $12.06 billion in 2015 and is projected to reach $24.83 billion by 2024 at a compound annual growth rate of 8.4% between 2016 and 2024, according to a report by Transparency Market Research.
Asia-Pacific dominates the air purification systems market, followed by North America and Europe. The Middle East and Africa are also expected to be the major future markets for air purification systems during the forecast period. Significant expansion in the industrial and commercial segments resulting in increasing air pollution in developing regions is anticipated to be a key factor for the air purification systems market in these regions.
In terms of end-user, industrial was the largest segment of the global air purification systems market, accounting for more than 40% share in 2015. The segment is expected to continue its dominance during the forecast period due to steady growth in industries, especially in emerging economies. The application of rigorous government standards and the growing awareness of workers' health are the reasons driving the market. Commercial is another key segment of the end user, due to increased infrastructure activities and increased awareness in the health care, tourism and hospitality sectors. Air purification systems for residential applications are still in the early stage, but are also projected to grow during the forecast period due to IAQ concerns.
