The global indoor air quality monitor market size is expected to expand at a CAGR of 8.8%. The market value is projected to increase from US$ 5,006.7 million in 2023 to US$ 11,672.4 million by 2033. Over the forecast period, global indoor air quality monitor sales are likely to soar quickly owing to the increasing air pollution globally and the rise in awareness about indoor air quality.
The rising awareness about the health concerns associated with poor indoor air quality on the well-being of the masses is driving the market growth for indoor air quality monitor. Innumerable factors such as volatile organic compounds, tobacco products, central heating and cooling systems, excess moisture, particulate matter, and others lead to indoor air pollution, which harms human health. The pandemic was an alarm to shift focus on improved healthcare and lifestyle. With every day there being a possibility of a threat to exposure to some toxicants, the dynamics of the lifestyles of consumers have considerably changed. This upsurges market demand for indoor air quality monitoring devices as they can provide concurring data about indoor air quality levels.
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Favorable government policies and regulations about maintaining good indoor air quality in commercial and residential spaces boost demand for indoor air quality monitors. The adoption of the ongoing trend of smart homes has facilitated the demand for indoor air quality monitors that can be operated remotely through phones or IoT devices, shifting the economics positively towards growth in the indoor air quality monitor market.
The assurance of accuracy and reliability of indoor air quality monitoring devices comes out as a challenge. Additionally, the integration of the system can be complex and expensive. The low-cost consumer-grade monitors are compromised in accuracy, and the development of cost-effective devices continues to challenge manufacturers.
Other Market Players in the Indoor Air Quality Monitor Market
- Aeroqual Ltd.
- TSI Inc.
- Ingersoll Rand Plc.
- Panasonic Corp.
- Daikin North America LLC
- Trane Technologies plc
- Lennox International Inc.
- Zigma Global Environ Solutions
- Teledyne Technologies Inc.
- Horiba Ltd.
Market Competition
The indoor air quality monitor market is dynamic, with established players and many emerging startups. The dominant players hold significant market shares in regions of North America, Asia Pacific, and Europe, among others. Players are taking advantage of the rise in the middle-class population. The expanding middle class expands their purchasing power, and this drives higher demand for indoor air quality monitoring devices.
Investments in research and development are anticipated to lead to the creation of more cost-effective solutions. Many players are adopting strategies such as mergers and acquisitions to expand their footprint in the market. Collaborations and partnerships present better opportunities for companies.
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Recent Developments
- In July 2023, Siemens, a leading technology company, and BayWa integrated their business plans to advance CO2-optimized industrial production. The two firms are combining Sigreen, Siemens’ software for emission management, with BayWa Carbon Connect, BayWa’s software for emissions offsetting.
- In July 2023, Emerson announced the launch of the healthcare sector’s first integrated manifold solution for optimizing respiratory therapy device designs and accelerating product speed to the market – the ASCO Series 588 Stationery Oxygen Concentrator Manifold.
- In July 2023, Thermo Fisher Scientific Inc., a global leader in serving science, signed an agreement to acquire CorEvitas, a leading provider of regulatory-grade, real-world evidence for approved medical treatments and therapies, from Audax Private Equity for US$ 912.5 million.
Key Segments Profiled in the Market
By Product Type:
- Fixed
- Portable
By Pollutant Type:
- Chemical
- Physical
- Biological
By End User:
- Government Buildings
- Industrial
- Commercial Buildings
- Residential
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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