GCC Air Purifiers Market Poised to Rake US$ 85 Mn by 2020
FMI forecasts that air purifiers are set to become pervasive in the Gulf Cooperation Council (GCC) region, amplifying at a CAGR of 17% to reach a CAGR of US$ 85 million by 2020. According to “Air Purifiers Market: GCC Industry Analysis and Opportunity Assessment 2014-2020”, air purifiers will witness increased adoption in GCC, especially in the healthcare sector.
With an aim of economic diversification, GCC countries—Saudi Arabia, UAE, Bahrain, Kuwait, Oman, and Qatar—are investing in healthcare, tourism, and hospitality. Healthcare sector is fuelling the air purifiers market in GCC, as threat of communicable bacterial infection is high in this sector.
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GCC countries are all set to welcome large number of 5-star healthcare facilities, projecting it as a preferred destination for medical tourism. The region is witnessing the construction of world class medical cities, such as Sheikh Khalifa Medical City in UAE and King Khalid Medical City in Saudi Arabia. Upcoming medical cities like International Medical city in Oman and Prince Nayef Medical City in Saudi Arabia are further expected to boost medical tourism in the region. GCC also witnessed 3rd international Medical & Healthcare Exhibition (IMTEC Oman) in January 2015. According to FMI, these developments will create opportunities for the adoption of air purifiers in the healthcare sector during the forecast period.
Although FMI maintains a positive outlook on the GCC air purifiers market, few factors can impede its growth during the forecast period. Awareness about air purifiers is still low among the general population. FMI opines that low awareness and high cost can pose challenges for the GCC air purifiers market during the forecast period.
On the basis of technology, FMI has segmented the GCC air purifiers market into High Efficiency Particulate Air (HEPA), activated carbon, electrostatic precipitator, ion and zone generators, and ‘other’ technologies. Among these, HEPA accounted for more than 40% of the total market in 2014; FMI estimates this technology segment to expand at a CAGR of 17% during the forecast period.
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Saudi Arabia is the most lucrative region for the air purifiers market in GCC, accounting for a market value of US$ 14.85 Mn in 2014. On the other hand, UAE is anticipated to register a CAGR of 17% by 2020. Rest of GCC, which includes Kuwait, Qatar, Bahrain, and Oman, is anticipated to expand at a CAGR of 15% during the forecast period.
The GCC air purifiers market can be broadly categorised into commercial and residential. Commercial sector accounted for more than 85% of the total revenue generation in 2014. On the other hand, the residential air purifier market, which is still at nascent stage, is estimated to expand at a CAGR of 18% during the forecast period.
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Key players are channelising their efforts towards creating awareness about air purifiers among consumers, especially among pregnant women and elderly population. Some of the key players in the GCC air purifiers market are Sharp Corporation, Panasonic, Hitachi, Samsung, and LG.
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