Artificial intelligence is redefining the technology landscape for Indoor Air Quality (IAQ) solutions, a global market set to grow by $US13.9 billion from 2025 to 2029.
Research firm Technavio estimates a Compound Annual Growth Rate (CAGR) of 6.9 per cent during the forecast period.
This fast-moving market has been driven by technological advances and a high rate of new product launches.
High profile players such as Carrier, Daikin, Camfil & Panasonic make it fiercely competitive, especially in the wake of COVID and growing concern about indoor pollution and its impact on health.
In a report identifying trends and opportunities in the IAQ market, Technavio, said the market faces intense competition due to the presence of numerous regional and international vendors.
“This fragmented vendor landscape poses challenges for global players looking to maintain their market position,” the report said.
“Local vendors offer affordable indoor air quality solutions and equipment, including air filters, air purifiers, and humidifiers, forcing global vendors to match their pricing.
“This competition negatively impacts the market growth for indoor air quality solutions, equipment, and services.”
HVACR professionals recognise the need for HEPA filters and building management solutions.
While automation and WELL building standards have become the norm, professionals increasingly rely on monitoring tools and sensors to measure pollutant types.
Solutions range from UV lamps to carbon monoxide alarms.
“Air quality regulations are key drivers for sectors like oil and gas, coal and mining, power and energy, manufacturing, schools and universities, hospitality, retail, office buildings, hotels and restaurants, as well as aged care,” the report said.
Technavio said advancements in technology, such as IoT-based monitoring systems and cyber-physical systems for real-time IAQ monitoring, along with advanced sensor networks, are promoting the installation of IAQ systems across a wide range of applications.
“The manufacturing industry and power plants are adopting Industry 4.0-related IAQ solutions to prioritise employee health,” the report said.
There is also growing demand for portable IAQ monitors to maintain healthy indoor environments in homes and workplaces.
“These devices provide real-time data on air quality, enabling users to take necessary actions to improve IAQ and protect their health. Overall, the IAQ solutions market is poised for significant growth in the coming years,” the report said.