The global market for Residential Air Purification Equipment is expected to decline by -2.8% in the year 2020 and thereafter recover and grow to reach US$13 billion by the year 2027 trailing a post COVID-19 CAGR of 6% over the analysis period 2020 through 2027. While the pandemic is estimated to cost trillions of dollars to the global economy, another knock-on effect of COVID-19 is the rise in unemployment across the globe. As businesses struggle to keep afloat, job cuts and bankruptcies are expected to rise sending millions into unemployment. Rapid tightening of financial conditions, dwindling trade, and increasing geopolitical tensions, continue to erode business confidence. Unemployment rates are climbing to worrisome levels in both developed and developing economies alike. The loss in consumer confidence and erosion of household wealth and discretionary spending will impact virtually every industry and business worldwide. The pandemic has pushed consumers to conserve cash. With unemployment rates rising amid the virus induced economic crisis, consumers are cutting spending budgets. Unemployment rates have hit never-before highs with the US topping the charts with double digit growth in unemployment rates. Social outlook against this background remains grim with households expected witness erosion in wealth. Personal financial outlook, community, economy, job security confidence, purchasing and investment confidence are all tumbling as the human and economic cost of the global pandemic rises. As discretionary funds are used to purchase consumer goods, the scenario is expected to impact demand for residential air purification equipment in the year 2020.

In the post COVID-19 period, growth will be supported by the growing role of smart air purifiers, which interestingly has been elevated by the pandemic. The pandemic has focused the spotlight on indoor air quality. The ability of residential air purifiers to considerably reduce the viral load in indoor settings is poised to bolster their adoption over the short-term. In addition, rising consumer awareness over the many benefits of air purification amid the pandemic will fuel retail sales of these purifiers, once the economic climate improves. Leading companies are ramping up production and integrating their devices with specific technologies including HEPA filters, activated carbon purifiers, ionic filters and photocatalytic purifiers. With growing awareness over airborne transmission of the infection, emphasis on ambient indoor air gained huge interest in recent months. COVID-19 aerosols can stay in the air for a longer period, which creates the robust need for filtering the air to keep the indoor environment virus free. Smart air purifiers are set to experience incremental demand growth in the year 2021. The strong focus on clean indoor air is expected to push the adoption of smart air purifiers. Various organizations and countries such as the US Centers for Disease Control and Prevention are recommending airborne precautions.

The scenario will create significant demand for advanced air purifiers built on sophisticated technologies. In response to the COVID-19 pandemic, several companies have launched new innovative products with claims for air purifiers to kill novel Coronavirus. Third party lab tests on Airdog X5 demonstrated that the product kills 99.9% of H3N2 viruses in a 30 cubic meter sealed testing room over the course of an hour. AirX Pro range of air purifiers featuring patented technology claims to remove up to 99.9% of particles, viruses and bacteria and other air borne allergens in enclosed spaces. Research on air purifiers incorporated with UV lights showed that the product holds potential to fight the coronavirus. With countries across the world easing lockdown restrictions and businesses reopening to the public, people will shift focus on measures to mitigate the risk of airborne transmission of the virus and also make the indoor environment cleaner and safer. This is expected to augur well for air purifiers, in particular smart air purifiers. Deployment of these tools will also gain traction in retail centers, public facilities, and other areas, where people movement is high. Large malls in New York City were required to install air filtration systems before reopening to keep indoor air safe. Furthermore, the technology will be attractive in residential homes, specifically large households in the high income bracket. While Air purifiers with HEPA filters are claimed to be effective in capturing viruses including the COVID-19 virus, studies reveal that they cannot be considered as a complete solution for protection against COVID-19. Nonetheless, given the fact that the COVID-19 disease is likely to persist for some more time, demand for smart air filters in commercial and residential environments will grow robustly as part of proactive hygiene strategies as people begin to learn to live with the virus.