Global Humidifier Market Revenue to Grow at a CAGR of 5.1% during the Forecast Period (2018–2028), Driven by the Increasing Adoption of Humidifiers in the Industrial Sector: Future Market Insights
Sep 28,2018 | Electronics, Semiconductors, and ICT
According to a recent market report published by Future Market Insights titled “Global Humidifier Market Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028,” the global humidifier market was valued at US$ 2.4 Bn in 2017, and is expected to register a CAGR of 5.1% from 2018 to 2028.
In today’s rapidly changing lifestyle, growing concern towards a healthy environment and upgrading living standards is creating high demand humidifiers. In addition, continuous developments in technology are fuelling market growth. Continuous technology developments, such as cloud technology, the introduction of smart humidifiers, ultrasonic humidifiers and others, are expected to positively impact the growth of the global humidifiers market. Humidifiers are devices that increase or maintain the humidity of the environment. Humidifiers have a wide range of applications in the residential and industrial segments. The most common types of humidifiers are warm-mist humidifiers, cold-mist humidifiers and ultrasonic humidifiers.
Increase in industrialisation and growing concerns regarding a healthy work environment are among factors expected to boost the adoption of humidifiers in the industrial sector. There is high demand for humidifiers from industries such as healthcare, pharmaceuticals and automotive. Moreover, government standards and regulations to maintain humidity at a pre-determined level in these industries are boosting the adoption of industrial humidifiers.
The adoption of connected home appliances and smart homes is high in the U.S. With an increase in the number of smart homes, vendors are more focused towards the development of smart humidifiers to tap into the market. Moreover, the increasing adoption of smart appliances is expected to drive the smart humidifier segment during the forecast period. For instance, in March 2018, Royal Philips launched a smart air purifier and humidifier in the North America market. This new product enabled Royal Philips to expand its smart home appliances portfolio and to tap into new potential customers in the North America region.
North American countries, such as the U.S. and Canada, are witnessing the trend of the integration of humidifiers with HVAC. Large-size industries require multiple humidifiers, which is not cost-effective. Moreover, it is difficult to monitor and maintain multiple humidifiers. Hence, customers look for a single humidifier integrated with an HVAC system. The major advantage of the integration of a centralised humidifier with HVAC is cost-effectiveness and easy maintenance.
OEMs are focusing on backward integration to increase their revenue from potential sources. With a backward integration model, OMEs have been least reliable on their suppliers. This also helps them design customised solutions with which they can develop a competitive advantage in the market. For instance, DRI-STEEM Corporation and Armstrong International Inc. offer humidifiers along with accessories used for their configuration.
For More Detailed Insights on Humidifier Sales 2019
Revenue generated by the global humidifier market is estimated to exhibit a single-digit CAGR, and hence, reach US$ 4.1 Bn by 2028. On the basis of type, the humidifier market is segmented into warm-mist humidifiers, cold-mist humidifiers, ultrasonic humidifiers and others. Revenue contribution from the ultrasonic humidifier segment is expected to increase at a high CAGR during the forecast period due to features such as the safety offered by the device and the low cost.
On the basis of installation, the humidifier market is segmented into fixed and portable. Revenue contribution from the fixed humidifier segment is expected to increase at a high CAGR during the forecast period due to the features such as light weight and easy portability.
On the basis of application, the humidifier market is segmented into residential and commercial/industrial. Revenue contribution from the commercial humidifier segment is expected to increase at a high CAGR during the forecast period due to an increase in government regulations and the high adoption of HVAC.
On the basis of the sales channel, the humidifier market is segmented into organised market, unorganised market and online/e-commerce. Revenue contribution from the online/e-commerce humidifier segment is expected to increase at a high CAGR during the forecast period owing to the ease of conducting business overseas, which is encouraging vendors to move towards this segment. This trend is expected to contribute to the growth of the online/e-commerce segment of the humidifier market during the forecast period.
On the basis of region, the humidifier market is segmented into North America (U.S. and Canada), Latin America (Brazil, Mexico and the rest of Latin America), Western Europe (Germany, Italy, France, Spain, U.K., BENELUX and the rest of Western Europe), Eastern Europe (Russia, Poland and the rest of Eastern Europe), SEA & Other APAC (India, ASEAN, Australia & New Zealand and the rest of SEA), Japan, China and the Middle East and Africa (GCC countries, South Africa , Turkey, Northern Africa and the rest of MEA).
Key competitors in the humidifier market are Guardian Technologies, Koninklijke Philips, Honeywell International Inc., Dyson Ltd., De'Longhi S.p.A., Condair Group, Boneco AG, CAREL INDUSTRIES S.p.A., LG Electronics, Neptronic, Smart Fog Manufacturing, DriSteem, HygroMatik GmbH, STULZ Air Technology Systems and Aprilaire.
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