Dehumidifiers are products that reduce humidity levels in a room by removing water vapor from air. They are used in closed spaces like attics or basements to remove musty odors. Changing climatic conditions and rapid urbanization will positively impact the market in the years to come. Indoor Air Quality (IAQ) and ventilation guidelines are also estimated to favor the dehumidifier market.
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The market was worth USD 2.1 billion in 2014. Demand from commercial and residential areas would propel the sales of these devices from 2015 to 2022 (forecast phase). The market is projected to reach USD 3.5 billion by 2022. Escalating competition among its players has led to price wars, cutting-down the profit margins.
Dehumidifiers enhance air quality and eliminate surplus moisture. This results in a healthy living environment. Awareness regarding energy consumption will assist energy effective and affordable dehumidifiers to grow further. Products in the dehumidifier market constitute heat pumps, chemical absorbents, and ventilating.
Chemical absorbents would remain the key product and grow at 6.5% CAGR during the forecast phase. They face huge demand from restaurants, hotels, medical centers, and buildings. Heat pumps are energy efficient and will contribute over 10% of the global shares in the forthcoming years.
The dehumidifier market has applications in commercial, residential, and industrial sectors. Industrial accounted for over 50% of the overall revenues in 2014. It includes construction, pharmaceuticals, ice rinks, food & beverages, maritime, and cold storage. Bulky industries like polymers, ceramics, and automobiles adopt dehumidifiers to prevent rusting. Furthermore, power plants and military depots are to witness greater demand, providing future market opportunities.
The North American dehumidifier market accounted for more than 35% of the total income in 2014. It would benefit from industrial & commercial applications and construction activities in the region. Europe will experience significant growth due to demand in its food & beverages segment. Asia Pacific is anticipated to grow at over 7% CAGR in the forecast phase.
Key players in the worldwide dehumidifier market are General Filters, Inc., Electrolux (Frigidaire), Whirlpool Corporation, Honeywell International, and Haier Group. Most of them are concentrating on products that are incorporated with HVAC systems. Robust market competition due to existence of many players has resulted in price wars.
Information Source: Radiants Insights