Newstrail.com

Search

Dehumidifiers Global Market is Growing at Steady CAGR of 6.7% to Reach $7,348.2 million in 2031

Dehumidifiers Global Market is Growing at Steady CAGR of 6.7% to Reach $7,348.2 million in 2031

According to a report by Altus Market Research titled, “Dehumidifiers Global Market 2022 Share, Growth To 2031: By Product Type: (Chemical Absorbent; Heat Pump; Ventilating Dehumidifier); By Application: (Commercial; Industrial; Residential); By Technology: (Cold Condensation; Sorption; Warm Condensation)”, the global dehumidifiers market Size reached a value of nearly $3,895.4 million in 2021, having increased at a compound annual growth rate (CAGR) of 5.2% since 2016. The market is expected to grow from $3,895.4 million in 2021 to $5,325.4 million in 2026 at a rate of 6.5%. The market is then expected to grow at a CAGR of 6.7% from 2026 and reach $7,348.2 million in 2031.

Market Growth Drivers:

Growth in the historic period in the dehumidifiers market resulted from a rise in disposable income and an increase in the construction of shopping malls. The market was restrained by high energy consumption by the dehumidifiers. Going forward, rising urbanization, growing expenditure on comfort and luxury, growing need for energy-efficient products, increasing population growth, growing adoption of the dehumidifier in food packaging and processing, and stringent regulation on industrial and commercial sector air pollution will drive growth. Factors that could hinder the growth of the market in the future include the coronavirus pandemic and high installation costs.

Request Research Sample with Latest Industry Insights (250+ Pages Report): https://altusmarketresearch.com/reports/sample/43195

Market Growth by Segments:

The dehumidifiers market is segmented by product type into chemical absorbent, heat pump, and ventilating dehumidifier. The chemical absorbent segment was the largest segment of the dehumidifiers market segmented by product type, accounting for 56.3% of the total in 2021. Going forward, the heat pump segment is expected to be the fastest growing segment in the dehumidifiers market segmented by product type, at a CAGR of 7.1% during 2021-2026.

Market Growth by Applications:

The dehumidifiers market is also segmented by application into commercial, industrial, and residential. The industrial segment was the largest segment of the dehumidifiers market segmented by application, accounting for 55.2% of the total in 2021. Going forward, the commercial segment is expected to be the fastest growing segment in the dehumidifiers market segmented by application, at a CAGR of 7.0% during 2021-2026.

The dehumidifiers market is also segmented by dehumidifier technology into cold condensation, sorption, warm condensation, and other technologies. The sorption segment was the largest segment of the dehumidifiers market segmented by dehumidifier technology, accounting for 47.2% of the total in 2021. Going forward, sorption segment is expected to be the fastest growing segment in the dehumidifiers market segmented by dehumidifier technology, at a CAGR of 6.7% during 2021-2026.

Market Growth by Region:

North America was the largest region in the dehumidifiers market, accounting for 34.8% of the total in 2021. It was followed by the Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the dehumidifiers market will be Asia Pacific and South America where growth will be at CAGRs of 8.4% and 6.8% respectively during 2021-2026. These will be followed by Western Europe and North America, where the markets are expected to register CAGRs of 6.2% and 5.5% respectively during 2021-2026.

COVID-19 Impact

COVID-19 is highly infectious and contagious in nature, for which the population is not pre-immune. Hence, diagnosis plays a critical role in such diseases. The number of people infected with the COVID-19 virus has been increasing significantly which calls for the need to shorten the time taken for diagnosis and treatment, better and accurate detection speeds, and the development of innovative molecular diagnostic techniques. The availability of efficient and accurate laboratory diagnosis is critical for the effective prevention and control of the pandemic. Early detection, diagnosis, isolation, and treatment is the most effective way to prevent and control COVID 19.  The virus has disrupted supply chains of various industries across the globe including the dehumidifiers market. Closure of international borders, cargo transportation, major raw material and basic components production units in countries including China and India, as well as government measures towards import COVID-19 management equipment affected the supply chain of dehumidifiers.

Market Growth by Key Players:

The global dehumidifiers market is fairly fragmented, characterized by the presence of both local and global dehumidification systems providers. The top ten competitors in the market made up to 26.94% of the total market in 2020. The established market players are putting a strong emphasis on investing in new generation technologies to develop smart, energy-efficient dehumidifiers.

Other Players Covered in the report

Resideo Technologies Inc., Therma-Stor LLC, Whirlpool Corporation, Dantherm AS, Seibu Giken DST AB, Daikin Industries Ltd., Panasonic, Xiaomi Corporation, Coway, Samsung Electronics Co.Ltd, Solenco, Midea, TCL Corporation, Sanyo Electric, Hysure, Condair, Sunbeam Products Inc., YADU, Little Swan, Homelabs LLC company, Pure Enrichment, Frigidaire, Thermomatic Group, Bridgeport, Kiwi Energy, Norman Wright Mechanical Equipment Corporation, Inc., Alessa Industries Co, Indus International FZC, Maico Gulf L.L.C , Zamil Air Conditioners, CFW environmental, GMC aircon

Strategies by Key Players:

Player-adopted strategies in the dehumidifiers market includes strategic collaboration and acquisitions investments, strategic partnerships for producing new dehumidifiers, opening new manufacturing sites, and new product launches to meet the global demand and strengthen their product portfolio.

Future Investment Opportunities:

The top opportunities in the dehumidifiers market segmented by product type will arise in chemical absorbent segment, which will gain $837.0 million of global annual sales by 2026. The top opportunities in the dehumidifiers market segmented by application will arise in industrial segment, which will gain $809.5 million of global annual sales by 2026. The top opportunities in the dehumidifiers market segmented by dehumidifier technology will arise in sorption segment, which will gain $703.5 million of global annual sales by 2026. The dehumidifiers market size will gain the most in the USA at $353.6 million.

Market: Trend-based Strategies

Market-trend-based strategies for the dehumidifiers include invest in developing IoT-enabled dehumidifiers, focus on chemical absorbent dehumidifiers in order to reduce energy consumption and enhance revenue, develop customizable dehumidifiers to boost product utilization and revenue, focus on collaborating or partnering with power plants to not only provide equipment but also post-purchase services, consider M&A growth strategies to gain access to new product technologies, expand the customer base and their geographic markets, invest more in climatix devices and technology to strengthen their product portfolio and increase their revenue and focus on investing in desiccant dehumidification technology as it provides lower equipment costs.

Growth Strategies by Altus Market Research for Companies in the Market:

To take advantage of the opportunities, The AMR recommends the dehumidifiers companies to use Climatix in dehumidifiers, increase adoption of desiccant dehumidification technology, focus on internet of things (IoT)-enabled dehumidifiers, scale up through mergers and acquisitions activity, expand in emerging markets, provide competitively priced offerings in low-income countries, adopt premium pricing for new and innovative dehumidifiers, leverage social media use to maximize reach, participate in trade shows and events and target millennials.

Facebook
Twitter
LinkedIn
Pinterest