Dehumidifier Market worth US$ 4,559.9 Million by 2028 - Exclusive Research by The Insight Partners
Rapid Urbanization and Growing Disposable Income to Create Growth Opportunities for Dehumidifier Market during 2021–2028
NEW YORK, UNITED STATES, November 15, 2021 /EINPresswire.com/ -- According to our latest market study on “Dehumidifier Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the market was valued at US$ 2,797.5 million in 2021 and is projected to reach US$ 4,555.9 million by 2028; it is expected to grow at a CAGR of 7.2% from 2021 to 2028.
Strategic Insights
Report Coverage Details
Market Size Value in: US$ 2,797.5 million in 2021
Market Size Value by: US$ 4,559.9 million by 2028
Growth rate: CAGR of 7.2% from 2021-2028
Forecast Period: 2021-2028
Base Year: 2021
No. of Pages: 142
No. Tables: 56
No. of Charts & Figures: 72
Historical data available: Yes
Segments covered: Type and Application
Regional scope: North America; Europe; Asia Pacific; Latin America; MEA
Country scope: US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage: Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Rising urbanization, increasing disposable income, growing expenditure on comfort and luxury, and low air quality are a few of the factors driving the demand for dehumidifiers. Moreover, advancements, coupled with the changes in government and organizational regulations for energy consumption, are contributing to the growth of the dehumidifiers market. The demand for smart dehumidifiers that work with technology, calculate humidity levels for the air, and work automatically is rising. Also, the emergence of cloud-based technology that allows the connection of dehumidifiers with smartphones, tablets, and laptops accelerates market growth.
In 2020, due to the COVID outbreak, the world economy suffered significant consequences, and the effects are expected to endure to some extent in the coming years. A dehumidifier is widely used in the food industry, pharmaceutical industry, electronic & semiconductors industry, defense industry, leather industry, turbine industry, and cold stores. Demand for dehumidifiers at various small & medium enterprises is also declined significantly. However, after the situation comes to normalcy, the dehumidifier market is expected to grow considerably across the world.
Impact of COVID-19 Pandemic on Dehumidifier Market
Due to the sudden COVID-19 outbreak, many industries came to a standstill. Dehumidifiers are used widely in the food industry, pharmaceutical industry, electronics & semiconductors industry, defense industry, leather industry, turbine industry, and cold stores. Also, owing to the pandemic, rising requirements for medicine and medical facilities are propelling the need for respective dehumidifiers. The residential and commercial sector in China is rapidly adopting dehumidifiers to maintain the required humidity levels. Demand for dehumidifiers at various small & medium enterprises is declined significantly. However, after the situation comes to normalcy, the dehumidifier market is expected to grow considerably across the world.
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The dehumidifier market in North America is sub-segmented into the U.S., Canada, and Mexico. North America is expected to provide a vast opportunity to the dehumidifiers market during the forecast period due to the growing number of construction activities and demand for the product in both industrial and commercial applications in the region. The major share of this region is mainly attributed to the rapid growth of the construction industry, changing climate conditions, high industrialization, and rising consumer inclination towards a healthy environment. The government bodies in North America have enforced the use of energy-efficient systems which is driving the growth of the market.
The government bodies in the US such as DOE have enforced the use of energy-efficient systems which is driving the growth of the market. DOE is adopting more-stringent energy conservation standards for dehumidifiers. For instance, DOE has published a Federal Register notice undertaking an early assessment review for amended energy conservation standards for dehumidifiers to determine whether to amend applicable energy conservation standards for this product.
Dehumidifier Market: Competitive Landscape and Key Developments
Haier Group Corporation; Electrolux AB; LG Electronics; Whirlpool Corporation; De’Longhi Appliances S.r.l.; General Filters, Inc.; Sunpentown International Inc.; Therma-Stor; and Munters and Resideo Technologies, Inc. Several are among the key players in the global Dehumidifier market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In September 2021, in the LG Styler, the drying feature doubled as a powerful dehumidifier, which prevents the build-up of molds in houses and minimizes respiratory distress indoors.
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