Rising Demand for Indoor Air Quality Technology
The market for air purification equipment has been gaining momentum as a result of rising concerns over IAQ and increasing health consciousness among consumers. Products within this group that until recently had been viewed as a luxury are now found in an increasing number of homes and commercial workspaces. As a result, the North American air purification equipment market will expand significantly. (Global Industry Analysts, “Air Purification Equipment Market”, February 2009).
The U.S. IAQ market generated $7.7 billion in 2008, with the equipment segment accounting for $3.6 billion. Continuing media attention given to the health effects of toxic mold, the outbreak of infectious diseases such as swine flu, and the increase in chronic respiratory diseases such as asthma have resulted in new interest in, and attention to, indoor air quality. Building owners and operators are expected to purchase growing quantities of IAQ-related equipment and services in the hope of reducing or eliminating these contaminants from their buildings. (BCC Research, “U.S. Indoor Air Quality Market”, August 2009)
Employers have incentive to keep workers healthy. 425 million sick days were taken in 2008, costing an estimated $60 billion in lost productivity. “Presenteeism,” a new term coined for employees working while unhealthy, is even worse for employers and the healthcare system, costing approximately $160 billion annually in lost productivity. (Kalorama Information, “The Market for Wellness Programs”, September 2009)