Albany, NY -- (SBWIRE) -- 11/24/2017 -- The global dehumidifier market is projected to have a CAGR of 6.4% between the years 2014 and 2020. This market was valued at US$1.92 bn in 2013. The current rate of growth is expected to propel the market to US$2.96 bn by the end of 2020, which is stated in a market intelligence report released by Transparency Market Research. The report is titled, "Dehumidifier Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020".
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According to the report, the global dehumidifier market is currently being driven by the large-scale adoption of dehumidifiers in the industrial and commercial sectors. The report also explains that regulatory pressure on industries is causing a spike in the demand for dehumidifiers, thereby allowing a major scope of growth for this market.
The global dehumidifier market is also being propelled by the booming construction industry. The heavy activity levels in the global construction industry, especially in developing economies of the Asia Pacific region, are creating a major increase in demand for dehumidifiers. The market is also expected to witness an increase in demand from previously untapped application segments such as power plants and military arms depots.
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The report also includes discussions on the restraints that are affecting the global dehumidifier market. This includes an uncharacteristically large number of product recalls that have recently occurred. Multiple major manufacturers of dehumidifiers have called for product recalls owing to manufacturing defects and other technical issues.
One of the core categories of the global dehumidifier market, used by the report for segmentation purposes, is the application industries involved. The three main segments in this category are industrial, residential, and commercial applications. Of these, the industrial applications segment has led the global dehumidifier market so far. This is owing to the high demand for dehumidifiers in the construction industry, where dehumidifiers are used to dry up plaster and slabs in order to accelerate construction rates and to prevent the growth of mold.
From the point of view of products, the global dehumidifier market was led by desiccant dehumidifiers in 2013, while the heat pumps segment is projected to have a high CAGR of 6.5% between 2014 and 2020.
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North America has led the global dehumidifier market recently, until 2013. This region's demand is expected to continue increasing in the report's given forecast period, consequently maintaining its leading position. At the same time, its market share will be lost to Asia Pacific, which is showing the fastest growth rate in the global dehumidifier market for the same forecast period. The growth of the Asia Pacific dehumidifier market is largely owed to the high demand for cold storage applications as well as in the construction industry.
The key players in the global dehumidifier market are General Filters, Inc., Electrolux (Frigidaire), Heat Controller, Inc. (Comfort Aire), Sunpentown International Inc., Honeywell International Inc., LG Electronics, Inc., Haier Group, Whirlpool Corporation, De'Longhi Appliances S.r.I, and Therma-Stor LLC.