The COVID-19 pandemic has changed market demand and value of a wide range of things that so long didn’t have much significance in our lives. Personal protective equipment like face masks and gloves, hand sanitizers and air purifiers have become an indispensible part of our lives in the past few months.
These are perhaps the only things that we have in our hands as of now to fight the coronavirus, as a successful vaccine is still far from reality. Air purifiers, especially, have been high on demand, following the coronavirus outbreak.
COVID-19 Helping Air Purifier Sales
Air pollution leads to about 6.5 million deaths each year, making it the world’s fourth-largest threat to human health, according to a 2016 report by the International Energy Agency. The threat has only grown since then, with this year becoming an exception.
Air purifiers can, to a large extent, help people who are suffering from asthma, airborne allergies and other breathing disorders. And since COVID-19 is airborne, air purifiers have seen a surge in residential and commercial demand in the past few months as a preventive measure.
Air Purifier Market Poised to Grow
Coronavirus is primarily transmitted from an infected to a healthy person through respiratory droplets and contact routes. According to the United States Environmental Protection Agency, air purifiers can diminish airborne contaminants, which comprise viruses in any confined space. However, one would still need to use it along with other best practices recommended by the Centers for Disease Control and Prevention for an ideal plan to protect oneself against the disease.
Per an Allied Market Research report, the global portable air purifier market garnered $8.27 billion in 2019 and is estimated to reach $13.75 billion by 2027 at a CAGR of 12.1% from 2020 to 2027. According to a new market report published by Industry Research, the global air purifier market was valued at $19,232 million in 2017 and is expected to expand at a CAGR of more than 32.4% from 2018 to 2024, reaching $182,101.1 million by the end of the forecast period.
Besides, the Centers for Disease Control and Infection also recommended the use of purifiers to lessen viral concentrations of the SARS virus when well-ventilated hospital rooms were occupied.
Given the growing cases of coronavirus being reported in the United States since states started reopening, the importance of air purifiers will only grow form here. We have shortlisted four stocks in this space that are poised to grow in the near term due to surging demand for air purifiers.
Whirlpool Corporation WHR is one of the largest manufacturers of home appliances in the world. Besides, it also produces hermetic compressors for refrigeration systems and offers quality air purification solutions. According to Whirlpool, the company’s HEPA purifiers are capable of removing as much as 99.97% of particles from air.
The company’s expected earnings growth rate for next year is 25.6%. The Zacks Consensus Estimate for current-year earnings has improved 22.5% over the past 30 days. Shares of the company have gained 49.8% over the past three months. Whirlpoolsports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Unilever NV UN entered the air purifier space with the acquisition of Sweden-based Blue-Air, which has been one of the market leaders in air purifying solution with leading edge of filtration technologies and design.
The company’s expected earnings growth rate for next year is 3.9%. The Zacks Consensus Estimate for current-year earnings has improved 8.5% over the past 30 days. Shares of the company have gained 22.2% over the past three months. Unilever has a Zacks Rank #2 (Buy).
Koninklijke Philips N.V. PHG operates as a health technology company worldwide. The company manufactures smart air purifiers and humidifiers. The products come with HEPA filters for increased protection.
The company’s expected earnings growth rate for the current year is 7.1%. The Zacks Consensus Estimate for current-year earnings has improved 15.2% over the past 30 days. Shares of the company have gained 20.7% over the past three months. Koninklijke Philipscarries a Zacks Rank #2.
Carrier Global Corporation CARR is a provider of heating, ventilating and air conditioning, refrigeration, fire, security and building automation technologies. Following the COVID-19 outbreak, the company has launched a wide range of air purifiers for residential units, schools and for single apartments.
The company’s expected earnings growth rate for next year is 18.1%. The Zacks Consensus Estimate for current-year earnings has improved 2.2% over the past 30 days. Shares of the company have gained 54.8% over the past three months. Carrier Global has a Zacks Rank #2.
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