Carrier Global Corporation
’s
CARR
Carrier has introduced a smart air purifier to expand air purifier offerings.
The purifier samples incoming air at homes and offices, measures pollution level, and then mentions air quality on the LED screen.
Notably, the purifier can improve indoor air quality on the back of its three filtration technologies – a pre-filter for the removal of large airborne particles, an activated carbon filter for eliminating odors and the most important one, i.e. a high-efficiency particulate absorbing (HEPA) filter that is capable of catching 99.97% of particles of size 0.3 microns.
Moreover, the purifier is Wi-Fi enabled, and its indoor concentration levels of particulate matter and filter life can be monitored with the Carrier Home app.
In addition, the purifier can be controlled by
Amazon
’s
AMZN
Alexa and
Alphabet
’s
GOOGL
Google Assistant-enabled devices.
Notably, this smart air purifier is the latest addition to the company’s Healthy Homes Program. Moreover, the latest launch has expanded the company’s overall product portfolio. The product is likely to expand its customer base and generate revenues in the near term.
Carrier Global Corporation Price and Consensus
Carrier Global Corporation price-consensus-chart
|
Carrier Global Corporation Quote
Smart Air Purifier Market Prospects
The smart air purifier market is growing in recent times due to rising adoption of smart air purifiers in residences driven by growing awareness about the effects of air pollution on health.
Moreover, the coronavirus pandemic has boosted the demand for air purtifiers across healthcare and other commercial facilities owing to the rising need for improved air quality and clean environment.
According to the Precision
Reports
, this market is expected to reach $7.1 billion by 2026, registering a CAGR of 6.9% from 2021 to 2026.
In addition, the Allied Market Research
report
reveals that this market is likely to hit $10.4 billion by 2027, witnessing a CAGR of 11.6% between 2020 and 2027.
We note that the latest move poises Carrier well to capitalize on the abovementioned prospects.
Carrier’s Portfolio Strength
Carrier is making strong efforts to expand the product portfolio of advanced technology-enabled heating, air conditioning, air purifying, refrigeration and other solutions. The latest launch is a step forward in that direction.
In addition, Carrier unveiled Revit configurator to help heating, ventilation and air conditioning (HVAC) professionals configure their Carrier HVAC unit drawings based on project criterias.
Moreover, Carrier introduced BlueEdge Digital offering, which connects customers’ equipment to the cloud based Internet of Things platform, thereby providing them with valuable insights about the euipment.
Carrier also introduced new ductless heating and cooling products including 40MAHB indoor unit, 38MARB outdoor unit and the multi-poise 40MBAA air handler.
Further, Carrier unveiled its latest generation of Variable Refrigerant Flow systems, XCT7, which can be customized to deliver high efficiency and performance.
We believe that these endeavors will continue to shape its growth trajectory and sustain momentum in various end-markets served in the upcoming period.
Zacks Rank & Another Stock to Consider
Currently, Carrier carries a Zacks Rank #2 (Buy).
Another top-ranked stock in the broader technology sector is
SiTime Corporation
SITM
, carrying a Zacks Rank #2 at present. You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
Long-term earnings growth rate for SiTime is currently projected at 15%.
Zacks’ Top Picks to Cash in on Artificial Intelligence
In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create “the world’s first trillionaires.” Zacks’ urgent special report reveals 3 AI picks investors need to know about today.
See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report