The global industrial filtration market was valued at USD 25 billion in 2019 and is expected to reach USD 40 billion by 2026, expanding at a CAGR of around 7% during the forecast period, 2020–2026. To eliminate air and water pollution strict regulations are made by government driving the growth of this market. The demand for industrial filtration is also expected to rise due to increase in demand for requirement of safe working environment and treatment of industrial waste.
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Industrial filtration is a procedure of cleaning and treating different mechanical oils, gases, ointments, and water. The fundamental goal of industrial filtration is to secure the apparatus, human life, and condition from the hazardous substance. Industrial filters are not the same as traditional household unit channels and are intended for explicit assignments, framework properties, and working conditions. Industrial filters are utilized in different mechanical divisions, for example, in power plants, paper industry, and the car business. Moreover, filtration is utilized in different businesses, for example, the dairy business, chemical industry, sugar industry, industry, and the pharmaceutical business, where compound procedures are included.
Market Trends, Drivers, Restraints, and Opportunities:
- The need for a clean working environment will lead to the growth of the market during the forecast period.
- The need to control proper air quality for safety of people is one the important factor contributing to market growth.
- On a global level, the Kyoto protocol implementation to reduce green house gases will fuel the growth of the market during the forecast period.
- Strict Government rules and regulations regarding maintenance of a proper work environment will fuel the market growth.
- Initiatives taken by countries to recycle and treat resources will be the driving factor for market growth.
- Increase in the number of renewable sources and stagnant growth will hamper the growth of the market.
- Availability of inferior quality and low-cost industrial filtration will act as a retrain to the growth of this market.