The global industrial air filtration market size is estimated to touch USD 18.0 billion by the end of 2027 and is projected to register a CAGR of 7.3% during the forecast period 2020 to 2027, according to a new report by Million Insights. The increasing demand for energy-efficient and high-performance products is expected to boost the market growth. Additionally, technological development in new filter media is projected to bode well with the market growth.
The rising electric energy consumption is leading to the development of power plants. This is expected to bolster the need for air filtration systems in power industries. Furthermore, stiff government regulations with a focus on reducing airborne pollutants are projected to foster the demand for air filtration systems. In addition, various air quality standards such as the Clean Air Act, the Occupational Safety & Health Act (OSHA) are expected to positively impact market growth.
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Impact of COVID-19
COVID-19 outbreak has affected the global market. All the air filters and purifier manufacturing facilities had been shut down during the quarter Q1 & Q2 of 2020 due to lockdown situation. The stoppage of production and supply chain disruption raw materials has mainly hampered market growth.
However, product innovations and supportive initiatives by OEMs are projected to boost the demand for industrial air filtration system over the forecast period. For instance, Mann+Hummeloffer a filtration system with high sterilization and other viruses, allergic protection. Thus amid pandemic, the market is projected to expand at a steady rate over the next seven years.
The prominent companies are emphasizing on adopting green manufacturing as a sustainable alternative. Additionally, government authorities are collaborating with environmental agencies to develop emission control standards. All these key initiatives are projected to expand the growth of the industrial air filtration market.
However, the lack of awareness regarding environmental sustainability may hamper the market growth. The companies tend to spend large capital on deploying an air control system which is expected to limit the market growth.
Further key findings from the report suggest:
• Depending on product, dry scrubbers type segment is projected to grow at a CAGR of over 7.5% during the forecast period. The dry scrubbers help to reduce overall operational costs and generate minimum waste.
• Power end-use segment constituted for market share of 19.0% and it is projected to grow at a substantial rate from 2020 to 2027.
• In 2019, Asia Pacific holds the largest share of over 25.0% in the overall market.
Global Industrial Air Filtration Market: Key Players
MANN+HUMMEL;Honeywell International, Inc.; 3M; Daikin Industries, Ltd.; SPX Corporation; and Clean TeQ Holdings Limited.
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