Rise in awareness to reduce pollutants in the industries majorly drives the growth of the industrial air filters market.
According to the report, the global industrial air filter market generated $5.7 billion in 2020, and is anticipated to generate $12.3 billion by 2030, witnessing a CAGR of 8.3% from 2021 to 2030. Increase in pollution levels, owing to large manufacturing machinery and released chemicals and smoke has affected the overall air quality, which is affecting health of people on a large scale as well as degrades the quality of the products which drives the industrial air filter market.
Prime determinants of growth
Degradation in quality of air, increase in awareness and policies regarding maintenance of indoor air quality, and growth in demand for HEPA filters in hospitals and pharmaceutical sectors drive the growth of the global industrial air filter market. However, High capital & operational costs, and disposal of HVAC filters hinder the market growth. On the other hand, high focus on nanotechnology for air filtration presents new opportunities in the coming years.
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The food & beverages segment to maintain its leadership status throughout the forecast period
Based on end use industry, the food & beverages segment held the highest market share in 2020, accounting for more than one-fourths of the global industrial air filter market, and is estimated to maintain its leadership status throughout the forecast period. This is due to maximum installation of air filters in food and beverage industries. However, the electronics segment is projected to manifest the highest CAGR of 10.1% from 2021 to 2030, owing to increase in consumption of disposable products in the market.
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The replacement segment to maintain its lead position during the forecast period
Based on application, the replacement segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global industrial air filter market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 8.4% from 2021 to 2030, owing to need for frequent replacement of filter media in the air filters. The other segment discussed in the report is the new system.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global industrial air filter market. This is due to the large scale installation of industrial air filters in industries in China and India. However, the LAMEA region is expected to witness the fastest CAGR of 9.1% during the forecast period, owing to rapid industrialization in countries in the region.
Leading Market Players:-
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HVAC Filters Market: Global HVAC filters market size is expected to reach $11,061.0 million in 2028, from $6,066.1 million in 2020, growing at a CAGR of 7.7% from 2021 to 2028.
Air Heating Appliance Market: Global air heating appliance market is projected to reach $16,894.6 million by 2027, registering a CAGR of 5.1% from 2020 to 2027.
Industrial Air Purifiers Market: The global industrial air purifiers market growing at a CAGR of 5.8% from 2020 to 2027.
Smart Air Purifiers Market: Global smart air purifier market registering a CAGR of 11.6% from 2020 to 2027.
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