The global filters market size is expected to reach USD 111.48 billion by 2030, according to a new study by Polaris Market Research. The report “Filters Market Share, Size, Trends, Industry Analysis Report, By Type (Cartridge Filters, Dust Collector, Hepa Filters, Air Filters, Baghouse Filters, Others); By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is anticipated to experience significant growth due to the industry’s explosive rise in water and wastewater treatment. The Increasing number of wastewater treatment plants around the globe due to the growing demand for fresh water is expected to offer opportunities for the market growth of the filters.
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For instance, in October 2019, the Industrial & Consumer Specialties (ICS) location in Bonthapally, India, is where Clariant began the modernization of the Waste Water Treatment Plant (WWTP). The facility at the zero water disposal site has a daily treatment capacity of 300 kiloliters.
Additionally, the governments of numerous developing nations place a strong emphasis on the construction of their water treatment infrastructures to supply their population with safe water for a variety of uses, including drinking, cooking, and sanitation.
For instance, in January 2021, to ensure that every household has access to tap water over the next five years, India plans to invest 3 trillion ($41 billion). The government intends to increase water availability, update sewage treatment facilities, and more effectively use the nation’s water resources.
Increasing demand for purified and clean water is creating opportunities for developing innovative water purification technologies. In January 2022, the Indian government introduced cutting-edge water purifying equipment that is powered by artificial intelligence (AI). The facility intends to offer pure drinking water at a cost far lower than the going rate.
The company’s initiative on an IoT-based Solar Water Purification Unit for villages. Slum and High Utility Areas are focused on breakthrough technologies to make dependable, clean drinking water accessible to people at low prices.
Further, the development of this market is anticipated to be fueled by government initiatives to promote smart homes and financial incentives for the installation of energy-efficient HVAC systems in new construction projects. For instance, to safeguard the environment and its resources, the Canadian government is pushing for smart buildings that are more effective and lower GHG emissions.
Filters Market Report Highlights
- Air Filters are anticipated to grow at a significant CAGR rate over the forecast period owing to because of the growing need for these products in air filtration such as air purifiers.
- The automotive segment accounted for a significant share of the global revenue share This expansion can be attributed to the fast development of the auto sector and widespread product use, which has led to lower fuel consumption levels.
- Asia Pacific is expected to hold the fastest CAGR over the forecast period. This is due to the rising product demand in industries including cement, metal processing, chemicals, and power generation for reducing greenhouse gas emissions (GHG)
- The global market is highly competitive owing to the existence of large market players with a global presence including Alfa Laval Corp., Donaldson Company., Danaher Corporation. Freudenberg Group., Lenntech B.V., Mann+Hummel Holding GmbH., Parker Hannifin Corp., Sidco Filter Corporation., and Valmet Corporation.
Polaris Market Research has segmented the filters market report based on type, end-use, and region:
Filters, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Dust Collector
Filters, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Gas Turbines
Filters, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa