The global industrial filtration market size is anticipated to reach USD 48.52 Billion by 2026 on account of the rapid urbanization and the increasing need for clean energy and pure water. A recent report Fortune Business Insights™ titled, “Industrial Filtration Market Size, Share & Industry Analysis, By Type (Air & Gas Filtration, and Liquid Filtration), By Filter Media (Activated Carbon, Fiberglass, Nonwovens, Metals, Filterpaper, and Combination Filters & Others), By Application (Food & Beverage, Power Generation, Semiconductors & Electronics, Chemicals & Petrochemicals, Healthcare, Metals & Mining, Paper & Paints, and Others), and Regional Forecast, 2019-2026,” offers a 360-degree overview of the market. According to this report, the market value was USD 34.79 Billion in 2018 and rise at a CAGR of 4.3% between 2019 and 2026.
Increasing Need for Energy to Drive the Market
The increasing demand for a clean source of energy is the major factor boosting the industrial filtration market growth. This, coupled with the rising urbanization, increasing industrialization, and increasing need for environmental protection is also expected to aid in the expansion of the market during the forecast period. Furthermore, increasing healthcare, medical, and pharmaceutical industries will also add impetus to the market.
However, the high utilization of energy during an industrial filtration process may pose major challenges to the market. Nevertheless, the rising popularity of personal fitness has led to increasing demand for healthy food and beverage products. The expansion of the food and beverage industry is expected to create lucrative growth opportunities for the market in the future.
Regional Segmentation: Industrial Filtration Market
North America to Continue Dominance Owing to Increasing Demand from Power Generation Industries
In 2018, North America earned $16.28 billion on account of the massive investments by industries all over the region to suffice to the restrictions imposed by agencies such as WHO and EPA. Additionally, flourishing healthcare and power generation industries also helped North America earn the dominant industrial filtration market share and expected to continue so in the forecast period. On the other side, the Asia Pacific market will attract significant share owing to the presence of the electronic industry hub. Europe market, on the other hand, will witness remarkable growth owing to the increasing number of food & beverage and pharmaceutical industries in the region. Furthermore, Latin America and the Middle East and Africa region is in its nascent stage and will rise with the presence of unexplored market opportunities and increasing industrialization.
Browse Summary of This Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/industry-reports/industrial-filtration-market-101206
List of Key Players of Industrial Filtration Market include:
- Hollingsworth & Vose Company
- American Air Filter Company, Inc.
- Dorstener Wire Tech
- Graver Technologies
- Lydall, Inc.
- Markel Corporation
- Filtration Group
- Parker Hannifin Corp.
- Mann + Hummel
- Freudenberg Filtration Technologies SE & Co. KG
- Alfa Laval Inc.
- Universal Filtration
- Other Vendors
Presence of Diverse Portfolio Helping Major Companies to Hold a Share of Over 50%
The global industrial filtration market is semi-consolidated with the top 10 companies holding an estimate of 50% and more shares in the market. This is owing to the geographical expansion of the companies and diverse portfolio. Major players have invested heavy amount into research and development of multiple industrial filtration systems for their growth. Other players are engaging in joint ventures, agreements, and contracts, mergers and acquisitions and other strategies to attract high market revenue in the forthcoming years.