September 28, 2022 02:41 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to this report, the Industrial Filtration Market Size was USD 34.79 Billion in 2018 and rise at a CAGR of 4.3% between 2019 to 2026. 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 by 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, and Combination Filters & Others), By Application (Food & Beverage, Chemicals & Petrochemicals, Healthcare, Metals & Mining, Paper & Paints, and Others), and Regional Forecast, 2019-2026,” offers a 360-degree overview of the market.
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Competitive Landscape: 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 portfolios.
Major players have invested a heavy amount into research and development of multiple industrial filtration systems for their growth. Other players are engaging in joint ventures, agreements, contracts, mergers and acquisitions, and other strategies to attract high industrial filtration market revenue in the forthcoming years.
A list of Key Players in the Industrial Filtration Industry includes:
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What is the Scope of the Report?
The report offers a qualitative and quantitative analysis of the market and provides a 360-degree overview of the same. It highlights major factors that drive, restrict, creates opportunities, and challenge the market. The report also throws light on the table of market segmentation based on factors such as type, media, application, and geography with the list of names of leading segments, their base, and forecast figure with CAGR.
Additionally, the report lists the names of market manufacturers and the key strategies adopted by them to gain a competitive edge in the market. To conclude, the report discusses significant industry developments, current industrial filtration market trends, and other interesting insights useful for market investors in the future.
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.
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.
The Asia Pacific market will attract a significant share owing to the presence of the electronic industry hub. The 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 are in their nascent stage and will rise with the presence of unexplored market opportunities and increasing industrialization. Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/industrial-filtration-market-101206
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