Global Industrial Filtration Market Poised for Remarkable Growth, Reaching $152.05 Billion by 2031
The global industrial filtration market, valued at $98.13 billion in 2021, is set to experience robust growth over the next decade, driven by increasing demand for clean water and air post-pandemic and the introduction of global water purification treaties. With a projected Compound Annual Growth Rate (CAGR) of 4.4% from 2022 to 2031, the market is expected to reach an impressive valuation of $152.05 billion by 2031.
Market Overview
Filtration and separation technologies play a pivotal role in removing airborne and waterborne pollutants from industrial and residential settings. As concerns regarding respiratory health and the quality of manufactured goods continue to rise, filtration systems have become indispensable in various industries. Notably, niche markets such as biotechnology manufacturing and pharmaceuticals rely heavily on advanced filtration solutions, further boosting market growth. The global drive to enhance water quality and combat waterborne diseases, such as cholera, has also contributed to the increased demand for water filtration systems.
Key Findings
- The industrial filtration market is expected to grow from $98.13 billion in 2021 to $152.05 billion by 2031, driven by post-pandemic awareness of clean water and airs critical importance.
- Global water purification treaties, such as those pursued by the United Nations, are spurring demand for filtration systems to remove chemicals and contaminants from drinking water.
- Legislative measures, including the Pollution Prevention Act, Clean Water Act, and Clean Air Act in the United States, and similar regulations in Europe, are promoting the adoption of air and water filtration systems to address environmental concerns.
Market Drivers
Increase in Demand for Clean Water and Air Post Pandemic: The COVID-19 pandemic highlighted the significance of immunity, underscoring the role of clean water and air in supporting immune and respiratory health. This awareness has driven the demand for filtration systems.
Introduction of Global Water Purification Treaties: Initiatives like the UNs Sustainable Development Goal and regional water treatment projects have accelerated the deployment of filtration systems to provide safe drinking water worldwide.
Market Opportunities
Heading into the Post-Pandemic Era: With manufacturing resuming after pandemic-related shutdowns, the demand for filtration systems is on the rise, especially in industries such as pharmaceuticals, chemicals, and power.
Filtration Eases into the Digital Revolution: The integration of filtration systems into the digital revolution, with AI monitoring and advanced sensors, enhances efficiency, reduces labor costs, and fosters innovation in filtration techniques.
Market Challenges
Geopolitical Issues Impact Demand: Economic uncertainties and geopolitical challenges can affect demand for filtration systems, particularly in industries like oil and gas, chemicals, pharmaceuticals, and power.
Drawbacks of Filtration Systems: While filtration systems are crucial for removing impurities, they may not eliminate all harmful particles, necessitating further research to improve their effectiveness.
Regional Coverage
The industrial filtration market is geographically distributed across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America currently holds the largest market share, driven by its industrial capacity. However, the Asia Pacific region is expected to witness the fastest CAGR of 5% from 2023 to 2030.
Key Industry Players
- MANN + HUMMEL
- CORP
- Danaher (Pall Corporation)
- Donaldson Company, Inc.
- Eaton
- Others
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/filtration-market
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This press release first seen on Brilad
COMTEX_441674444/2840/2023-10-10T04:00:22
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