PORTLAND, Ore., Nov. 11, 2020
Degradation of air quality, focus on reducing air pollution, and strict government regulations for clean water in developed nations drive the growth of the global filtration & separation market.
PORTLAND, Ore., Nov. 11, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Filtration & Separation Market by Type (Gas and Liquid, and Air) and End-User (Industrial Process, HVAC, Life Sciences, Water and Wastewater, and Transportation): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global filtration & separation industry generated $89.07 billion in 2018, and is expected to reach $116.12 billion by 2026, registering a CAGR of 3.3% from 2019 to 2026.
Drivers, restraints, and opportunities
Degradation of air quality, focus on reducing air pollution, and strict government regulations for clean water in developed nations drive the growth of the global filtration & separation market. However, high capital and operating cost along with decrease in number of new coal power plants hinder the market growth. On the other hand, R&D activities related to applications of nanotechnology for air filtration present new opportunities in the coming years.
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The gas and liquid segment to continue its highest contribution by 2026
Based on type, the gas and liquid segment contributed to the largest market share in 2018, accounting for nearly two-thirds of the global filtration & separation market, and is expected to continue its highest contribution in terms of revenue during the forecast period. This is attributed to demand for superior filtration solutions from the natural gas industries for gathering dust and other particles to protect equipment, machines, and engines along with expansion of natural gas power plants. However, the air segment is expected to portray the largest CAGR of 3.7% from 2019 to 2026, owing to stringent emission regulations imposed by governments in developed countries, rise in industrialization, and steps taken to roll down emissions in industries by the governments.
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The water and wastewater segment to maintain its dominant share during the forecast period
Based on end-user, the water and wastewater segment held more than two-fifths of the global filtration & separation market in 2018, and is estimated to maintain its dominant share during the forecast period. This is attributed to rise in demand for water filtration for treating untreated water and sewage released by residential and non-residential sectors in nearby water bodies. However, the life sciences segment would witness the highest CAGR of 5.0% during the forecast period. This is due to increase in usage of biologics, expansion of biopharmaceutical manufacturing, and innovative marketing strategies.
North America to maintain its leadership status during the forecast period
Based on region, North America accounted for more than two-fifths of the total market share of the global filtration & separation market in 2018, and is estimated to maintain its leadership status during the forecast period. This is attributed to rise in demand for air and water filters from the industrial and commercial sectors with rapid urbanization and industrialization. However, Asia-Pacific would register the highest CAGR of 4.7% from 2019 to 2026, owing to stringent government regulations regarding air and water quality index, surge in consumer awareness regarding air filters, and increase in health & environment concerns.
Leading market players
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