Factors such as higher standard of living, increase in discretionary income and rising commerce and industrialization have led to the increasing demand in filtration industry. As a consequence, air filter manufacturers are seeing the rising demand for turbine filters as they have huge industrial implications. Also, the increasing compliance to environmental regulations is also expected to urge industries to install highly efficient ventilation and air filtration systems in their facilities.
The availability of many financing schemes has also posed a positive effect on the filter demand and the installation of turbine filters. These factors are contributing to expect a compounded annual growth rate (CAGR) of 7.5 percent during the period from 2016 till 2023. This is not our assumption, but the findings of the report published by Credence Research in October 2016.
The ever-growing filtration demands in various industries is the key driving factor for boosting the global turbine filter market, and, the turbine air filter market. In addition, the industrial are consumers getting aware of the importance of filtration facilities for the purified air and staying isolated in the factories from the environmental dirt that is leading to the increasing air filter aftermarket. This market is expected to reach USD 3500 million by 2024, expanding a CAGR of almost 6.9 percent from 2016 till 2023. Global consumption of the turbine filters is forecasted to reach a CAGR of 5 percent till 2023.
The report has segmented this market as per the filter types (particulate, electrostatic, charcoal), and the sales channel (OEM, aftermarket). Persistent research projections show that particulate filter type segment is expected to expand at a CAGR of 6 percent. The electrostatic filter is expected to show the CAGR of 7 percent. This growth is attributed to the increasing adoption of turbine filters, especially in countries like Brazil, India, China and regions of MEA.