Residential Filters Market to Exceed USD 11.87 Billion by

2022-09-24 10:25:29 By : Ms. vicky liao

March 07, 2022 05:58 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, March 07, 2022 (GLOBE NEWSWIRE) -- The global residential filters market size hit USD 6.60 billion in 2020. The market value is predicted to increase from USD 7.06 billion in 2021 to USD 11.87 billion in 2028 at a CAGR of 7.7% during forecast duration. Increasing levels of air and water pollution and rising public awareness toward pollution will drive the market forward, states Fortune Business Insights™ in its report titled “Residential Filters Market, 2021-2028”.        

Residential air filters are experiencing robust demand across the world due to growing health concerns arising from poor air quality. Air filters used in residential settings are made of various materials, including fiberglass and textiles. These filters can capture pollutants as little as 0.3 microns and as large as 10 microns. A residential water filter, on the other hand, is devised to remove suspended particles and other impurities from polluted water. Growing urbanization and residential expansion are surging the demand for residential filters.

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Global Players in the Residential Filters Market:

Rising Concerns Regarding Airborne Transmission of COVID-19 to Aid Growth       

Slowdown of the building & construction sector amid the COVID-19 pandemic due to delayed projects affected the residential filters market growth. Supply chain issues, workforce shortages, and several other factors led to the halt of ongoing construction projects and the postponement of new projects. On the contrary, increasing concerns regarding airborne transmission of COVID-19 infection has positively influenced the market dynamics. Rising concerns regarding air and water-borne diseases among consumers even after the pandemic will work in favor of the market growth.

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Product Type, Application, and Region are Studied

By product type, the market is classified into air filter and water filter.

In terms of application, the market is segmented into single-family and multi-family.

Geographically, the market share is divided into North America, Europe, South America, the Middle East & Africa, and Asia Pacific.  

Increasing Urban Residential Development to Foster Market Growth            

Residential filters continue to experience growing demand as consumers become more aware of the harmful effects of polluted air and water on human health. With increased disposable income levels, consumers are investing in high-efficiency air and water filters for their homes. Growing urbanization and rising urban residential development present a lucrative opportunity for the market growth. The UN predicts that more than 70% of the world population will reside in urban areas by 2050. However, several functional disadvantages of filters could hamper their adoption in the future.

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Asia Pacific to Dominate Market Share led by Rising Urbanization   

Asia Pacific is expected to dominate the global residential filters market share during 2021-2028. In 2020, the regional market generated USD 2.22 billion. The technology adoption is driven by increasing consumer awareness regarding air and water pollution and growing expenditure of HVAC technologies. Rapid urbanization will aid the regional expansion significantly.

The market in North America is expanding due to robust economic development and favorable regulatory standards supporting environmental sustainability. Meanwhile, the market in Europe will witness notable growth led by the demand for air filters in cold countries, including Germany, Benelux, and Nordics countries.

October 2021 - Camfil Power Systems launched a new line of CamClose panel air filters with increased efficiency and longer life.

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