5.2% CAGR for Air Quality Control Systems Market to Register $144,091.2 Million by 2026
The global market for global air quality control systems is expected to grow at a CAGR of 5.2% from 2018 to 2026 and will reach $144,091.2 million by 2026, reveals a new report added by AMR (Ample Market Research).
Air quality control systems are used to maintain the air quality, which needs to be maintained both indoors and outdoors. The harmful and contaminated pollutants released from industries such as cement manufacturing, chemical processing, power generation, semiconductor manufacturing, automotive, energy, oil and gas, agriculture and others, can result in adverse health effects. The air quality control systems (AQCS), thus, offer solutions for controlling and handling of air, gases, and contaminants to provide cleaner air discharge. The market is primarily driven due to growth in awareness about the effects of air pollution on the health and well-being of the population. Moreover, rise in demand for air filters from the medical and pharma industries is driving the growth of the market. However, high investments and operation costs are expected to restrain the market of air quality control systems.
There is a high demand for air quality control products such as air-scrubbers and electrostatic precipitators, from the fast-emerging economies such as India and China, owing to the growth in industrialization and urbanization in these nations. The establishment of manufacturing industries and the laws enacted by government for emission control can fuel the adoption rate of air quality control systems. For instance, China renewed its action plan in 2018 for controlling air pollution until 2020. This includes emission control for industries and transportation sectors.
This report discusses various aspects of the global air quality control systems industry. In recent times, various air quality control products such as air filters are being used in the pharmaceutical and transportation industries. Based on product, the ambient segment is expected to account for the largest share in the market during the forecast period. This is attributed to increased demand from various industries such as agriculture, oil & gas, and mining & powertrain management.
By application, the air pollution control segment is expected to account for the maximum share during the forecast period. This is attributed to huge demand for air quality control systems from various end-user industries such as power generation, cement industry, and others. Depending on end-user industry, the energy & power segment is expected to dominate the market throughout the study period. This is attributed to surge in need for air quality control systems to control the discharge of VOCs and gaseous pollutants. Region wise, Asia-Pacific the most productive segment in the air quality control systems market. This is attributed to the fact that numerous domestic competitors are expanding their business in China and India, due to enhancing product portfolios, expanding geographical reach, and growing customer base.
The key players in the global air quality control systems market adopted product launch and product development as their key strategies to cater to the increasing consumer demands. Furthermore, they launched energy-effective air quality control systems of different types and capacities to strengthen their market position. The key players profiled in this report include Babcock & Wilcox Enterprises, Inc., Daikin Industries Ltd., Donaldson Company, Inc., ELEX AG, GE Power, GEA Group Aktiengesellschaft, MANN+HUMMEL, Mitsubishi Hitachi Power Systems, Ltd, S.A. HAMON, and Thermax Ltd.
Key Findings of the Air Quality Control Systems Market:
Based on application, the air pollution control segment was the largest revenue contributor in 2018.
By end-user industry, the energy & power segment generated the highest revenue in 2018 and is projected to grow at a significant CAGR from 2019 to 2026.
Depending on product type, the indoor segment is expected to grow at the fastest rate.
As per pollutant type, the dust segment is projected to grow at a significant CAGR during the forecast period.
China accounted for over 40% share of the Asia-Pacific air quality control systems market in 2018