Table of Contents
Increased Customer Awareness and Air Quality Requirements will Drive Market Growth
The North American heating, ventilation, and air conditioning (HVAC) air filters market is a mature market. The market is driven by the need for energy efficiency and integrated HVAC solutions. The research service has three segments: Standard, HEPA, and Gas Phased Filters. The standard filter segment is a larger product segment. The base year is 2014. The research service includes discussions of market drivers and restraints, the competitive landscape, and trends.
- The North American heating, ventilation, and air conditioning (HVAC) air filters market generated revenue of $ Million in 2014. This marked an annual growth of % over the previous year.
- The market is projected to grow at a compound annual growth rate (CAGR) of % between 2014–2022, reaching $ Million in 2022.
- The initial downtrend witnessed as an aftermath of the recession in North America between 2008–2010 gradually gave way to a buoyant upward trend as a result of steady economic recovery and revival of the construction market.
- Furthermore, increased concerns over indoor air quality issues, as well as impetus from sustainability and building efficiency ratings have provided the necessary boost to demand for high efficiency filters in an otherwise cost-conscious and mature market.
- At the same time, end users are making cost-effective choices in selecting low resistance and high efficiency pre-filtration options such as box filters before opting for high efficiency filters to mitigate overall installation costs and to allow for long term energy savings.
- Overall, the market’s characteristic low-to-moderate degree of technical change and highly competitive structure continue to exert significant pressure on price, with customers gravitating towards low priced options more often than desired.
- The commercial and specialty industrial market verticals, however, present some exceptions to this rule. A growing trend among this customer base is to embrace a shift towards value justification, and consideration of life cycle costs as opposed to first costs in retrofitting their HVAC and other infrastructural requirements.
- The market has exhibited a distinct ability to sustain growth owing to demand from niche and sophisticated end users for quality-oriented specialized products.
- In addition, growing awareness and willingness to experiment with building-integrated filter options will drive demand for innovative products, which will continue to present entry opportunities for those suppliers with technologically superior and versatile products.
- Despite the consolidated front projected by established manufacturers, the market indeed represents latent opportunities for entry, particularly into niche customer applications.
Get Industry Insights. Simply.
Talk to Veronica
+1 718 514 2762
According to Stratistics MRC, the Global Air Purification Systems market is accounted for $14.52 billion in 2016 and is expected to reach $26.45 billion by 2022 growing at a CAGR of 10.5% during the forecast ...
Most people believe that outdoor air pollution impacts their health, but in reality, indoor pollutants are two to five times more harmful and it becomes more important when most people spend about 90 percent ...
Rising industrialization, increasing commercial developments, growing vehicle fleet size, coupled with rising awareness about respiratory and airborne diseases are projected to drive sales of air purifiers ...