Global HVAC air filter market to grow by $ 4.47 bn during 2020-24

HVAC air filter market is poised to grow by $ 4.47 billion during 2020-2024, progressing at a CAGR of over 8 percent during the forecast period, a report by Technavio said.

According to the report, the market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 3M Co., Camfil AB, Daikin Industries Ltd., Donaldson Co. Inc., FläktGroup, Koninklijke Philips NV, Lennox International Inc., MANN+HUMMEL, Parker Hannifin Corp., and United Technologies Corp. are some of the major market participants. “To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments,” Technavio report said.

It adds, “An increasing number of data centers has been instrumental in driving the growth of the market. However, the need for regular maintenance for HVAC air filters might hamper market growth.”