Technavio market research analysts forecast the global heating, ventilation, and air conditioning (HVAC) air filter market to grow at a CAGR of around 7% during the forecast period, according to their latest report.
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Technavio has published a new market research report on the global HVAC air filter market 2017-2021 under their heavy industry library. (Photo: Business Wire)
The report further segments the global HVAC air filter market by technology (high efficiency particulate air (HEPA), electrostatic precipitator, activated carbon, and ionic filters), by end-user (non-residential and residential), and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global HVAC air filter market:
- Increasing number of data centers
- Demand for refurbishment and replacement of HVAC systems
- Growth in healthcare industry
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Increasing number of data centers
A data center is a networked computer server that stores huge amount of data. Rising dependency on the Internet and advances in technology have promoted the growth of the data centers. Many companies are installing data centers because of the need for increased information storage capacity for data processing. Overheating is one of the main concerns in data centers as it affects the productivity and increases the downtime. To overcome this issue, cooling systems such as air handling units (AHUs) are provided in the data center to maintain the temperature and enhance efficiency.
According to Neelesh Prakash Singh, a lead analyst at Technavio for tools and components research, “Many data centers have been set up in numerous countries to cater to the increasing need to manage information and data. For instance, in India, government initiatives such as Make in India and Digital India encourage foreign companies to set up infrastructure in India. In addition, banking, financial services and insurance, IT, and social media are boosting the demand for cloud computing.”
Demand for refurbishment and replacement of HVAC systems
Renovation of buildings because of the need for energy-efficiency has led to the replacement of old HVAC systems in developed countries such as the US, UK, Germany, and Japan. Reduction in operating costs, increase in energy efficiency, and favorable government incentives have stimulated the need for replacing the existing HVAC components and parts. These factors are expected to boost the growth of the global HVAC air filter market during the forecast period.
The demand for the replacement of old HVAC systems is expected to be higher in the US. As per the US Census Bureau, more than half of the homes in the US were built before 1980 and therefore, contain HVAC systems for more than 20 years. Thus, there arises a need for the replacement of these existing HVAC systems and consequently HVAC air filters.
Growth in healthcare industry
The growing healthcare sector across the globe is expected to increase the demand for the global HVAC air filter market. Maintaining the indoor air quality (IAQ) is very important in hospitals and other healthcare facilities. The air purification system prevents the contamination of the air supply by removing infectious bacteria, dust, pollen grains, and other fungal spores. Apart from protecting the patients, proper air filtration is necessary to protect the equipment and processes.
“The healthcare sector across the world is witnessing significant growth every year due to the aging population and growing investment. Many companies are investing in the sector to meet the rising need for innovative and alternative approaches towards treating healthcare issues. The growth in the aged population and the need for medical services have led to the increase in the number of hospitals. The rise in hospitals will propel the demand for the HVAC air filters,” says Neelesh.
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