Portland, OR, Feb. 20, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global air quality control systems market was appraised at $94.69 billion in 2018 and is projected to reach $144.09 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026. The report offers a detailed analysis of the key segments containing top investment pockets, drivers and opportunities, changing dynamics, and competitive scenarios.
Rise in the demand for air filters in medical and pharma industries and increase in focus to combat air pollution are the two major factors driving the air quality control systems market growth. Moreover, a surge in industrialization in developing countries supplements market growth. Whereas, concerns such as a decrease in the number of new coal power plants globally and high initial investment & operating costs impede the growth of the market. However, technological advancements and stringent government regulations for controlling air pollution provide lucrative opportunities for the market.
Based on type, the ambient segment held the largest share in 2018, contributing to nearly three-fourths of the total market share. However, the indoor segment is expected to register the fastest CAGR of 5.7% during the forecast period.
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Based on the application, the air pollution control segment held a massive share in 2018, accounting for nearly two-fifths of the market share. However, the tunnels segment is projected to manifest the fastest CAGR of 6.9% during the forecast period. Furthermore, the type is divided into five more segments including air terminals, underground garages, public transportation stations, automobiles, and others.
Based on the region, Asia Pacific has dominated the market by contributing more than one-third of the market in 2018. Moreover, this region will continue its dominance throughout the forecast period However, LAMEA is estimated to register the fastest CAGR of 6.5% during the forecast period.
The major market players such as. MANN+HUMMEL Intern. GmbH & Co., Donaldson Company, Inc., Babcock & Wilcox Enterprises, Inc., Aktiengesellschaft, HAMON Group, Mitsubishi Hitachi Power Systems, Ltd (MHPS),, ELEX AG, GEA Group, Thermax Ltd., GE Power, and Daikin Industries Ltd. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations.
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