HVAC filters Market in Canada projected to grow at a CAGR of around 2% from 2016 to 2023: Global Market Insights Inc.
HVAC filters market size is expected to grow at a CAGR of over 10% from 2016 to 2023. The industry is estimated to experience substantial growth over the forecast period. Proliferating application of these filters in construction sector is also anticipated to drive growth.
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North America HVAC filters market size is estimated to exhibit considerable growth over the forecast period. Canada is estimated to be valued over USD 16 billion in 2015 and it is expected to grow at a CAGR of around 2% from 2016 to 2023. The spur in the region can be attributed to rising HVAC installations in residential as well as non-residential buildings.
For instance, commercial building revelation outlined by Australian government offer a significant incentive for recuperating the performance and efficiency of these filters systems. In order to comply with energy efficiency standards the building owner leasing or selling commercial space should be larger than 2,000 square meters. This in turn is anticipated to encourage the installation of proficient HVAC systems over the forth coming years.
Flourishing significance in commercial, residential and in marine construction is likely to propel industry demand. These are mainly used in order to keep the air fresh as well as to maintain its consistent circulation in the buildings. These systems can be used individually or collectively to provide filtered and hygienic air in the various facilities. In addition, these systems also facilitates in cooling, heating and also providing humidity control to any infrastructure facility. HVAC filters also helps in improvising building efficiency and facilitates in generating high revenue.
The global air filters market size is estimated to increase owing to speedy growth of the air conditioning industry in emerging nations. Flourishing construction activities in various regions is estimated to fuel the industry demand over the forecast period. Furthermore, escalating application of these filters in various market sectors namely retail industry, healthcare sector, real estate, special economic zones (SEZs), hospitality sector, metro rail as well as airports should elevate revenue significantly over the forecast period.
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Stringent norms on use of refrigerant, eco-friendly norms, technology advancements along with optimum use of services and products is estimated to influence industry participants to improvise their business strategies. HVAC filters are now integrated with air filters in various industries to remove impurities from air namely carbon dioxide before processing. Technological advancements, rising demand for variable refrigerant flow systems, increasing demand of smartphone and growing integration of HVAC controls along with growth of radiant floor heating contribute to notable trends and development of the industry.
Factors such as increasing urbanization and rising demand for housing market is likely to positively impact growth. In addition, increase in construction expenditure and growth of mini split heat pumps are estimated to significantly contribute towards industry growth. Stringent regulatory norms accompanied by rising environmental impacts due to increasing implementation of these filters are estimated to hamper the industry demand over the several forth coming years. Ascending installation of these filters is likely to increase the demand for industry technicians.
Asia Pacific HVAC filters market size is anticipated to witness intensifying growth rates owing to extreme climatic conditions along with rising construction activities in developing economies such as India and China.
Key industry participants accumulating major HVAC filters market share include Lennox International Inc., Ebara, Broad, Media, DB, Mammoth lnc, United Technologies Corporation, Haier, CLIMAVENETA, Mitsubishi, Tring, Carrier, AUX, OSPIRIT, Ingersoll-Rand, DunAn, Hitachi, Sanyo, Gree, Shuangliang, BOSCH and Daikin Industries Ltd., TOSHIBA, TSINGHUA TONGFANG, Lennox CHIGO and YOKR among others.
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