LONDON--(BUSINESS WIRE)--The new industrial filtration market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increase in the number of refineries”, says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the industrial filtration market size to grow by USD 9.91 billion during the period 2020-2024.
Industrial Filtration Market Segment Highlights for 2020
- The industrial filtration market is expected to post a year-over-year growth rate of 4.30%.
- Based on the product, the industrial liquid filtration segment generated maximum revenue for the market in 2019. The segment is driven by the rising demand for wastewater treatment, chemical filtration, filtration of drinking water, and filtration procedures across industries.
- The market growth in the segment will be significant over the forecast period.
- 31% of the growth will originate from the North America region.
- The growth of the pharmaceutical sector is one of the key factors driving the industrial filtration market in North America.
- The US is the key market for the industrial filtration market in North America. This report provides an accurate prediction of the contribution of all segments to the growth of the industrial filtration market size.
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- The industrial filtration market size is expected to accelerate at a CAGR of over 6% during the forecast period.
- The industrial filtration market is segmented into Product (industrial liquid filtration and industrial air filtration) and Geography (North America, Europe, APAC, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including 3M Co., Ahlstrom-Munksjo Oyj, Alfa Laval AB, Cummins Inc., Donaldson Co. Inc., Eaton Corporation Plc, General Electric Co., Lenntech BV, Parker Hannifin Corp., and Pentair Plc
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.