Global Air Quality Control Systems Market Forecast 2019-2028
The global air quality control systems market is estimated to harbor a CAGR of 4.42%, during the forecast period of 2019 to 2028. Key factors influencing the market growth include, growing demand for air filters, increasing industrial activities, support received by the government, and the effects of air pollution on the economy.
Air quality control systems (AQCS) reduce the proportion of pollutants in the air, primarily generated through harmful gases emitted from the exhausts of power plants. The contaminants also include emissions from other industries, predominantly fuelled by fossil fuels.
The global air quality control systems’ market growth is attributed to the advancement of industries like chemical and semiconductors, especially in developing countries. A chemical industry needs an air pollution control system to monitor and control the majority of halogenated VOCs and hazardous air pollutants (HAPs), emitted throughout the process of chemical production. Moreover, globalization has caused numerous manufacturing companies from developed regions to move to affordable countries. As a result of the relocation, the demand for air quality control equipment and fresh constructions, in semiconductor firms, and cement industries are rising.
The Asia Pacific is highly populated, owing to which, there is an increased requirement for food, oil, electricity, and power in the region. Therefore, the surge in the installation of oil and gas, as well as food processing divisions, have led to increased rates of air pollution. This has further fuelled the region’s demand for highly dependable and efficient air quality control systems, to prevent contaminated and polluted air from being generated in the factories.
The firm concentration in the global market is low, which raises the competitive rivalry, significantly. However, the consumers’ switching costs are high, leading to reduced competition among market players. As a result, the intensity of competitive rivalry, is projected to be moderate. Some of the key companies operating in the market include, Elex AG, General Electric Company, Thermax Ltd, Daikin Industries Ltd, Mitsubishi Hitachi Power Systems Ltd, etc.
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