As a part of their environment protection plans, a growing number of countries across the globe are implementing strict regulations to curb carbon emissions. In addition to this, governments are promoting green technologies by granting incentives. All these factors have created an atmosphere, wherein companies find themselves opting for solutions that control industry discharges and effluents. In a report featured on Market Research Reports Search Engine (MRRSE), it has been noted that filter bags have become increasingly popular among companies owing to their reduced cost and high level of effectiveness in controlling industry discharge.
The publication is titled “Filter Bags Market - Global Industry, Size, Share, Growth, Trends and Forecast 2016 - 2024”. This report has been published by Transparency Market Research and estimates that the global market opportunity in filter bags is anticipated to rise from US$1,811.7 mn in 2015 to US$2,950.1 mn by 2024, expanding at a 5.6% CAGR between 2016 and 2024.
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The implementation of employee health reforms is one of the factors driving the global filter bags market. This reform is compelling employers to improve the quality, overall efficiency, and standard of the work environment, so as to ensure safety of employees. This has augmented the demand for filter bags across industry verticals such as mining, cement, and power plants.
On the other hand, the decline in the demand for coal-fired power plants and similar other energy plants owing to the growing popularity of green energy solutions such as wind and hydro power industries is causing a decline in the demand for filter bags from conventional energy or power sectors. Another challenge faced by the industry is the emergence of alternative filtration technologies such as incinerators, high-efficiency particulate air filters, electrostatic precipitators, and filter cartridges. These are being substituted for filter bags and hampering the growth of the market.
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International and large players in the market are witnessing stiff competition from domestic manufacturers, especially in Asia Pacific. This has resulted in large companies opting for partnerships with small and domestic original equipment manufacturers (OEMs). Players in the market are also striving to achieve a strong sales channel as well as looking to expand their operations across untapped markets and other regions.
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Some of the players profiled in the report include BWF Envirotech., Thermax D Ltd., Camfil Farr Inc., Mitsubishi Hitachi Power Systems Ltd., Eaton Corporation, Pall Corporation, Clarcor Inc., Babcock & Wilcox Co., Donaldson Company Inc., Rosedale Products Inc., General Electric, Filter Concept Pvt Ltd., Lenntech B.V., and Parker Hannifin Corporation. The business and financial overview of these players and the information regarding their partnerships, mergers and acquisitions are given in the report.
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