A new report from Research and Markets, titled Global HVAC Air Filter Market 2016-2020, forecasts the HVAC air filter market to expand at a CAGR of 7.27% in the four-year time period.
The report was prepared based on input from industry experts and market analysis, and covers growth prospects as well as the market landscape. Also included in the report is a discussion of the leading vendors in the market, including those with air filter subscription offerings.
Growing concerns over indoor air quality is one of the top trends in the industry, as pollution continues to affect air quality both indoors and outdoors.
According to the report, advancements in construction materials have led to the use of composites and synthetics, which have a negative impact on air quality. Radiation from electronics is another major source of pollution inside buildings.
The report from Research and Markets also indicates that air filters designed to improve indoor air quality (IAQ) is one of the main drivers of the market.
Estimates from the EPA show that people spend about 90% of their time indoors, justifying the need to focus on improving indoor air quality. The World Health Organization and other organizations have established guidelines for IAQ standards.
The report also highlights the need for universal regulations for IAQ. Global, standard regulations will help ensure proper indoor air quality, whereas a lack of standards will hinder industry growth. In Europe, for example, regulations vary depending on the country.
The industry report from Research and Markets comes at a time when housing development is slowing in many parts of the world, making it more difficult to ensure modern buildings have proper air filter systems in place. In the U.S. alone, the number of housing starts declined by 2.6% in the month of January.
The report from the Commerce Department, released Thursday, showed that the number of housing starts fell to an adjusted rate of 1.25 million.
Apartment building saw the biggest decline, falling 7.9%.
Potential buyers in the U.S. face challenges as mortgage rates increase and available properties are in short supply. The supply of existing homes fell sharply in December to its lowest level since 1999. Lack of inventory has pushed up home prices, forcing buyers to bid against each other.
Building permits were a bright spot for the industry, rising 4.6% in January. An increase in apartment permits led the gains. Permits for single-family homes declined.
Higher mortgage rates, tight inventory and rising prices have slowed home sales. In December, sales of existing homes fell by 2.8%.
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