Filters and Components Market Size by 2029 – A complete Global Analysis

The Filters and Components Market Industry for the year 2022 was valued at 14.3 billion USD and is expected to grow at a CAGR of 17 % by the year 2029, the market size of the industry would be around 42.92 billion USD.
Filters and Components Market Overview
Filters and components are essential parts of various industrial systems and equipment. Filters are devices that remove impurities or unwanted particles from a fluid or gas, while components refer to the parts that make up a larger system or machine. These two elements work together to ensure efficient and reliable operation of many different applications across industries.

The global Filters and Components market size was valued at USD 14.2 billion in 2022 and is expected to grow at a CAGR of 17% from 2022 to 2029. The market is driven by the increasing demand for filtration and separation products across industries such as automotive, aerospace, food and beverage,

pharmaceuticals, and water treatment. The complete report analyses such drivers along with the restraint to provide the reader a 360 degree perspective towards the filters and components industry.

The automotive industry is the largest end-use segment for filters and components, accounting for over 30% of the total market revenue. The rising demand for electric vehicles, stringent emission regulations, and increasing vehicle production are the key drivers for the growth of this segment.

Moreover, the demand for filters and components in the healthcare sector has increased due to the ongoing COVID-19 pandemic. The need for reliable and efficient medical equipment has surged, leading to an increased demand for filters and components.

The report discusses such factors along with the leading segment and the forecasted market size of each of the segment. Along with this the report discusses the internal as well as external parameters that have a direct and indirect impact on the filters and components market.



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Filters and Components Market Research Methodology
The research conducted utilized both primary and secondary data sources to ensure that all possible factors affecting the market were thoroughly examined and validated. The market size for top-level markets and sub-segments is normalized and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is factored into the market forecast.

The bottom-up approach and multiple data triangulation methodologies are used to estimate the market size and forecasts. The percentage splits, market shares, and breakdowns of the segments are derived based on weights assigned to each of the segments on their utilization rate and average sale price. The country-wise analysis of the overall market and its sub-segments are based on the percentage adoption or utilization of the given market Size in the respective region or country. Major players in the market are identified through secondary research based on indicators that include market revenue, price, services offered, advancements, mergers and acquisitions, and joint.

Extensive primary research was conducted to acquire information and verify and confirm the crucial numbers arrived at after comprehensive market engineering and calculations for market statistics, market size estimations, market forecasts, market breakdown, and data triangulation.
Filters and Components Market Dynamics
The Filters and Components market is a rapidly growing industry that includes a wide range of products used in various applications. The market is driven by factors such as increasing demand for clean water and air, rising environmental concerns, and growing industrialization and urbanization. In this report, the market dynamics of the Filters and Components market would be discussed in detail. The report had covered market drivers, restraints, and trends that are expected to impact the market growth over the forecast period. A brief overview of the same is been discussed below.
Filters and Components Market Drivers:
The are various parameters which drive the filters and component industries towards the growth. These drivers’ impact over the forecasted period is been thoroughly analysed in the report. The overview of the some of the drivers is been discussed below

The increasing demand for clean water and air is one of the major drivers of the Filters and Components market. The global population is increasing rapidly, and with it, the demand for clean air and water. This has led to a surge in air pollution and water contamination, making it necessary to use filters and components to purify air and water. According to a report by the World Health Organization (WHO), around 7 million people die every year due to exposure to polluted air.

The rising environmental concerns and stringent government regulations and standards have made it necessary for industries to use filters and components to reduce pollution levels. The adoption of clean technologies and sustainable practices by industries has further augmented the demand for filters and components.

The global trend towards industrialization and urbanisation has increased demand for filters and parts. The market expansion has been further fuelled by the expanding use of filters and components in the manufacturing, construction, and automotive industries. Additionally, the expansion of the market has been further accelerated by the development of sophisticated and cutting-edge filters and components, such as electrostatic filters and smart air purifiers.

Another major driver for the filters and components industry is the technological advancements. The development of advanced and innovative filters and components with superior performance and efficiency has driven the market growth. For instance, the development of ceramic filters, activated carbon filters, and nano filters has increased their adoption in various industries.

The growing awareness among consumers and industries about the harmful effects of air and water pollution on health and safety has boosted the demand for filters and components. This has led to an increased adoption of air purifiers, water filters, and other filtration products.

Another driver is the rising trend of online shopping. E-commerce platforms have made it easy for consumers to buy filters and components online, thereby increasing their accessibility and convenience.
The Construction sector is also witnessing a boom which impacts the growth for the filters and components market and the demand for the water filtration products have increased. The use of HVAC (heating, ventilation, and air conditioning) systems in buildings and other infrastructure has further augmented the market growth.
Filters and Components Market Restraints
One of the major restraints of the Filters and Components market is the high cost of advanced filters and components. Advanced filters and components are more efficient and effective than traditional filters and components, but they are also more expensive. This may limit their adoption, particularly in developing regions where affordability is a major concern.

Also, the availability of low-cost alternatives may also hinder the market growth. The availability of low-quality filters and components at cheaper prices may discourage consumers from investing in high-quality products, particularly in price-sensitive markets.

Another filters and components market restraint is the COVID-19 pandemic which has disrupted the global supply chain, leading to a shortage of raw materials and components, which has affected the production of filters and components. This may lead to delayed deliveries and increased production costs, which may hinder market growth.

Lastly, the limited awareness among consumers, particularly in developing regions, about the benefits of using filters and components may also hinder market growth. Lack of education and awareness about the harmful effects of air and water pollution and the benefits of using filters and components may limit their adoption.

Filters and Components Market Trend

The report discusses the major trend that have a direct as well as indirect impact on the Filters and Components Market. One of the major trends in the Filters and Components market is the growing adoption of smart and connected air and water filtration systems. The development of Internet of Things (IoT) technology and artificial intelligence (AI) has led to the development of advanced filters and components that can be remotely controlled and monitored using smartphones and other devices.

Another trend which is been observed is the increasing focus on energy-efficient products that has led to the development of energy-efficient filters and components. Energy-efficient products not only reduce energy consumption but also help in reducing carbon emissions, making them environmentally friendly.

The growing popularity of do-it-yourself (DIY) air and water filtration systems has emerged as a trend in the Filters and Components market. This trend has been driven by the increasing awareness among consumers about the benefits of using air and water filtration products in households. The availability of easy-to-use and affordable DIY kits has made it easy for consumers to install and maintain air and water filtration systems in their homes.

Additionally, the growing trend of customization in the Filters and Components market has emerged as a major trend. Manufacturers are developing customized filters and components based on the specific requirements of their clients. This has increased the adoption of customized filtration systems in various industries.

The development of eco-friendly and biodegradable filters and components has emerged as a trend in the Filters and Components market. These products are made from natural materials and are easily degradable, making them environmentally friendly.
Filters and Components Market Segment Analysis:

By Product Type:

The report Segments the Filters and Component market by product type. This Segmentation could again be categorised into different sub-parts including air filters, water filters, oil filters, surface acoustic wave filters, RF bulk acoustic wave filters, ceramic filters and other types of filters. Gas turbines, engines, and HVAC systems all use air filters to enhance air quality and stop the build-up of dangerous particulate matter. In order to eliminate contaminants and enhance water quality, water filters are utilised in both home and commercial settings. Engine oil and hydraulic fluid pollutants are removed using oil filters in automotive and industrial settings. Filters and components used in specialised applications, such as fuel filters and cabin air filters, are included in the others category.

By Application:

The Filters and Components market is divided into residential, commercial, and industrial applications. Filtration systems used in houses and apartments are included in the residential section. Filtration systems used in offices, hotels, and other commercial structures are included in the commercial section. Filtration systems utilised in a variety of industries, such as food and beverage, pharmaceuticals, and chemicals, are included in the industrial section.

By End-Use Industry:

The automotive, healthcare, aerospace and defence, energy and utilities, and other end-use industries are among the market segments for filters and components. Filtration systems used in cars, trucks, and other vehicles are included in the automotive segment. Filtration systems used in hospitals, laboratories, and other medical institutions are included in the healthcare category. Filtration systems used in aircraft and other defence applications are a part of the aerospace and defence market. Filtration systems used in power plants and other energy-related applications are part of the energy and utilities segment.

By Sales Channel:

The Filters and Components market is segmented by sales channel, which includes OEM and aftermarket. The OEM segment includes filtration systems sold directly to equipment manufacturers for installation in their products. The aftermarket segment includes replacement filters and components sold after the original equipment has been sold and installed.

By Material:

The synthetic, natural, and metal materials used in filters and components are divided into separate market segments. Filters frequently use synthetic fabrics like polyester and polypropylene because of their great filtration effectiveness and durability. Filters are also made from natural materials like cotton and wool because of their capacity to trap particles. Applications requiring high-temperature and high-pressure resistance use metal filters.

By Filtration Technology:

The Filters and Components market is segmented by filtration technology, which includes mechanical, electrostatic, and others. Mechanical filtration uses a physical barrier to capture particles, while electrostatic filtration uses an electric charge to attract and capture particles. Other filtration technologies include ultraviolet (UV) filtration, ion exchange, and reverse osmosis.

By Efficiency Level:

The Filters and Components market is segmented by efficiency level, which includes low, medium, and high efficiency. Low-efficiency filters capture particles with a diameter of 10 microns or larger, while high-efficiency filters can capture particles as small as 0.3 microns.

By Region:

The Filters and Components market is segmented by region, which includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are mature markets for Filters and Components, with high penetration of filtration systems in various industries. The Asia Pacific region presents significant opportunities for growth due to increasing demand for filtration systems in countries such as China and India. Latin America and Middle East & Africa also present growth opportunities due to increasing investments in infrastructure development and industrialization.

By Frequency

The segmentation of filters and component market by frequency divides electronic components and devices into three categories: low, medium, and high frequency. Low-frequency components operate at frequencies from DC to a few MHz and are used in audio equipment, power supplies, and low-frequency amplifiers. Medium-frequency components operate at frequencies from a few MHz to several hundred MHz and are used in radio communication, TV, and computer networking. High-frequency components operate at frequencies from several hundred MHz to several GHz and are used in wireless communication, satellite communication, radar, and microwave systems. This categorization helps engineers and designers select appropriate components for their specific applications based on the desired frequency range of operation.

By Connectivity Technology

The segmentation of filters and component market by connectivity technology categorizes electronic components and devices based on the type of connectivity technology used. The categories include cellular technology, ISM, Wi-Fi, GNSS, Bluetooth, and others. Electronic components used in these technologies include antennas, filters, power amplifiers, and transceivers, among others. The detailed overview along with the market share of this and other type of segmentation is been provided in the complete report.

By End Use

The segmentation of filters and component market by end-use categorizes electronic components and devices based on their applications, including mobile communications, wireless connectivity, satellite navigation and communications, and broadcasting for civil, industrial, and military applications. Electronic components used in these applications include antennas, filters, power amplifiers, RF front-end modules, baseband processors, RF receivers, transceivers, and transmitters, among others.
Filters and Components Market Competitive Landscape:
To preserve their market share for the filters and components, the top market players continually spend money on research and development projects that result in the creation of fresh, cutting-edge products. Additionally, these firms frequently use partnerships, mergers, and acquisitions to improve their market share and market visibility.

Moreover, players in the market are also focusing on expanding their distribution network and improving their supply chain to ensure timely delivery of products to their customers. Companies are also investing in marketing and promotional activities to create brand awareness and increase their customer base. The report discusses such supply chain and logistics strategies adapted by the major players and how it impacts the market as whole.

Murata Manufacturing Co. Ltd., TDK Corporation, Taiyo Yuden Co. Ltd., AVX Corporation, Samsung Electro-Mechanics, and KEMET Corporation are a few of the market's major participants. There are many small and medium-sized businesses present, contributing to the market's extreme fragmentation. These businesses mostly compete on the basis of quality and pricing, and they provide specialised goods and services to meet the unique needs of their clients.
Filters and Components Market Regional Insights:
The Filters and Components market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific region dominates the market owing to the significant demand from the electronics industry. The region is expected to maintain its dominance in the market during the forecast period due to the rapid industrialization and increasing investment in the electronics and automotive industries.

North America and Europe are mature markets for Filters and Components, with a significant demand from the telecommunications and automotive industries. These regions are expected to witness moderate growth during the forecast period due to the increasing demand for high-speed data networks and advanced automotive technologies.

The Middle East and Africa and Latin America are emerging markets for Filters and Components, with increasing demand from the automotive and consumer electronics industries. The increasing investment in infrastructure development and expanding industrial base are expected to fuel the market growth in these regions during the forecast period.

Asia-Pacific is anticipated to see the fastest rate of expansion during the projected period of 2023–2029 due to the region's expanding demand for wireless connectivity networks that can provide speedy speeds for homes and businesses. Additionally, growing industrial automation and the need for faster internet connections to adopt cutting-edge and innovative technology would speed up market progress in this region.
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Filters and Components Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
USD 14.3 Bn.


Forecast Period 2023 to 2029 CAGR:
17%
Market Size in 2029:
USD 42.92 Bn.


 Segments Covered:
by Product Type
Air Filters
Water Filters
Oil Filters
Surface Acoustic Wave Filters
RF Bulk Acoustic Wave Filters
Ceramic Filters
Others


by Application
Residential
Commercial
Industrial


by End-Use Industry
Automotive
Healthcare
Aerospace and Defence
Energy and Utilities
Others


by Sales Channel
• OEM
Aftermarket


by Material
Synthetic
Natural
Metal materials


by Filtration Technology
Mechanical
Electrostatic
Others


by Efficiency Level
Low
Medium
High


by Frequency
Low
Medium
High


by Connectivity Technology
Cellular technology
ISM
Wi-Fi
GNSS
Bluetooth
Others


by End Use
Mobile communications
Wireless connectivity
Satellite navigation and communications
Broadcasting



Filters and Components Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Filters and Components Market Key Players:
1. Murata Manufacturing Co., Ltd. (Japan)a
2. TDK Corporation (Japan)
3. Taiyo Yuden Co., Ltd. (Japan)
4. AVX Corporation (USA)
5. Samsung Electro-Mechanics (South Korea)
6. KEMET Corporation (USA)
7. Nippon Chemi-Con Corporation (Japan)
8. Nichicon Corporation (Japan)
9. Walsin Technology Corporation (Taiwan)
10.Yageo Corporation (Taiwan)
11.Vishay Intertechnology, Inc. (USA)
12.Panasonic Corporation (Japan)
13.KOA Corporation (Japan)
14.Towa Corporation (Japan)
15.EPCOS AG (Germany)
16.Bourns, Inc. (USA)
17.API Technologies Corp. (USA)
18.Knowles Corporation (USA)
19.Murata Electronics North America, Inc. (USA)
20.TE Connectivity Ltd. (Switzerland)
21.Eaton Corporation plc (Ireland)
22.STMicroelectronics N.V. (Switzerland)
23.CTS Corporation (USA)
24.Infineon Technologies AG (Germany)
25.ROHM Co., Ltd. (Japan)
Filters and Components Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

FAQs:

1. What are the growth drivers for the Filters and Components Market?
Ans: Technological advancement, increase in the demand are one of the major drivers for the filters and components market.

2. What is the major restraint for the Filters and Components Market growth?
Ans: High cost and availability of cheap alternatives are amongst the restraints for the Filters and Component market

3. Which region is expected to lead the global Filters and Components Market during the forecast period?
Ans: Asia Pacific is been forecasted to dominate the filters and components market by 2029

4. What is the projected market size & growth rate of the Filters and Components Market?
Ans: The projected market size for Filters and Components Market is 42.92 Bn USD

5. What segments are covered in the Filters and Components Market report?
Ans: The report covers segmentation by application , region, end use-Industry and many other segments to analyze the market scope