Furnace Filter Market - Overview
Furnace filter is a device attached to the furnace that protects the blower fan and other components from all kinds of dust, dirt, and debris from the air stream which passes through an HVAC system. By keeping such particles out of the furnace, furnace filters not only help in extending the life of the furnace motor and other components, but also improve the quality of the indoor air. While purchasing a furnace filter, MERV and MPR ratings should always be considered. MERV stands for minimum efficiency reporting value. It is a universal standard used to compare one furnace filter's efficiency with another's. MERV ratings range from 1 to 16. The higher the rating, the more number of particles the furnace filter can remove. MPR stands for microparticle performance rating that measures how efficient an air filter is in capturing particles between 0.3 and 1 micron in size, which make up 99% of the air's particulate matter.
Furnace Filter Market - Drivers and Restraints
The global furnace filter market is anticipated to grow at an exponential rate in the near future. Increasing consumer awareness regarding quality of indoor air is likely to boost the demand for furnace filters in the next few years. Increasing construction work across the globe is hampering the quality of air. This is expected to augment the demand for furnace filters. Additionally, surging incidence of air born allergies and diseases is expected to increase the demand for furnace filters during the forecast period. Furthermore, stringent emission rules set by various countries, especially the developed ones, is also projected to drive the adoption of furnace filters across the world. The emergence of e-commerce platforms has propelled the demand for furnace filters in the market. Many small and medium-sized manufacturers are using e-commerce platforms to increase their sales and reach out to larger base of customers. Less expensive furnace filters are available in the market, which are low in efficiency and cannot capture tiny dust particles. Furnace filters having higher efficiency are expensive and thus less affordable, which restraining the growth of furnace filter market.
Furnace Filter Market - Segmentation
The global furnace filter market can be segmented based on filter category, filter type, end-user, distribution channel, and geography. According to filter category, the global furnace filter market can be categorized into fixed and replaceable furnace filters. By type, the furnace filter market can be bifurcated into electrostatic, pleated, fiberglass, and High Efficiency Particulate (HEPA) filters. Electrostatically charged furnace filters are made from polyester or cotton fibers that are capable of tapping potentially harmful small particles. Another advantage of electrostatically charged furnace filters is that, they charge themselves when air passes through them. Pleated furnace filters are made from environment-friendly materials and help in trapping tiny particles such as mites and spores. Fiberglass furnace filters are widely used owing to their affordability. They help in capturing large dust particles from running through the furnace. Base on end-user, the global furnace filters can be segmented into residential, commercial, and industrial. Geographically, the global furnace filter market can be divided into Europe, North America, Asia Pacific, South America and Middle East.
Furnace Filter Market - Key Players
Prominent players operating in the global furnace filter market include Honeywell International, Inc. (the U.S.), Clarcor Air Filtration Products Inc. (the U.S.), 3M Company (the U.S.), American Air Filter Company, Inc. (the U.S.), Camfil USA Inc. (the U.S.), Koch Filter Corporation (the U.S.), Precision Filtration Products (the U.S.), Tri-Dim Filter Corporation (the U.S.), Aeolus Corp (the U.S.) and Smith Filter Corporation (the U.S.). Players contest with each other with respect to new technological advancements, product designs, etc. in order to attain competitive edge in the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.