In 2015, the bag filter industry was estimated to be a $9.15 billion industry, and this industry is expected to grow at a CAGR of 5.8 percent through the year 2020, with particular emphasis being placed on growth in the mining and cement industry, a significant increase in the number of coal-fired plants, safety and environmental regulations of multiple governments as the catalyst for this growth
A recent report revealed that the pulse jet bag filter will dominate this growth due to an increasing industry demand that power plants provide low particulate emissions. Following are three influences that will impact the growth of the bag filter market over the next four years.
1. Higher Efficiency and Lower Emissions
When it comes to industrial filters, bag filters are preferred over the use of electrostatic precipitators, primarily based on the fact that they are more efficient and cost effective. In a global economy in which businesses are being squeezed by government regulations and customer demands, the ability to efficiently and effectively meet the requirements associated with government regulations is essential to being able to remain competitive in a specific market.
2. Environmental & Safety Regulations
The cement and mining industries are being hit with major regulations that are focused on reducing emissions, as the world over become more environmentally aware. These regulations are backed by stiff financial penalties and sanctions that have motivated businesses in these industries to seek more effective ways to reduce their carbon footprint, and industrial filters are one of the most cost effective and efficacious ways to do so.
3. Advances in Design and Technology
The pulse jet bag filter accounted for more than 50 percent of the revenue generated in the filter market in 2014. This massive representation in the market is attributed to the advancements achieved in the design of the filters, and the advancement of the overall technology. Industrial companies are becoming aware that these filters provide a lost cost method for ensuring that they are in conformance with the regulations that govern their particular industry when it comes to emissions and safety. Due to these advancements, the bag filter industry has experienced exponential growth that is only expected to continue as the focus on environmental responsibility continues to intensify.
4. The Increase in Coal-Fired Plants
According to the release of data from a recent study in 2015, China approved 155 new coal-fired plants (That’s 4 per week!). Currently, in Japan, there are 43 coal-fired power plants under construction, and that number is expected to grow. As these plants continue to increase in number, the demand for filters that will help lower the emissions from these plants will remain in high demand.
The pulse jet bag filters, through efficiency and effectiveness will continue to dominate the growth of the bag filter industry for the foreseeable future. The combination of cost efficiency and higher efficacy rate will continue to provide the stability and momentum necessary to drive growth.