In the historical period from 2018 to 2022, the ventilation fans market recorded a CAGR of 7.7%. Looking ahead, the global ventilation fans market is anticipated to witness a market value of US$ 3.19 billion in 2023, with expectations to reach US$ 7.4 billion by reflecting a CAGR of 8.7% in the forecast period from 2023 to 2033.
Rising awareness of the advantages of ventilation in residential settings is driving market expansion. Ventilation fans play a crucial role in maintaining optimal indoor air quality by dispersing and eliminating pollutants present within a space, significantly contributing to the health and comfort of occupants. These systems aid in the removal of pollutants and bacteria, as well as in reducing odors and moisture. In small apartments with limited windows, proper air circulation is often hindered, highlighting the necessity of effective ventilation solutions.
The ventilation fans are used for circulating the air in the buildings and are also known as mechanical ventilation, where a blower or fan is used to control the flow of air.
The ventilation fans are mechanically designed for the supply of the air in ducts and direct air transportation or air exhaust from the buildings. Typically there are two type of ventilation fans used in the buildings axial fan and centrifugal fans.
The modern ventilation fans has better aesthetics look and it also a centrally mounted unit, Although ventilation fans are mainly covered within a suspended roof and it is also easy to retrofit and it can be installed quickly and without any disruption.
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COVDI-19 crisis impact
The ongoing COVID-19 pandemic will act as a hindrance to construction activities across all end use sectors, with the industrial sector to take the hardest hit and capital investments to be subdued.
However, from retrofit aspect a marginal demand growth is expected to occur in the current year. Also, demand from healthcare facilities may generate a substantial demand. The growth recovery curve for ventilation fans market is expected between the next 4 quarters of the current fiscal.
Ventilation Fans Market: Regional Outlook
Europe has been a prominent regional market given the high number of medical industries and food & beverage in the region, which had contributed to a significant value of the global ventilation fans market.
As per the forthcoming, the scenario is likely to change with Asia Pacific is likely to drive the demand for the ventilation fans market.
The increased construction of the commercial buildings and industrial buildings in the region such as, hospital, school and office premises in past few years, has augmented the sales of the ventilation fans in the region.
North America is another prominent region which is expected to hold considerable share in the ventilation fans market on the back of enormous construction spending on commercial as wells residential buildings infrastructure in the region.
Latin America ventilation fans market is expected to record a decent growth over the foreseen year owing to increasing infrastructure investment.
The Middle East & Africa ventilation fans market is likely to witness a sound growth as compared to other with the regional countries implementing the natural ventilation system being economical in longtime run. South Africa and GCC countries could observe a high growth rate due to the infrastructure expansion across these countries.
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Market Participants
List of some of the prominent market participants in ventilation fans market are:
- Panasonic Corporation
- Continental Fan Manufacturing Inc.
- Fuji Electric Co., Ltd.
- Suiden
- Mitsubishi electronics ltd.
- SODECA
- AEROVENT
- Taiyo Electric Co., Ltd.
The research report on ventilation fans market presents a comprehensive assessment of the market and contain thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The ventilation fans market report also contains projections using a suitable set of assumptions and methodologies. The research report on ventilation fans market provides analysis and information according to market segments such as of product type, by installation and by material and by application.
The Ventilation fans market report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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