The global ventilation fans market is predicted to progress from US$1.6 bn in 2015 to US$2.4 bn by 2023, expanding at a 4.90% CAGR during the period from 2015 to 2023. The global ventilation fans market is predicted to register rapid growth during the forecast period due to factors such as the initiation of major infrastructure development projects in MENA, the recovering construction sector across developed regions, supportive government regulations on ventilation, the rising awareness about indoor air quality (IAQ), and advancements in ventilation fans.
Ventilation is a procedure that replaces the air in a given area to control the temperature and remove moisture, smoke, carbon dioxide, odors, heat, and dust. Proper installation of ventilation fans provides a perfect path for contaminated water vapor or air for exiting a house. Ventilation fans are globally adopted across the commercial, residential, and industrial sectors. Some of the popular ventilation methods adopted across the globe are natural ventilators, hybrid ventilators, and mechanical/forced ventilators.
The invention of new ventilation products is predicted to create new growth opportunities in the global ventilation fans market in the next few years. Broan-NuTone recently introduced their new ventilation product within the InVent series in Hartford, Wis. The InVent Series ventilation products contains mid-range ventilation fans due to them being featured with LED lighting and superior airtightness.
Asia Pacific to Dominate Global Ventilation Fans Market
The global ventilation fans market is segmented on the basis of type, end use, and geography. Based on geography, the global ventilation fans market is divided into Europe, North America, Asia Pacific, the Middle East and Africa, and South America. In 2014, the global ventilation fans market was dominated by Asia Pacific, followed by North America. Acceptance of newly developed technologies in ventilation fans are predicted to propel the North America ventilation fans market in the years to come.
At present, continuous ventilation is a prerequisite for industrial, commercial, and residential applications for fresh air flow. Leading players are focusing on introducing new ventilators to match the changing trends. Growth of the construction industry, especially in BRICS economies, is the major factor expected to drive the global ventilation fans market in the years to come.
Axial Ventilation Fans to Expand at 4.90% CAGR from 2015 to 2023 owing to Enhancements in Technology
By type, the global ventilation fans market is classified into axial fans, domestic exhaust fans, centrifugal fans, range hood fans, and power roof fans. In 2014, the global ventilation fans market was led by the axial fans segment, which accounted for 31%. The axial ventilation fans segment is predicted to expand at a 4.90% CAGR from 2015 to 2023.
Some of the leading players operating in the global ventilation fans market are Panasonic Corporation, Airmaster Fan Company, Nortek, Inc., and Delta Ventilation Ltd. The global ventilation fans market is highly fragmented and competitive in nature.
The high cost of installation and maintenance is predicted to hamper the growth of the global ventilation fans market throughout the forecast period.
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