Press release
Product Innovations and Advancements in Technology to Boost Ventilation Fan Market Growth
Ventilation Fan Market
The high numbers of infrastructure projects in North America and the Middle East in commercial, industrial, and residential settings is expected to bolster demand, with support from government initiatives on ventilation and aeration in the years ahead.
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The global ventilation fans market is expected to grow by more than 7 % during the forecast period. Increased consumer awareness about people with regards to indoor air quality and the latest tech innovations in ventilation fans contribute to a higher adoption rate, and will influence future developments in the years ahead.
Key Takeaways of Global Ventilation Fans Market Study
In terms of product, axial ventilation fans are expected to dominate the sector and grow by 1.9 X, which can be attributed to higher demand in terms of ceiling fans, cooling fans, and exhaust fans. The nascent field of power roof axial fans will also substantially add to the demand. On the other hand, centrifugal ventilation fans will account for the remainder, while displaying a higher CAGR surpassing 7 %.
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In terms of deployment configurations, wall mounted ventilation fans are expected to hold the larger market share of more than 65 % and a healthy rate of growth, owing to the widespread need of heavy duty air circulation, and easier installations. On the other hand, the ceiling mounted ventilation fans is expected to grow 2X during the forecast period.
When it comes to application, industrial use of ventilation fans will account for a larger market share of more than 45 %, owing to a push from government regulations and policies towards employee safety. However, commercial and residential applications are projected to grow at a faster rate surpassing 6% and 7 % respectively, largely due to a focus on mechanical ventilation solutions towards health issues.
North America has established itself as the biggest market for ventilation fans accounting for close to 30 % of the overall revenue, owing to the regulations associated with the Passive House standards, which focus on airtight, and energy efficient homes. On the other hand, the presence of numerous manufacturing facilities are driving countries in East Asia, South Asia & Oceania, and Middle East and Africa to grow 2.0 x.
“Increasing infrastructure programs by governing bodies in developing countries boost residential and commercial ventilation activities. These infrastructure development activities with increasing urbanization will bolster the demand in forthcoming years.” says the Fact.MR analyst.
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Performance and Durability Drive Demand for Metal Ventilation Fans
Metal variants of ventilation fans have contributed to a larger revenue share growing 1.8 X, accounting for nearly three quarters of the total revenue. This can be attributed to the first mover factor and higher sturdiness, which bolsters performance and durability for better air circulation.
On the other hand, factors such as lower production costs, low weight, and noise reduction, and low power consumption characteristics are driving the adoption of plastic ventilation fans resulting in a higher CAGR, surpassing 7 %.
Find More Valuable Insights on Ventilation Fans Market
Fact.MR, in its new offering, provides a clear analysis of the global ventilation fans market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029.
The study provides readers with compelling insights on the ventilation fans market on the basis of product type (axial and centrifugal), Material Type (metal and plastic), deployment configuration (wall-mounted and ceiling mounted), application (industrial, commercial, and residential) and regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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