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Mechanical Ventilation Systems Market Size Worth US$ 28,022.63 million By 2028 | CAGR 5.27%: The Insight Partners

12-09-2021 03:02 PM CET | IT, New Media & Software

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

According to our new research study on “Mechanical Ventilation Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the market is projected to reach US$ 28,022.63 million by 2028 from US$ 19,566.67 million in 2021; it is expected to grow at a CAGR of 5.27% from 2021 to 2028.

The residential sector consumes a significant amount of energy equivalent to one third of total primary energy resources available across the globe. Increase in building service demands and improvised lifestyle have further increased the energy consumption. Thus, energy-efficient ventilation systems, such as energy recovery ventilation (ERV), can drastically save energy by reducing the demands for electricity and power for heating and cooling and providing appropriate ventilation to residential or commercial buildings. Moreover, energy-efficient mechanical ventilation systems improve humidity control by pre-drying the incoming ventilation air. They also encourage building operators to improve quality of the indoor air and meet simplified building codes for consistent increase in energy consumption. Further, the integration of energy-efficient mechanical ventilators into the ductwork of residential or commercial buildings helps to achieve proper ventilation.

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The demands for energy-efficient ventilation system is further augmented for removing pollutants emitted by indoor sources. The high rates of air change can cause energy burden on a building’s heating or cooling needs. Ventilation accounts for 30% or more of space conditioning energy and has increased the demand to minimize ventilation rate, reduce energy, and ensure optimum indoor air quality. The proportion of airborne energy loss is much higher in buildings constructed at high standards of thermal insulation. The amount of energy consumed is dependent on the flow rate of ventilation and the amount of air conditioning necessary to achieve thermal comfort. Additional energy is needed to drive mechanical ventilation systems, cool air by refrigeration, and maintain humidity levels. Exponential growth in the rate of energy consumption and dissipation in the commercial and residential sectors have created an emphasis on energy conservation development, which has, in turn, increased the demand for energy-efficient mechanical ventilation systems.

Innovations in Cost-Effective Energy Recovery Ventilators (ERV) to Propel Mechanical Ventilation Systems Market Growth in Coming Years

The technological development in the HVAC industry is focused on cost down initiatives and improvements of existing technology. There is a growing demand for latent heat storage, with higher storage density and smaller temperature changes. The potential use of Phase Change Material (PCM) in HVAC solutions for thermal storage and temperature maintenance applications, and innovations in the Next Generation Ventilation (NeGeV) to optimize system performance and cater to the ventilation and cooling demands for commercial and industrial sectors are among the factors bolstering the growth of the market. Further, significant developments and innovations in mechanical ventilation systems are anticipated to match current price levels and greatly reduce operating costs while offering 50–90% reduced energy consumption and a reduced carbon footprint. All the aforementioned factors are expected to support market growth and offer lucrative growth opportunities to market players.  

Impact of COVID-19 Pandemic on Mechanical Ventilation Systems Market

The COVID-19 outbreak has significantly impacted global economies with the sweeping lockdowns that have forced people to remain at home. The pandemic has hampered construction and manufacturing activities in many regions as the availability of laborers and the supply of equipment are reduced drastically, which, in turn, is hampering the growth of the mechanical ventilation systems market. However, a few leading providers of the mechanical ventilation systems market such as Mitsubishi Electric Corporation, Airflow Developments Limited, and Infineon Technologies AG are significantly contributing to the market growth through the adoption of strategic collaborations, launches of new products, and funding to the technological advancements. 

Mechanical Ventilation Systems Market Forecast to 2028 - Latest COVID-19 Analysis at https://bit.ly/3lKbXdZ

Growing innovations in energy recovery ventilation is anticipated to provide lucrative growth opportunities for the global mechanical ventilation system market. Prominent players are increasingly investing in the design and development of controlled ventilation that transfers heat from the warm exhaust air to the cold supply air to minimize energy and cost of heating ventilated air. A few energy recovery systems also use existing ductwork to manage the expenses. Efficient ducts can effectively reduce pressure drops in the system and improve overall performance. The incorporation of embedded devices in energy recovery systems prevent it from freezing and reduce frost formation that can damage heat exchangers. This further decreases the maintenance costs. Increased focus on indoor climate have increased demand for turn-key heating, ventilation, and air conditioning (HVAC) solutions and integrated cooling methodologies. This is enabling the market vendors to invest in technologies that helps to obtain good thermal comfort and indoor air quality in warm summer seasons.

Mechanical Ventilation Systems Market: Application Overview

Based on Application, the mechanical ventilation systems market is segmented into industrial, residential, and commercial. Mechanical ventilation systems are used in commercial kitchen applications across the hotel & hospitality industry; commercial corporate buildings, such as companies, offices, and shopping malls; and other commercial buildings. A few of the major factors fueling the market growth for the commercial segment are the surging demand for ventilation systems from new corporate building constructions, growing commercial kitchen sector, and rising construction of commercial green buildings.

Mechanical Ventilation Systems Market: Competitive Landscape and Key Developments

Volution Group Ltd., Aremec, Mechanical Air Supplies Ltd, Duco Ventilation and Sun Control, Caladair International, Mitsubishi Electric Corporation, Airflow Developments Limited, Vortice, Blauberg, and Infineon Technologies AG are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global mechanical ventilation systems market and its ecosystem.

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In July 2021, DUCO has been identified with innovative and high-quality solutions that ensure a healthy indoor atmosphere for the end consumer for 30 years as a Belgian manufacturer of ventilation systems. This is accomplished through the company's extensive line of window ventilators and boxes, lamella grilles, and fabric solar shading. Daikin Europe has recognized this distinct positioning and will enter the residential ventilation market in collaboration with the Veurne-based firm.

Players operating in the mechanical ventilation systems market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In July 2021, DUCO has been identified with innovative and high-quality solutions provider that ensure a healthy indoor atmosphere for the end consumer. This is accomplished through the company's extensive line of window ventilators and boxes, lamella grilles, and fabric solar shading. The company is collaborating with a manufacturer of HVAC building products, Daikin Europe, for international expansion.
In September 2021, Energy Recovery Industries, a major manufacturer and provider of low-carbon, energy-efficient heat exchanger cells, was acquired by Volution Group Plc. On a debt-free cash-free basis, the initial consideration for the acquisition was US$ 27.2 million, with a contingent cash payment of up to US$ 14.4 million based on achieving expectations for the financial results for the year ending December 31, 2023.

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If you have any queries about this report or would like further information, please contact us:

North America: +1 646 491 9876

Asia-Pacific: +91 20 6727 8686

Email: sales@theinsightpartners.com

ABOUT US:

The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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