Press release
Australia Ventilation Products Industry Soars with 6.6% CAGR | Top Key Players are Mitsubishi Electric Corporation, Daikin Industries Ltd., Samsung Electronics Co. Ltd., LG Electronics Inc., Elta Group Ltd., Systemair AB
According to the latest market research study published by P&S Intelligence, the Australian ventilation products market is poised for significant growth, with projections estimating a rise from USD 682.5 million in 2024 to USD 1,003.9 million by 2030, reflecting a compound annual growth rate (CAGR) of 6.6%. This expansion is driven by an increasing number of commercial and residential construction projects, heightened awareness of the health and environmental impacts of air pollution, and a growing preference for decentralized ventilation systems.Browse a detailed analysis report on: https://www.psmarketresearch.com/market-analysis/australia-ventilation-products-market
Key Insights
Residential Sector Growth
The demand for ventilation products in the residential sector is anticipated to grow at a CAGR of over 7% during 2021-2030. This surge is attributed to the rising preference for open-plan homes, increased construction activities, and heightened awareness of energy-efficient ventilation systems.
Health Concerns Driving Demand
Growing health concerns regarding indoor air quality (IAQ) are leading to an increased demand for ventilation systems in residential buildings. Poor IAQ has been linked to various health issues, including stroke, heart diseases, and asthma, emphasizing the need for effective ventilation solutions.
Construction Industry Impact
The expanding construction industry in Australia significantly contributes to the market's growth. For instance, in the first quarter of June 2024, the construction of 39,715 residential units commenced, marking a 0.5% increase from the last quarter of 2023. The value of work done in the residential sector was approximately USD 14 billion, underscoring the sector's robust expansion.
Decentralized Ventilation Preference
There is a growing preference for decentralized ventilation systems, which offer enhanced control over indoor air quality and energy efficiency. This trend aligns with the increasing adoption of green and smart building practices aimed at reducing carbon emissions and promoting sustainable environments.
Commercial Sector Dominance
The commercial sector remains the largest end-user category in the Australian ventilation products market. The proliferation of commercial spaces, including offices, retail outlets, and hospitality establishments, continues to drive the demand for advanced ventilation solutions to ensure occupant comfort and comply with health regulations.
Technological Advancements
Innovations in ventilation technology, such as the integration of Internet of Things (IoT) capabilities, are enhancing system efficiency and user control. Smart ventilation systems that can adapt to real-time air quality measurements are becoming increasingly popular, contributing to market growth.
Regulatory Influence
Government regulations aimed at improving building standards and indoor air quality are propelling the adoption of advanced ventilation products. Compliance with these regulations necessitates the incorporation of effective ventilation systems in both new constructions and renovations.
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Environmental Awareness
The rising awareness of environmental sustainability is encouraging the adoption of eco-friendly ventilation solutions. Consumers and businesses are increasingly opting for products that minimize energy consumption and reduce carbon footprints.
Competitive Landscape
The market is characterized by a fragmented nature, with numerous players offering a variety of products. Companies are focusing on strategic collaborations, product innovations, and mergers and acquisitions to strengthen their market positions and cater to the evolving demands of consumers.
Emerging Opportunities
The increasing emphasis on energy efficiency and sustainable building practices presents significant opportunities for market players. Developing products that align with green building certifications and standards can provide a competitive edge in the evolving market landscape.
About P&S Intelligence
P&S Intelligence offers custom and syndicated market research and consulting services to clients across the globe. Our team of young and dynamic researchers, guided by mentors with years of experience, create data-rich reports tailored to the needs of MNCs as well as startups and SMEs. We remain in a perennial quest to offer exhaustive insights into every aspect of the market, allowing businesses of all sizes to seize even the smallest of opportunities and tackle even the biggest of challenges.
Contact:
Chandra Mohan
AVP - Business Development
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Blog: https://psintelligence.blogspot.com
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