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Global Ventilation Equipment Market Reflecting a CAGR of 5.5% through 2025
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Increasing Incidences of Asthma and COPD Owing to Surged Air Pollution Levels to Drive Market Growth
Air pollution levels have surged exponentially in the recent past, resulting into increased cases of asthma and chronic obstructive pulmonary disorders (COPD). According to World Health Organisation (WHO), over 3 Mn premature deaths are reported each year caused by respiratory conditions. In addition, according to Nature Journal particle sizes PM 2.5 and PM 10 present in the air are inhaled deep into lungs, leading to incidences of strokes and heart attacks. Ventilation equipment renders removal of air pollutants and particles, improving ambient air quality in both industrial and commercial workspaces. Moreover, stringent government and environmental regulations have been implemented owing to growing concerns about health and safety of industrial work force. These factors are estimated to propel market growth.
Exaggerated Marketing by New Entrants to Mislead Customers in Purchasing Ventilation Products
However, exaggerated marketing by new entrants has resulted into confusion among customers. Variety of options, sizes and prices offered by these players have been misleading customers in purchasing ventilation products. This is expected to spread mistrust and impede adoption of ventilation products, especially across developing economies, where absence of awareness about such products already persists.
Based on equipment type, air filter are expected to remain sought-after among end-users, followed by air purifiers. By 2025, demand for air filter in the market is projected to surpass 8,000,000 units, expanding at 5.3% CAGR in terms of volume. In addition, sales of axial fans are projected to exhibit second highest CAGR through 2025.
Industrial Application of Ventilation Equipment to Account for over 70% Market Share by 2025-end
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Industrial application of ventilation equipment are expected to account for over 70% share of the market value, with revenues pegged to reach nearly US$ 30,000 Mn by 2025. Robust adoption of ventilation equipment by manufacturing sector, catering to needs of commercial and residential sectors, is expected to drive demand for ventilation equipment from industrial application. In addition, non-industrial application of ventilation equipment is projected to witness highest CAGR of 6.1%.
Asia Pacific (APAC) will remain the largest market for ventilation equipment. Market in this region was evaluated at US$ 10,101.7 Mn in 2016; by 2025 it is estimated to reach US$ 20,000 Mn, expanding at 7.3% CAGR. Availability of cost-effective land and labor, coupled with surging construction rate and lifestyle of people is driving growth of the market in this region. In terms of value, North America and Middle East & Africa (MEA) are expected to exhibit parallel expansion at 4.5% CAGR through 2025. In addition, leading manufacturers are gaining a firm foothold in Western Europe, which in turn is estimated to drive market growth in Europe by 2025-end.
Key players identified in PMR’s report include Daikin Industries, Ltd., Lennox International Inc., Takasago Thermal Engineering Co. Ltd., Systemair AB, Totech Corporation Inc., Greenheck Fan Corporation, Air System Components Inc., Gree Electric Appliances Inc. of Zhuhai, Nuaire, CECO Environmental Corp., Crompton Greaves Consumer Electricals Ltd., Kruger Ventilation Industries Pte Ltd., Airflow Developments Limited, Maico Elektroapparate-Fabrik GmbH, Schaefer Ventilation Equipment, LLC, Envirovent Ltd., Manrose Manufacturing Ltd., Stamm International Corporation, Zibo Lihua Ventilation Equipment Co. Ltd., VES Andover Ltd.
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