Industrial applications will remain the primary contributor to the ventilation fans market, owing to increased demand for compliance with air safety standards and de-fumigation operations.
DUBLIN, IRELAND / ACCESSWIRE / February 24, 2020 / The global ventilation fans market is set to rise at a healthy CAGR of 7% through the end of 2029, as per the recent market intelligence study of Fact.MR. Businesses in the ventilation fans market are increasingly pushing for investments in research and development activities to boost product portfolios and meet end user requirements.
“Increasing infrastructure programs by governing bodies in developing countries bolster residential and commercial ventilation activities, which would foster the sales of ventilation fans in following years,” says the Fact.MR report.
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Ventilation Fans Market: Key Findings
- Sales of axial ventilation fans will expand 1.9X in the forecast period, supported by the growing popularity of power roof axial fans.
- Wall-mounted ventilation fans will hold a larger market share, with greater demand from industrial end users.
- Commercial and residential applications of ventilation fans are projected to grow at a faster rate, with rising focus on indoor air safety standards.
- North America remains key market for ventilation fans; APAC and MEA are displaying faster growth in the market.
Ventilation Fans Market: Key Driving Factors
- Rising consumer awareness about the advantages of ventilation fan utilities is a key market driver.
- Increasing prominence of smaller apartment sizes drive adoption of ventilation fans in the residential sector.
- Health issues arising from unhealthy air quality such as COPD, pneumonia, ischemic heart disease, and lung cancer fuel demand.
- Strict industrial safety regulations remain a major contributors to global demand.
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Ventilation Fans: Key Market Restraints
- High costs involved in specialized equipment and skilled professionals continue to be a restraint for emerging players.
The global ventilation fans market is moderately fragmented. Industry leaders are focusing their efforts on investments into research and development for better efficiency and innovation. This includes operational capabilities for closed spaces, higher energy efficiency, easy cleaning, and higher scope of customization. The report has also profiled key players in the global ventilation fans market including but not limited to Panasonic Corporation, Mitsubishi Electric Corporation, Systemair AB, Fuji Electric, Crompton, Volution Group plc and Havells India Ltd.
About the Report
This 250+ pages study provides detailed forecast data on the ventilation fans market. The key categories covered in the report include product type (axial and centrifugal), raw material (metal and plastic), deployment (wall-mounted and ceiling-mounted) application (industrial, commercial, and residential) and 25+ countries in key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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