Ventilation Fans Market to Reach Valueation of ~US$ 3 Bn by 2030
Transparency Market Research delivers key insights into the global ventilation fans market. In terms of revenue, the global ventilation fans market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in this report.
Ventilation fans are a type of air blower that are designed to move the air in a ventilation system. These fans are an essential part of the HVAC system that circulate air through a building infrastructure.
The key purpose of a ventilation system is to remove harmful or hazardous air from a workspace and supply fresh air instead. The fans in these systems intake the fresh air from outside and enables the system to re-circulate the air.
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In the ventilation fans report, TMR predicts that rising concern regarding the betterment of indoor air quality would significantly drive the market. Increasing concerns about the health of workers has elevated the need for high performance, low energy consuming ventilation fans. In addition, growing emphasis by government authorities and labor communities to adapt a healthy working environment is also likely to fuel the demand for ventilation systems, subsequently driving the demand for ventilation fans.
In the ventilation fans market report, the market has been broadly segmented in terms of product type, installation, end use, and region. The product type segment includes axial fans and centrifugal fans. The axial fans segment is further segmented into propeller, tube-axial, and vane axial, whereas the centrifugal fans segment is sub-divided into forward inclined blades, backward inclined blades, and straight radial blades. During the forecast period, axial fans are expected to dominate the market owing to the rising demand for propeller and tube axial fans across residential, commercial, as well as industrial applications. Based on installation, the market has been segmented into wall mounted and roof mounted. Wall mounted fans are deployed over windows or vertical walls, whereas the roof mounted fans are fixed over the ceiling directly or in a duct. In the coming years, roof mounted fan installation is expected to rise at a relatively higher growth rate, due to their enhanced performance and ease of installation.
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Based on end use, the market has been segregated into residential, commercial, and industrial, where the market for commercial is expected to account for majority share due to significant growth in the construction of commercial buildings. The commercial segment has been further divided into hotels & restaurants, malls & shopping complexes, hospitals & medical centers, warehouses and garages, and others; The industrial segment is split into oil & gas, automotive, food & beverage processing, chemical, industrial manufacturing, and others (mining, etc.). During the forecast period, the usage of ventilation fans in food & beverage processing industries are expected to grow at a noteworthy pace.
Ventilation Fans Market: Prominent Regions
Presently, Europe dominates the global ventilation fans market, owing to the large-scale import of ventilation fans coupled with stringent government policies supporting the use of ventilation systems. Demand for ventilation fans in the region is primarily driven by its demand in Germany, the U.K., the Netherlands, and France, where the industrial sector is exponentially growing.
Furthermore, the market in Asia Pacific is forecasted to witness substantial growth rate during the forecast period. China is the largest Asian market for ventilation fans, followed by Rest of APAC (Hong Kong, Singapore, Korea, etc.), and India.
Ventilation Fans Market: Key Players
Key players operating in the global ventilation fans market include Panasonic Corporation, Nortek Inc., Systemair AB, Greenwood Airvac, Polypipe Ventilation, Vent-Axia, Airflow Developments Ltd., Mitsubishi Electric Corporation, Delta Electronics, Inc., and Titon plc. Companies operating in the ventilation fans market are extensively focusing on introducing innovative products in order to gain more market share.
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