Global Ventilation Fans Market to Reach $2.4 Billion by 2023
Market being driven by growing awareness of the importance of IAQ
ALBANY, N.Y. — The global market for ventilation fans, which stood at $1.6 billion in 2015, is forecast to reach $2.4 billion by the end of 2023, exhibiting a compound annual growth rate (CAGR) of 4.9 percent between 2015 and 2023, according to a report from Transparency Market Research.
The growing awareness of the importance of IAQ and stringent government regulations mandating the installation of proper ventilation systems in buildings are the key factors fueling demand in the global ventilation fans market.
Asia Pacific emerged as the largest regional market for ventilation fans in 2014. The demand for ventilation fans in the region is mainly being generated by the rapid infrastructure development witnessed in the region.
The market has been capitalizing on the rising trend in industries to replace their traditional ventilation systems with newly developed and more advanced ventilation systems, such as those using brushless dc motors, which offer high energy efficiency and reduced noise.
Based on ventilation type, the global market for ventilation fans has been segmented into cross-flow fans, axial fans, centrifugal fans, domestic fans, range hood fans, and power roof fans. Of these, the axial fans segment dominated the market in 2014, accounting for a share of 31 percent of the global market. By end use, the market is classified into industrial, commercial, and residential. Of these, the residential end-use segment held the largest share of the market, accounting for 45 percent in 2014.
Regionally, Asia Pacific held around 44 percent of the global ventilation fans market in 2014. However, over the report’s forecast period, North America is anticipated to exhibit the fastest growth. The report provides a holistic overview of the factors impacting the market’s growth trajectory across its key regional segments.
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Publication date: 3/25/2016