Global Ventilation Equipment Market
Pegged to reach $25 billion in 2017
NEW YORK — The global ventilation equipment market will reach $25 billion in revenues in 2017 and is estimated to reach $40 billion by 2025, expanding at 5.5 percent compound annual growth rate (CAGR), per a recent report from Persistence Market Research (PMR).
Air pollution levels have surged exponentially in the recent past, resulting in increased cases of asthma and chronic obstructive pulmonary disorders (COPD). According to World Health Organization (WHO), more than 3 million premature deaths are reported each year via respiratory conditions. In addition, according to Nature Journal, particle sizes PM 2.5 and PM 10 present in the air are inhaled deep into the 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.
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 filters 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 million units, expanding at 5.3 percent CAGR in terms of volume. In addition, sales of axial fans are projected to exhibit second highest CAGR through 2025.
Publication date: 7/3/2017