The global ventilation fans market is anticipated to witness a market value of US$ 3.19 billion in 2023 and is expected to harness a market value of US$ 7.4 billion by reflecting a CAGR of 8.7% in the forecast period 2023 to 2033. The market for Ventilation fans market registered a CAGR of 7.7% in the historical period 2018 to 2022.
Increasing awareness regarding the benefits of ventilation in the household sector is propelling market growth. The growth is also attributed to the capacity of ventilation fans to maintain exceptional indoor air quality by diluting and removing pollutants present inside a space, which is a key contributor to the health and comfort of building inhabitants. These solutions help in removing pollutants and bacteria while also reducing odor and moisture. Small apartments have a restricted number of windows, which thwarts proper air circulation.
Also, small floor layouts with less control over specific irritants and high concentrations of pollutants in each room lead to poor air quality in such settings. As a result, ventilation fans are utilized to provide adequate ventilation. The growing preference of millennials for affordable homes at prime locations, over large flats in far-flung suburbs, is anticipated to fuel growth of the ventilation fans market. Generally, small apartments have limited window set-ups that obstruct proper air circulation. Moreover, small floor plans with negligible control over certain irritants and concentrated levels of pollutants in each room together contribute to poor air quality in such places. Hence, this creates demand for exhaust fans since they are used for proper ventilation.
The use of ventilation fans reduces the chances of respiratory diseases as it helps maintain an ideal temperature and air quality around the room. They create a healthy indoor environment by pulling extra moisture and unwanted odor from a room. The deployment of these products can reduce accumulation of chemical fume and other contaminants that can be harmful when breathed in. This factor is also expected to drive product demand from residential, commercial, and industrial sectors.
On the other hand, in hospital environments, proper ventilation and indoor air quality is maintained to ensure proper infection control and the safety of patients. Healthcare facilities that do not have proper ventilation might lead to the spread of airborne pathogens throughout the facility. Patients with weak immune systems are at risk due to improper ventilation. This is expected to drive the growth of the ventilation fans market during the forecast period.
Poor air quality may cause a variety of health issues, including pneumonia, lung cancer, chronic obstructive pulmonary disease, and ischemic heart disease which creates demand for these fans. The use of these fans decreases the risk associated with such ailments through measures like better air quality and temperature control resulting in healthier indoor settings by reducing moisture and odor levels. Residential ventilation fans are anticipated to surge 2X throughout the forecast period, whereas industrial ventilation fans will continue to hold maximum market share by 2033.
Region-wise, North America was the largest market for ventilation fans, accounting for more than 32.4% of the global revenue share in 2021, and is expected to retain its dominance throughout the forecast period. Several new-age builders in the United States strictly abide by Passive House standard which is related to quality, comfort, and energy efficiency. They heavily depend upon exhaust fans for energy-efficient, airtight homes to abide by these standards. These factors are anticipated to propel regional growth in the forecast period.
Likewise, the market of ventilation fans in Asia Pacific is projected to witness fastest CAGR of 8.5% from 2023 to 2033. Countries like India, China, Indonesia, Japan, and South Korea have evolved as manufacturing hubs, due to easy access to human labor and surging demand from the manufacturing sector, service sector, and government. Also, most governments have imposed strict norms for employee safety. These factors together are expected to drive regional market growth. Since 2001, the enactment of code GB 50325-2001, by the China State Quality Supervision-Inspection-Quarantine Administration and the Ministry of Construction, is focused on maintaining the quality of indoor air pollution in civil buildings. Likewise, TJ36-1979, the Hygienic Standards for Industrial Enterprise Designing by the Ministry of Health, addresses dust standards related to different production processes. These factors are expected to drive growth in this region.
Data Points
Key Statistics
Expected Market Value in 2023
US$ 3.19 billion
Projected Market Value in 2033
US$ 7.4 billion
Growth Rate (2023 to 2033)
8.7% CAGR
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How Competitive is the Market?
Recent developments in technology, mergers, acquisitions, and partnerships within the companies involved in designing ventilation fans are anticipated to create lucrative prospects for market growth during the forecast period.
In November 2022, ‘Ebm-Papst Group’, the leading manufacturer of motors and fans globally, announced that it is planning to establish new production unit with an investment of USD 30 million for producing highly efficient fans and motors in the United States. This second plant expansion will bolster the presence of Ebm-Papst in North America for future industrial fans market growth of sustainable refrigeration, ventilation applications and air conditioning.
In May 2022, ‘Johnson Controls’ invested USD 7.5 million into new automation equipment at Oklahoma's commercial Heat ventilation and air conditioning manufacturing plant. This new equipment will improve capacity while enhancing product quality, safety, and assembly productivity at the 900,000 sq. ft facility, called as the Johnson Controls Rooftop Center of Excellence.
Ventilation fans are used for circulating the air in the buildings and are also known as mechanical ventilation, where a blower or fan is used to control the flow of air.
The ventilation fans are mechanically designed for the supply of the air in ducts and direct air transportation or air exhaust from the buildings. Typically there are two type of ventilation fans used in the buildings axial fan and centrifugal fans.
The modern ventilation fans has better aesthetics look and it also a centrally mounted unit, Although ventilation fans are mainly covered within a suspended roof and it is also easy to retrofit and it can be installed quickly and without any disruption.
While choosing the ventilation fans various factors has been considered such as, installation of the ventilation fans on rubber or other absorbent to avoid the sound caused by the ventilation fans transmitted into the premises.
The location of the ventilation fans are also crucial to confirm that it will not produce high sound in household areas such as the bedrooms and living rooms.
Ventilation Fans Market: Dynamics
Demand from new sales as well as retrofit sales in end use sectors is said to aid the growth of ventilation fans to a health extent. Demand from commercial and residential sectors will employ wall based ventilation fans in principal whereas industrial sector will have greater intake of ceiling based systems.
Growth from the former two sectors is said to drive the ventilation fans principally. In terms of supply based trends, prominent market players in the ventilation fans market are focusing on product improvement according to growing customer demands.
For instance, manufacturers are developing self-diagnosis mode, ideal compact ventilation fans as consumers are preferring products with enhanced efficiency and has low operating costs.
In developing countries, governments are considerably investing in the growth of infrastructure in the industrial and commercial sector, which is expected to drive the demand for ventilation fans market in the upcoming years. The presence of natural ventilation system which does not required the ventilation fans may hinder growth of the market.
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Ventilation Fans Market: Regional Outlook
Europe has been a prominent regional market given the high number of medical industries and food & beverage in the region, which had contributed to a significant value of the global ventilation fans market.
As per the forthcoming, the scenario is likely to change with Asia Pacific is likely to drive the demand for the ventilation fans market.
The increased construction of the commercial buildings and industrial buildings in the region such as, hospital, school and office premises in past few years, has augmented the sales of the ventilation fans in the region.
North America is another prominent region which is expected to hold considerable share in the ventilation fans market on the back of enormous construction spending on commercial as wells residential buildings infrastructure in the region.
Latin America ventilation fans market is expected to record a decent growth over the foreseen year owing to increasing infrastructure investment.
The Middle East & Africa ventilation fans market is likely to witness a sound growth as compared to other with the regional countries implementing the natural ventilation system being economical in longtime run. South Africa and GCC countries could observe a high growth rate due to the infrastructure expansion across these countries.
Ventilation Fans Market: Market Participants
List of some of the prominent market participants in ventilation fans market are:
Panasonic Corporation
Continental Fan Manufacturing Inc.
Fuji Electric Co., Ltd.
Suiden
Mitsubishi electronics ltd.
SODECA
AEROVENT
Taiyo Electric Co., Ltd.
The research report on ventilation fans market presents a comprehensive assessment of the market and contain thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The ventilation fans market report also contains projections using a suitable set of assumptions and methodologies. The research report on ventilation fans market provides analysis and information according to market segments such as of product type, by installation and by material and by application.
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The Ventilation fans market report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (USA, Canada)
Latin America (Mexico, Brazil)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia)
South Asia (India, ASEAN, Rest of South Asia)
East Asia (China , Japan, South Korea)
Middle East and Africa (GCC Countries, South Africa, Northern Africa, Rest of MEA)
Oceania ( Australia, New Zealand)
The ventilation fans market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The ventilation fans market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The ventilation fans market report also maps the qualitative impact of various market factors on market segments and geographies.
Ventilation Fans Market: Segmentation
The ventilation fans market can be segmented on the basis of product type, by installation and by material and by application.
