Ventilation Fans Market : NextGen Technological Advancements, Professional Survey and Future Industry Trends : 2023
Significant growth of the construction industry in the BRICS economies and major infrastructure development projects in MENA is driving the growth of the ventilation fans market . The market for ventilation fans is anticipated to expand at a CAGR of 4.9% during the forecast period from 2015 to 2023. The global ventilation fans market was valued at US$ 1,629.8 Mn in 2015. Some of the key factors driving the growth of the ventilation fans market include rising awareness of indoor air quality (IAQ) and government regulations on ventilation fans deployment majorly in the industrial sector. Ventilation fans are widely adopted across the residential, commercial, and industrial sectors.
The common methods used for ventilation are natural ventilation, mechanical/forced ventilation, and hybrid ventilation. Proper installation and operation of ventilation fans provides a path for contaminated air or water vapor to exit a house. Presently, continuous ventilation is a prerequisite for commercial, industrial, and residential applications for proper air flow. Significant growth in the construction industry of BRICS economies, major infrastructure development projects in MENA, and a recovering construction sector in the developed regions is driving the ventilation fans market. For instance, BRICS countries account for an average urbanization rate of about 44.0% as compared to the global average of 50.4%. The urbanization rate of BRICS countries is expected to reach 47.0% by 2016, and about 53% by 2020. Among all the BRICS countries, India has the lowest urbanization rate, of about 30%. At present, China spends around 12% of its GDP on infrastructure; and this trend is expected to continue in the next few years. Similarly, Brazil has recently allocated an amount of US$ 300 Bn to be spent on modernizing its infrastructure. Such factors are anticipated to further drive the demand for ventilation fans in the BRICS nations.
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On the basis of fan type, the global ventilation fans market is segmented into centrifugal fans, axial fans, cross-flow fans, domestic exhaust fans, power roof fans, and range hood fans. In 2014, axial ventilation fans were the most preferred ventilation fan type in the market and are expected to expand at a substantial CAGR during the forecast period. The most significant factor driving the market for axial ventilation fans is their wide range of applications, such as cooling fans; wind tunnels; ceiling fans; and computer cooling, automobiles, and ventilation exhaust fans. On the basis of end-users, the global ventilation fans market is segmented into residential, commercial, and industrial end-user segments. The residential segment, being the most common application for ventilation fans, dominated the global ventilation fans market in 2014 in terms of revenue share. However, the commercial end-user segment is expected to witness the highest rate of growth during the forecast period.
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Asia Pacific was the largest market for ventilation fans globally in 2014 in terms of revenue; however, the market in North America is expected to grow at significant rate to surpass Asia Pacific over the forecast period. Growth of the ventilation fans market in North America is mainly supported by the newly developed and technologically advanced ventilation fans. The addition of advanced features such as brushless D.C. (BLDC) motors, low noise levels, and high energy efficiency in ventilation fans, is expected to replace the presently used ventilation systems in the region.
Table of Content
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Global Ventilation Fans Market Analysis, 2013-2023 (US$ Mn)
Chapter 4 North America Ventilation Fans Market Analysis, 2013 – 2023 (US$ Mn)
Chapter 5 Europe Ventilation Fans Market Analysis, 2013 – 2023 (US$ Mn)
Chapter 6 Asia Pacific Ventilation Fans Market Analysis, 2013 – 2023 (US$ Mn)
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