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The Global Ventilation Fan Market was Valued at US$ 2.5 Bn in 2019 and it is Expected to Reach More than US$ 4.8 Bn by 2028, Likely to Register CAGR of 7.2 % during 2020-2028.
The ventilation fan is used to circulate the air inside the room or building. This kind of ventilation can be referred as mechanical ventilation. The global ventilation fan is anticipated to witness significant growth in coming years. Some of the factor fuelling the growth of global market include the rising awareness regarding necessity of ventilating the house, rising number of small sized apartments, and increasing death cases caused by indoor air pollution.
Rising Mortality Rate Caused by Impure Ambient Air is anticipated to propel the Market Growth
Poor air quality can cause several diseases to the building occupants. According to a study conducted by World Health Organization, an average rate of premature deaths caused by ambient air pollution is approximately 4.3 million worldwide. The impure air can cause several diseases such as lung cancer, heart disease, stroke, acute respiratory infections in children, and chronic obstructive pulmonary disease. This is expected to poise a positive impact on the growth of global ventilation fan market. These products are able to maintain good air quality by removing and diluting dust, bacteria, and pollutant inside the space which plays an important role in the comfort and health of end-users. Also, the ventilation fans maintain a healthy environment by emitting unwanted odor and excess moisture and helps maintaining appropriate air quality and temperature inside the room.
Based on Product Type, the Axial Segment led the global market by occupying maximum share in 2018
On the basis of product type, the axial segment held maximum share in 2018. These fans have major applications in industrial sector as these products can move high volume of air and consumes less power. Moreover, the centrifugal segment is projected to witness fastest growth over the forecast period. These products offer high pressure air flow and can be attached to tubes and ducts which make it preferable for commercial as well as residential application. Also, these fans are more suitable for air filtration and durable as compared to other fans.
The Metal Segment Anticipated Leading the Global Market throughout the Forecast Period
Based on raw material, metal is anticipated to lead the global market throughout the forecast period. This is mainly due to first mover advantage provided by these materials. Additionally, metals offer strength and sturdiness which enable the fans to move more air which results in better air circulation. Also, the metal fans are more durable than other raw materials which make it preferable across the globe.
Furthermore, the plastic segment is expected to register highest growth rate during the forecast period. These products are gaining popularity due to their lower cost, lesser noise, and light weight. Also, these products consume less energy as compared to metal counterparts.
The Wall-Mounted Segment Anticipated Leading the Global Market throughout the Forecast Period
By mounting type, the wall-mounted segment held maximum share in 2018. These products are easy to install and used for heavy duty air circulation. The house which does not have pre-designed space for ventilation fan accommodation opts for wall-mounted ventilation fans.
Ceiling fans are expected to be the fastest growing segment over the forecast timespan. All the newly designed residential and commercial building has space to accommodate ceiling fans to exhaust the warm air to maintain the room temperature.
Asia Pacific is anticipated to Witness Rapid Growth during the Forecast Timespan
By geography, North America accounted for largest market share in 2018. In North American countries like U.S. and Canada most of the newly constructed residential buildings strictly follow the passive house standard related to energy efficiency, comfort, and quality which encourage the households to opt for energy ventilation fans for airtight homes.
Asia Pacific is projected to witness rapid growth in coming years. In Asia, there is a huge demand for ventilation fans has been registered from different sectors including government, service, and manufacturing industry. Moreover, supporting government regulations and policies is expected to favour the regional growth. For instance, Chinese the Ministry of Construction and China State Quality Supervision-Inspection-Quarantine Administration have implemented code GB 50325-2001 to ensure the air quality in civil buildings since 2001.
Key players operating in global Ventilation Fan market include Volution Group Plc, Crompton, Systemair AB, Delta Electronics, Inc., Surya Roshni Ltd., Fuji Electric Co., Ltd., Rexnord Electronic & Control Ltd., Havells India Ltd., Panasonic Corporation, and Mitsubishi Electric Corporation.
Global Ventilation Fan Market by Product Type
Global Ventilation Fan Market by Raw Material
Global Ventilation Fan Market by Mounting Type
Global Ventilation Fan Market by Application
Global Ventilation Fan Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America