Thanks to the rapid urbanization, a steady surge in the demand for ventilation fans can be observed across the world. Analysts expect this trend to continue over the forthcoming years on account of the increasing construction of commercial, residential, as well as industrial spaces.
The global opportunity for ventilation fans is expected to progress from a value of US$1.6 bn in 2015 to a possible worth of US$2.4 bn by the end of 2023, rising at a CAGR of 4.90% between 2015 and 2023.
The commencement of high-value infrastructure development projects in the Middle East and North America, the improving construction industry in developed nations, and encouraging initiatives by various governments, worldwide, on aeration and ventilation are projected to boost the demand for ventilation fans in the years to come.
The rising awareness among people regarding indoor air quality (IAQ) and the technical advancement in ventilation fans are also predicted to add significantly to their popularity. Product innovations will shape the future of the global ventilation fans market, states Transparency Market Research.
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Opportunity in Axial Fans to be Worth US$735.9 mn by 2023
Axial fans, centrifugal fans, range hood fans, domestic exhaust fans, and power roof fans are the key ventilation fans available across the world. Among these, axial fans report the most prominent demand. In 2015, the opportunity in axial fans was worth US$500.3 mn. Expanding at a CAGR of 4.90% during the period from 2015 to 2023, it is estimated to increase to US$735.9 mn by the end of 2023.
The widespread application of axial fans as cooling fans, ceiling fans, and ventilation exhaust fans is expected to add to their demand significantly over the next few years. Power roof fans are also projected to attract a considerable demand in the near future.
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Asia Pacific to Remain Leading Consumer of Ventilation Fans
By geography, the global market for ventilation fans is segmented into Europe, Asia Pacific, North America, South America, and the Middle East and Africa. Asia Pacific has emerged as the key contributor in the demand for these fans in the recent times. In 2015, it held a share of 43.4% in the overall demand for ventilation fans. Over the coming years, the region is expected to retain its leadership with a slight increase in its market share. North America, however, is anticipated to register the fastest surge in the demand for ventilation fans in the coming years on account of the adoption of novel technologies in these fans.
In Asia Pacific, the opportunity in ventilation fans is projected to rise from US$707 mn to US$1,040 mn by 2023, expanding at a CAGR of 5.0% during the period from 2015 to 2023, whereas, North America is likely to report an opportunity of US$541.6 mn in these fans by 2023.