This study intends to analyse diverse aspects of the global ventilation system market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Market Analysis in Brief
In 2022, the ventilation system market reflected modest growth and per industry figures, it stood at over US$27 Bn in terms of value. According to a preliminary study carried out by Fairfield Market Research, the market will continue to grow at a strong CAGR by 2030. The market continues to witness stable growth on the global front. Ventilation systems facilitate the enhancement of indoor air quality while removing stale air.
In addition, ventilation systems are also installed to control temperature, air motion and humidity to enhance the thermal satisfaction alongside providing comfort in indoor environments. This factor continues to influence the growth of the ventilation system market. Furthermore, advancements in evaporative cooling and fan technology have been contributing towards the value and volume growth of the market. Growing advances in technology in the ventilation space are enhancing the quality of air, usability, effectiveness, and efficiency. The ventilation system industry continues to remain optimistic globally.
Key Report Findings
Major Climatic Changes
Increasing climatic changes worldwide have fuelled the need for air handling units. Rising temperatures with greater unpredictability of climatic conditions have severely impacted indoor environments. This has a deteriorating effect on existing air quality thus impacting the well-being of individuals. In addition, changing climatic conditions have also led to critical weather events resulting in extreme precipitation, storms and floods that can cause harm to buildings and allow moisture and water to enter various infrastructure.
According to the National Oceanic and Atmospheric Administration report in March 2021, the Earth’s temperature increased by 0.140F every decade since 1880. Additionally, 2020 was the second warmest year with the average temperature of 1.760F across both oceans and land. In this backdrop, climatic changes have pushed the demand for efficient air handling units and systems, thus contributing to the growth of the ventilation system market.
Growing Need for Decentralized Ventilation Systems
The reduction in the number of ducts and interconnections in residential and commercial projects have fuelled the demand for decentralized ventilation systems. In addition, decentralized systems have been gaining prominence owing to lower malfunctioning risks and reduced maintenance costs. That said, decentralized ventilation reduces space conditioning needs thus reducing air leakages. This further enhances comfort and air quality. In this backdrop, manufacturers of ventilation systems are providing decentralized systems across both commercial, and residential spaces.
For instance, Mitsubishi Electric Corporation is providing VL100 and VL50 decentralized units which facilitate controlled ventilation along with heat recovery across small businesses, individual offices, and living spaces. Thus, the increasing proliferation of a decentralized model is expected to contribute to the growth of the ventilation system market worldwide.
Regulatory and Environmental Elements, and High Investment Costs
Increasing environmental concerns and regulations related to carbon emissions and energy consumption of ventilation systems may lead to an increase in the cost of manufacturing, installation, and maintenance of these systems. Moreover, these systems have a high upfront cost which could deter potential customers. Furthermore, stiff competition from alternative ventilation solutions such as natural ventilation and air conditioning systems, which could be more cost-effective, are some elements that could hinder the further augmentation of the global ventilation system market.
Growth Opportunities Across Regions
Opportunities Abound in Asia Pacific
The ventilation system market in the Asia Pacific region is expected to grow at a significant pace in the coming years. This can be attributed to stable economic growth followed by the increasing presence of major players across various industries, triggering a higher demand for ventilation systems. In addition, growing customer pools backed by increasing populations across economies such as India, and China have further paved an opportunistic landscape for residential ventilation systems in the region.
Furthermore, the modernization of residential and commercial construction projects has further fuelled the sales of air handling units. For instance, according to the International Finance Corporation, East Asia, and the Pacific Asian region account for a significant share in the real estate sector with an increase in investments in residential and commercial projects. This factor remains instrumental in driving the growth trajectory of the ventilation system market in the Asia Pacific region.
Ventilation System Market: Competitive Scenario
Key players in the ventilation system market have been involved in new product launches and are implementing other growth strategies such as collaborations and acquisitions to strengthen their position. A few major players in the market include Carrier, LG, Daikin Industries, Panasonic, Honeywell International Inc., Nortek Air Solutions, CENTROTEC SE, Mitsubishi Electric Corporation, Midea Group Co. Ltd., CaptiveAire Systems, Komfovent, Johnson Controls, S & P UK Ventilation Systems Ltd., and Greenheck Fan Corporation.
Ventilation System Market: Key Developments
Regional Classification of the Global Ventilation System Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Ventilation System Market
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