Pune, June 01, 2020 (GLOBE NEWSWIRE) -- The global ventilation system market size is predicted to reach USD 33.17 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period. The rising implementation of decentralized systems in the residential sector owing to its special benefits will have a positive impact on the market growth during the forecast period. Moreover, the rising emphasis on balanced ventilation systems to improve the air quality at workplaces will enhance the growth prospects of the market. For instance, as per a study conducted by World Green Building Council named “Health, Wellbeing and Productivity in Offices” indicated that the indoor air quality can lead to nearby 8-11% improvements in work productivity, states Fortune Business Insights in a report, titled “Ventilation System Market Size, Share & Industry Analysis, By Products (Axial & Centrifugal Fans, Heat Recovery Systems and Others), By Application (Commercial, Residential and Industrial) and Regional Forecast, 2020-2027” the market size stood at USD 21.40 billion in 2019.
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Market Driver:
Rising Construction Projects to Influence Market Growth
The increasing demand for ventilation units from various industries will bolster the healthy growth of the market in the forthcoming years. The surge in new construction projects in developing countries is likely to spur opportunities for the market in the foreseeable future. The advancing government regulations about ventilation standards to protect environment will subsequently promote the growth of the market. The increasing awareness regarding the benefits of ventilation systems, such as low maintenance, risk-free and high durability, cost-effectiveness, and time-efficient solutions will significantly uplift the ventilation system market share during the forecast period. Similarly, the easy installation of the system components involving ducts and insulation will further boost the adoption of ventilation systems in the commercial as well as residential sectors. Nonetheless, the increasing environmental concerns is likely to mandate the installation of ventilation systems by the government in the forthcoming years.
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Regional Analysis:
Heavy Demand for Exhaust Kits Amid COVID-19 to Contribute Growth in North America
The market in North America is likely to hold the largest share in the market during the forecast period. The growth in the region is attributed to the high demand for lab exhaust equipment in hospitals. For instance, Greenheck Group, a leading supplier of air movement, control, and conditioning equipment announced that it is delivering lab exhaust equipment such as Vektor & FumeJet to the hospitals in California for COVID-19 patient isolation rooms. The market in Asia Pacific stood at USD 8.82 billion in 2019 and is expected to rise impressively during the forecast period due to the rising demand for ventilators in infrastructure development activities. For instance, as per the Council on Tall Buildings and Urban Habitat survey, China built more than 57 tall buildings in 2019. The developing infrastructure and booming construction industry will favor the growth of the market in Asia Pacific. However, the coronavirus outbreak is likely to restrict the growth of the construction industry, which will simultaneously hamper the growth of the market.
Key Development:
February 2020: Greenheck Group, a global leader and manufacturer of air movement, control, and conditioning equipment was listed as the 2019 Wisconsin Manufacturer of the Year in Milwaukee
List of Key Companies Operating in the Ventilation System Market are:
- UAB KOMFOVENT(Lithuania)
- CaptiveAire Systems (US)
- Greenheck Fan Corporation(US)
- S&P UK Ventilation Systems Ltd(UK)
- Twin City Fan & Blower(US)
- Johnson Controls (US)
- Honeywell International Inc (US)
- Mitsubishi Electric Corporation(Japan)
- Nortek Air Solutions (US)
- CENTROTEC SE (Germany)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Impact Analysis of Covid 19
- Global Ventilation System Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Product (Value)
- Axial & Centrifugal Fans
- Heat Recovery Systems
- Others (Exhaust Fans, Fan Coil Units, etc.)
- Market Sizing Estimations and Forecasts – By Application (Value)
- Commercial
- Residential
- Industrial
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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