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Ventilation System Market to Grow at a CAGR of 8.0% During the Forecast Period; Increased Demand for Decentralized Systems in Office Buildings to Propel Market Expansion

April 21, 2024 | Machinery & Equipment

The global ventilation system market size stood at USD 29.65 billion in 2023. The market is predicted to rise from USD 31.87 billion in 2024 to USD 59.06 billion by 2032, recording a CAGR of 8.0% from 2024 to 2032.


Fortune Business Insights™ presents this information in its report titled, Ventilation System Market Size, Share & Industry Analysis, By Product Type (Data Center Cooling, Centralized Ventilation, Decentralized Ventilation, and Range Hood), By Application (Commercial, Residential, and Industrial), and Regional Forecast, 2024-2032.  


Ventilation systems are highly preferred to regulate and circulate Indoor Air Quality (IAQ) by displacing and diluting pollutants. They are installed in residential, commercial, and industrial applications. Increased demand for decentralized systems to decrease the number of interconnections and ducts in office buildings or multi-family residential projects is expected to fuel the market growth in the coming years.


The COVID-19 pandemic had a moderate impact on the global market. However, an increase in consciousness about indoor air quality enhancement among the population in the post-pandemic is assisting in market expansion.


Increase in Product Introductions by Key Players to Boost Market Expansion


In July 2023, Greenheck Fan Corporation launched a new XG TH 500 air terminal unit. It is an air distribution unit that controls the airflow capacity for variable and constant volume applications. It is widely used in both commercial and industrial sectors.


Rapid Integration of Advanced Technologies in Ventilation Systems to Propel Market Growth


Leading companies, including Carrier, Daikin Industries Ltd, and Johnson Controls International Plc, among others, are working on creating new systems with innovative technologies, such as AI-enabled & IoT-enabled machines. These players focus on the integration of sensors in ventilation systems to boost market development.


In April 2022, Zeco Aircon Ltd launched a smart air handling unit that includes an integrated control system. It is deployed in the residential, commercial, and industrial sectors. It offers a 24X7 indoor quality management solution, and it also saves up to 25% of the energy consumption in Heating, Ventilation, and Air Conditioning (HVAC) systems. It functions through a remote control or smartphone. It has an airflow capacity of 1,000 M3/h to 60,000 M3/h.


On the other hand, the high ventilation system maintenance costs are impeding ventilation market growth.


Key Players Focus on Acquisitions to Improve Product Portfolio


Leading companies are engaged in acquisitions to improve their product portfolio. In January 2022, Munters acquired an air handling equipment and data center cooling equipment producer, EDPAC, to strengthen its position in the European market.


Notable Industry Development



  • December 2023: Komfovent launched a new VERSO series of compact air handling units for the education and public sectors. It is an efficient equipment and has an airflow capacity of 4,600 m3/h. It offers low noise levels, heat recovery efficiency of more than 80%, low energy consumption, and ease of operation.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/ventilation-system-market-102834


List of the Companies Profiled in the Report:



  • Carrier (U.S.)

  • Daikin Industries Ltd (Japan)

  • Honeywell International Inc. (U.S.)

  • Johnson Controls (Ireland)

  • Komfovent (Lithuania)

  • Lennox International Inc (U.S.)

  • LG Electronics (South Korea)

  • Midea Group (China)

  • Munters AB (Sweden)

  • Trane Technologies (Ireland)


Further Report Findings-



  • Asia Pacific is predicted to dominate the ventilation system market share during the forecast period. Increased product demand to enhance indoor air quality on the premises is driving market growth in the region.

  • Europe is projected to witness a moderate growth rate over the forecast period due to the rapid expansion of the new residential areas in Western Europe and increased demand for energy and heat recovery systems.

  • Based on product type, the centralized ventilation segment commanded the market due to increased demand for fresh air systems from residential and commercial industries.

  • On the basis of application, the commercial segment led the market. The surging usage of ventilation units in the commercial sector is driving segment expansion.


Table of Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 8.0% from 2024 to 2032



Unit



Value (USD Billion)



 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Segmentation



By Product Type



  • Data Center Cooling


    • In Row Cooling

    • Fan Wall

    • Precise Air Conditioner


  • Centralized Ventilation


    • Fresh Air System

    • AHU


  • Decentralized Ventilation


    • Bath Fan

    • Single Tunnel Fresh Air Ventilation


  • Range Hood


    • Hood

    • Downdraft

    • Roof Top



By Application



  • Commercial


    • Data Center Cooling

    • Centralized Ventilation

    • Decentralized Ventilation

    • Range Hood


  • Residential


    • Centralized Ventilation

    • Decentralized Ventilation

    • Range Hood


  • Industrial


    • Data Center Cooling

    • Centralized Ventilation

    • Decentralized Ventilation



By Region



  • North America (By Product Type, By Application, and By Country)


    • U.S. (By Application)

    • Canada (By Application)

    • Mexico (By Application)


  • Europe (By Product Type, By Application, and By Country)


    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Rest of Europe


  • Asia Pacific (By Product Type, By Application, and By Country)


    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • South Korea (By Application)

    • Rest of Asia Pacific


  • South America (By Product Type, By Application, and By Country)


    • Brazil (By Application)

    • Argent

    • ina (By Application)

    • Rest of South America


  • Middle East and Africa (By Product Type, By Application, and By Country)


    • GCC (By Application)

    • South Africa (By Application)Rest of Middle East and Africa



Ventilation System Market
  • PDF
  • 2023
  • 2019-2022
  • 282

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