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The global ventilation system market size stood at USD 27.61 billion in 2022. The market value is slated to rise from USD 29.65 billion in 2023 to USD 50.26 billion by 2030 at a CAGR of 7.8% during 2023-2030. The rise is driven by the latest advancements in fan technology, evaporative cooling, and controlling. Besides, major manufacturers are deploying programmable controls with air filters and heat recovery ventilators to strengthen various operations.
Fortune Business Insights™ presents this information in its report titled “Ventilation System Market Size, Share & COVID-19 Impact Analysis, By Product (Data Center Cooling, Centralized Ventilation, Decentralized Ventilation, and Range Hood), By Application (Commercial, Residential, and Industrial), and Regional Forecast, 2023-2030”.
Temporary Halt on Industrial Activities Hindered Market Growth Amid COVID-19 Pandemic
The market was moderately affected during the first quarter of 2020. This was on account of the temporary halt on air conditioning and ventilation activities. However, the market is set to exhibit appreciable growth throughout the projected period. The rise is being driven by the fresh indoor air quality and reduced temperature.
Ventilation and air conditioning activities comprise fixing Air-Conditioned (AC) units, repairing of existing Energy Recovery Ventilators (ERVs), replacing air filters, and others.
Carrier Launched HAP v6 to Strengthen Industry Foothold
In November 2022, Carrier unveiled a new version of Hourly Analysis Program (HAP). The solution combines a streamlined workflow with a wide range of advanced 3D building features for reducing the effort and time required for the creation of high-quality building models.
Carrier formed part of Carrier Global Corporation, a major provider of safe, healthy, sustainable, and intelligent cold chain solutions.
Market Share to Rise Driven by Growing Demand for Decentralized Systems
One of the major factors boosting the market growth is the escalating popularity of decentralized systems. The systems are used for reducing the number of interconnections and ducts in office buildings and residential projects.
However, the market expansion may be hampered by the high cost of maintenance and operation associated with the installation of ventilation systems.
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Leading Industry Players Ink Collaborations to Propel Business Expansion
Key ventilation system companies are focusing on the adoption of various strategic steps for strengthening their position in the market. These comprise acquisitions, merger agreements, and the rollout of new products. Other initiatives include growing participation in trade fairs and rise in research activities.
Key Players Profiled:
Notable Industry Development
Further Report Findings
Table of Segmentation
CAGR of 7.8% from 2023 to 2030
Value (USD Billion)
By Product, Application, and Region