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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

Region : Global | Format: PDF | Report ID: FBI102834

 

KEY INDUSTRY INSIGHTS

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The global ventilation system market size stood at USD 21.40 billion in 2019 and is projected to reach USD 33.17 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period.

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The rising demand from various industries, as well as new construction projects in the developed and developing economies, is resulting in the growth of the ventilation unit market. The increasing commercial construction activities are further expected to fuel market demand. Furthermore, the evolving government regulation regarding ventilation standards and environmental protection is likely to result in the ventilation unit market growth.


MARKET TRENDS


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Increasing Awareness Towards Maintaining Indoor Climate is Resulting in Increased Product Adoption


The rise in focus on various factors impacting health, work efficiency, and comfort is likely to result in the growth of the ventilation unit market. Besides the study of experts, states that a good indoor climate significantly improves work efficiency. For instance, according to the study named “Health, Well-being and Productivity in Offices” by World Green Building Council stated that the indoor air quality can lead to nearby 8-11% improvements in work productivity. Thus the commercial sector is increasingly adopting the product to support high productivity and efficiency.


MARKET DRIVERS


Increasing Demand Decentralized Ventilation is Expected to Propel Market


The surge in the adoption of decentralized systems in the residential sector is expected to result in the growth of the market. This is attributed to its various benefits including each section in the property can be regulated easily, smaller risk in maintenance and malfunctioning situation; as the other units are operational with the ongoing maintenance activity of a unit. The system component including ducts and insulation sections are easy to install. The decentralized systems offer cost-effective and time-efficient solutions for ventilation. Thus the above mention features of decentralized systems are likely to contribute to the growth of the ventilation unit market.


The Stringent Government Regulations Regarding Environment Protection to Aid Product Adoption


The regulation passed by the government is resulting in increased product adoption. For instance, the Clean Air Act (CAA) was designed to prevent air pollution to protect the ozone layer and promote public welfare. Furthermore, the agencies such as the Environmental Protection Agency (EPA) of the U.S., keeps track of the overall emissions and device guidelines to curb the emission.  For instance, the Clean Air Act passed by U.S. federal law, gives power to EPA to regulate pollutants and take effective action to curb air pollution. In addition, the building codes devised by the various government stating ventilation standards to maintain indoor air quality is further expected to boost the ventilation equipment adoption. For instance, the American Society of Heating, Refrigeration, and Air-Conditioning Engineers (ASHRAE) provides standards to resolve indoor air quality concerns.


MARKET RESTRAINT


The Concerns Regarding Product Adoption in Modern Homes Are Expected to Impact its Penetration in the Residential Sector.


Mechanical ventilation can depressurize a home. The modern homes being airtight and compact, lowers the indoor pressure due to forcing the air to the exterior. Thus, causing the problems for natural vent appliances such as water heaters which need positive pressure to emit their combustion outside the house. Sometimes the negative pressure pulls the gases indoors rather than emitting out thus, creating serious health impacts on the residents. However, the increasing adoption of hybrid solutions that combines natural and mechanical ventilation systems is serving a great solution to the above-mentioned problem.


SEGMENTATION


By Product Analysis


Ventilation Fans has Significantly Contributed to the Market Growth


Based on the product, the market is segmented into axial & centrifugal fans, heat recovery ventilators, and others


The increasing demand for fans from the commercial sector such as office spaces, hospitality, and commercial kitchen ventilation is expected to result in the growth of market revenue. Furthermore, the increased demand from the data centers in developed and developing countries such as the U.S., China, and India is resulting in the growth of axial and centrifugal fans demand. This is attributed to the increased data traffic. For instance, according to Cisco, global internet traffic has multiplied three times by 2015 and is expected to reach 4.2 zettabytes annually by 2022. In addition, the GSM Association stated that the Internet of Things connection of devices is expected to reach 25 billion by 2025. The rising demand for heat recovery systems owing to its benefit such as removes stuffy air from indoors provides heat recovery in the winters reducing the heating costs, negligible contamination of fresh air. The energy recovery ventilators offer high efficiency plus exchanges both water vapor and heat and are expected to contribute positively to the ventilation systems market. The other products considered in the segment are the exhaust fans, air handling units utilized to ventilate spaces, air filters used as a part of the system, fan coil units, and more.


By Application Analysis


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Increasing Number of Construction Projects in Residential and Commercial is Resulting in Market Growth.


Based on the application, the market is segmented into commercial, residential, and industrial.


The rise in construction activities in the various sectors including residential and commercial is likely to promote the growth of the equipment adoption. The increasing numbers of high-rise building, office spaces, retail centers, and industrial infrastructure is resulting in the growth of the cantillation system market. For instance, the Council on Tall Buildings and Urban Habitat stated that more than 26 skyscrapers (Supertall buildings) of approximately 984 feet tall were completed by 2019 around the globe. In addition, the 126 tall buildings, of more than 200 meters in height were completed by 2019. The increasing demand for housing in cities owing to urbanization is resulting in the demand for high-rise residential construction. According to the World Property Journal, the high-rise apartment building share has increased to 11% by 2019, whereas the mid-rise apartment buildings expanded the share to 41% by 2019. The increasing shift towards high-rise residence is expected to result in the growth of residential construction activities. For example, the Vista Tower in Chicago is a 93 story high-rise mixed-use building that is expected to open by the end of 2020. The industrial sector has positively contributed to the increase in product adoption owing to the stringent government regulations regarding the emission standards of various industries and environmental protection policies.


REGIONAL ANALYSIS


Asia Pacific Ventilation System Market Size, 2019 (USD Billion)

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Asia Pacific Holds the Major Market Share Owing to the Increasing Demand from its Infrastructure Development Activities


Geographically, the market is classified into five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.


Asia Pacific holds the major share for this market. This is attributed to the increase in demand from infrastructure development activities. For instance, in 2019, China built more than 57 tall buildings according to the Council on Tall Buildings and Urban Habitat. Moreover, China dominated the supertall building construction with 14 out of the 26 total number of buildings completed in 2019. The Covid-19 pandemic breakout is likely to slow down the market in China as well as developed and developing economies such as India, Thailand, Indonesia, and Vietnam considerably. However, the market is expected to recover by the end of 2020.


North America had significantly contributed to the market in 2019 owing to the construction growth in the U.S. The rise in multi-family homes and high-rise towers in prominent cities including New York City, Miami, and Florida is resulting in the growth of ventilation units in the U.S. According to the Council on Tall Buildings and Urban Habitat, United States had 14 tall building completion in 2019 with more than 200m tall 8 buildings in New York City.


The break out of pandemic Covid-19 has considerably impacted the ventilation equipment market in the U.S.; besides few players are continuously striving to provide the essential products to the critical sectors in need. For instance, the Greenheck group is operating all of its manufacturing units under CISA and CDC government guidelines to provide commercial air movement, control, and conditioning equipment to healthcare and digital infrastructure customers. Moreover, in March 2020, Greeheck group was engaged in providing lab exhaust equipment such as Vektor & FumeJet to the hospitals in California for COVID-19 patient isolation rooms. Thus, witnessing the steady demand for essential equipment is expected to contribute to the growth of the market.


The stringent government regulations regarding emissions and tight space of housing projects are expected to drive product adoption in Europe. Moreover, the increasing skyscraper construction activity in the Middle East is likely to contribute positively to the market revenue. For instance, in 2019 according to the Council on Tall Buildings and Urban Habitat Middle East witnessed the completion of 13 tall buildings with a height of more than 200m’s. Latin America is expected to observe steady growth owing to the political and financial uncertainties.


KEY INDUSTRY PLAYERS


Mitsubishi is Focusing on New Product Development and Merger and Acquisition to Gain Competitive Edge in the Market



  • April 2018: - Mitsubishi Electric launched a heat recovery ventilation unit focusing on improving the indoor air quality, protecting the building fabric, and enhanced efficiency.

  • January, 2018: - Mitsubishi Electric acquired Climaveneta Powermaster Ltd this acquisition is expected to expand the product portfolio and strengthen the company’s market position in the UK.


Players are Focusing on Product Portfolio Enhancement and Geographical Expansion


The manufacturers are designing technologically advanced systems to offer suitable solutions to meet the requirements of the customers. Twin City Fan & Blower company has expanded its manufacturing facilities and services in countries including Europe, U.S., India, China, and Singapore. Furthermore, companies are developing innovative products in the market that are expected to uplift the market demand.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • November 2019: - Greenheck was awarded a product innovation award by Architectural Products Magazine for its DS high volume low speed (HVLS) fan with direct drive technology, also offers maximum efficiency and coverage.

  • May 2019: - Greenheck announced the expansion of its facility in Shelby, North Carolina which would focus on Dedicated Outdoor Air System (DOAS), architectural products, and tempered air products.


REPORT COVERAGE


An Infographic Representation of Ventilation System Market

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The ventilation system market report provides detailed information regarding various insights into the industry. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the ventilation system market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2020 to 2027 to provide financial competency. The information gathered in the report has been taken from several primary and secondary sources.


Report Scope and Segmentation








































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Product



  • Axial & Centrifugal Fans

  • Heat Recovery Systems

  • Others (exhaust fans, fan coil units &, etc.)



By Application



  • Commercial

  • Residential

  • Industrial



By Region



  • North America (the U.S. and Canada)

  • Europe (UK, Germany, France, Rest of Europe)

  • Asia Pacific (China, Japan, India, and the Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)



Frequently Asked Questions

As per Fortune Business Insights, the market was worth USD 21.40 billion in 2019.

The market is expected to reach USD 33.17 billion by 2027

The market is projected to grow at a CAGR of 5.7% during the forecast period (2020-2027).

The commercial segment is expected to lead the market

Stringent government regulations and increasing demand for decentralization will drive the market.

Twin City Fan & Blower, Johnson Controls, Honeywell International Inc, Mitsubishi Electric Corporation are among the top companies operating in the market.

Asia Pacific is expected to hold the share of the market.

The modern home facing depressurizing concerns is likely to impact market growth.

The heat recovery system holds the highest CAGR in the market.

The increasing awareness of maintaining the indoor climate is resulting in increased product adoption.

Ventilation System Market Size, Share and Global Industry Trend Forecast till 2026
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  • 2016-2018
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