Albany, NY, Jan. 18, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research The global ventilation fans market was worth US$1.6 bn in 2015 and is expected to reach US$2.4 bn by 2023, expanding at a CAGR of 4.9% from 2015 to 2023. Asia Pacific was the largest market for ventilation fans in 2014. Growth in this region is expected to be driven by significant infrastructure development in commercial, residential, and industrial applications.
The significant growth in the construction industry in BRIC economies and major infrastructure development projects in MENA is driving the growth of the ventilation fans market. The market for ventilation fans is anticipated to expand at a CAGR of 4.9% during the forecast period from 2015 to 2023. The global ventilation fans market was valued at US$ 1,629.8 Mn in 2015. Some of the key factors driving the growth of ventilation fans market include rising awareness of indoor air quality (IAQ) and government regulations on ventilation fans deployment in the industrial sector. Ventilation fans are widely adopted across the residential, commercial, and industrial sectors.
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For many years, residential, commercial, and industrial end-users considered natural ventilation as the only way to provide a path for contaminated air or water vapor to exit. Industries are extensively replacing traditional ventilation systems with newly developed and technologically advanced ventilation systems, including brushless D.C. motors that offer low noise and high energy efficiency. The most common ventilation fan chosen is an axial ventilation fan, due to its wide range of applications such as cooling fans, wind tunnels, ceiling fans, computer cooling, automobiles, and ventilation exhaust fans. Additionally, rising awareness of IAQ opens opportunities to ventilation fan manufacturers to introduce new products that deliver healthy IAQ. With demand for ventilation fans rising across different end-user segments, demand for ventilation fans is expected to soar during the forecast period.
On the basis of ventilation fan type, the global ventilation fans market is segmented into centrifugal fans, axial fans, cross-flow fans, domestic exhaust fans, power roof fans, and range hood fans. In 2014, axial fans were the most preferred ventilation fans, and accounted for around 31% of the overall ventilation fans market. Moreover, axial ventilation fans are expected to expand at a CAGR of 4.9% from 2015 to 2023. The most significant factor driving the market for axial ventilation fans is their wide range of applications, such as cooling fans, wind tunnels, ceiling fans, computer cooling, automobiles, and ventilation exhaust fans.
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In terms of end-users, the ventilation fans market is segmented into residential, commercial, and industrial end-users. In 2014, the residential end-user segment held the largest revenue share of around 45% of the overall ventilation fans market. However, the commercial end-user segment is expected to expand at the highest CAGR in terms of revenue during the forecast period from 2015 to 2022.
Geographically, Asia Pacific is the largest market for ventilation fans, globally. In 2014, Asia Pacific accounted for around 44% of the overall ventilation fans market revenue. However, North America is expected to witness the fastest growth during the forecast period. The global ventilation fans market, in the current situation, shows the presence of key players including Panasonic Corporation, Nortek Inc., Systemair AB, Greenwood Airvac, Polypipe Ventilation, Vent-Axia, Airflow Developments Ltd., and Titon plc.
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