New York , Feb. 26, 2024 (GLOBE NEWSWIRE) -- The global ventilation grills market size is slated to expand at 1.2% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 220 million by the end of 2036, up from a revenue of USD 191 million in the year 2023. The market growth is attributed to the use of ventilation grills in residential and business structures. Enhancing apartment construction worldwide driving the need for proper ventilation and air circulation is proliferating the market growth. From 20220 to 2023 there were more than 1 billion rental apartments built in the U.S.
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Furthermore, the demand for proper ventilation in kitchens to avoid blockage of smoke or hot air is escalating the market size. The market growth is credited to the strict rules and regulations for the building industry regarding safety and security. The rising restorations and renovations carried out to improve the fresh air facility in the indoor area are proliferating the market trends of ventilation grills. As per the reports, people from America spend nearly USD 400 billion on home renovations, improvements, and repairs in 2021.
Ventilation Grills Market: Key Takeaways
- Market in North America region to propel the highest growth.
- The Metal segment to garner the highest growth
- Market in Europe region to grow at the highest rate
Increasing Number of Manufacturing Industries Worldwide with Growing Restaurants is Estimated to Fuel the Growth of the Ventilation Grills Industry
The ventilation grills industry is anticipated to rise on account of growing manufacturers across the world. The ease of installation and rising popularity of ventilation grills in the manufacturing sector is boosting the market size. An increasing number of restaurants across the world with the surge in the percentage of people dining in restaurants for business meetings, and gatherings between friends, colleagues, and family members is likely to have a positive impact on the market growth. Growing investment in infrastructure development of the industries is increasing the growth of the market. In the U.S., over 10,500 new restaurants were built during 2023 with a growth rate of approximately 6% from 2022.
Ventilation Grills Industry: Regional Overview
Preference for Energy Efficient Buildings to Reduce Electricity Consumption and Expenditure is Strengthening the Market Growth in the North America Region
North America region’s ventilation grills market is prophesied to secure a 45% market share in the coming years. The consumption of electricity by the buildings for proper air is so high that it multiplies the expenditure cost. Nearly 38% of the total energy consumption in the United States comes from buildings and contributes to over 30% of the carbon emissions. To minimize these prices, the application of ventilation grills is carried out in the building construction process of the region providing enough natural air. The sprouting rate of preference for energy-efficient solutions is evaluated to mount the market size.
Enhancing the Application of Ventilation Grills in Kitchens and Hospitals the Market Expansion in the European Region
The market from the Europe region is expected to garner a sustainable market share of 22% in the coming years. The property of ventilation grills in removing airborne contaminations makes them the best choice for use in hospitals and kitchens. As per the data of the World Health Organization, nearly 2.4 billion people cause heat while cooking and releasing pollutants and 3.2 million people die each year at an early age from these pollutants. The amplifying use of air conditioning in the region is envisaged to propel the market growth during the forecast period. Besides, all this, the presence of key players from ventilation grill manufacturing is protruding to augment the market size.
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Ventilation Grills Market Segmentation by Material
- Metal
- Plastic
- Wood
The metal segment of the market is assessed to hold a significant market revenue share of 48% in the coming years. The durability, strength, and fire resistance of the metal grills are resulting in the market segment rise. The intensifying adaptability and flexibility of metal grills for most of the purposes during the construction is aggregating the market segment size. Moreover, commercial and industrial building construction worldwide with a hike in disposable income and economic growth of the nations is proliferating the market segment trends. As of 2024, there were over 35700 commercial buildings in India.
Ventilation Grills Market Segmentation by End-User
- Residential
- Non-Residential
The residential segment from the market secures a sustainable market share owing to the greater number of residential buildings. A need for ventilation grills in residential buildings to provide fresh air and allow the use of air conditioners. As per the data of the Energy Information Administration of the U.S., in 2022 about 80% of households have air conditioners. Rising awareness of people about the presence and availability of fresh breeze in the indoor space to enhance the quality of air inhaled is extending the market segment size.
Ventilation Grills Market Segmentation by Application
- Exhaust
- Air Supply
A few of the well-known market leaders in the global ventilation grills market that are profiled by Research Nester are Aldes Ventilation Corporation, Allvent Ventilation Products, Zanardo S.p.A., Systemair AB, TROX GmbH, Kemtron Ltd., Rytons Building Products Ltd., OMEGA, Hafele America Co., Dospel Sp.z.o.o, and others.
Recent Development in the Market
- Mitsubishi Electric Trane HVAC US LLC, supplier of ductless and ducted mini-split and variable refrigerant flow heat pumps and air conditioners, had taken a pledge to install about six million heat pumps in California buildings to meet the country’s climate goals.
- Halton Group will start a demand-controlled ventilation system for the commercial kitchens. Halton is a leader in this type of demanding ventilation technology service and the Halton M.A.R.V.E.L is the new series that lowers the capital cost. Also, the advantage of the service is to provide convenient access to more food service operators such as restaurants.
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