Wilmington, Delaware, United States, July 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global ventilation fan market was valued at US$ 2.8 Bn in 2022. It is estimated to grow at a CAGR of 6.4% from 2023 to 2031 and reach US$ 5.1 Bn by the end of 2031.
Increasing awareness of the importance of indoor air quality (IAQ) is a major driver for the ventilation fan market. Increasing energy efficiency regulations and standards imposed by governments and regulatory bodies drive the demand for energy-efficient ventilation fans. As energy-efficient fans consume less power, resulting in lower energy costs and reduced environmental impact. These regulations encourage the adoption of energy-efficient ventilation solutions, promoting market growth.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 2.8 Bn | |
| Estimated Value | US$ 5.1 Bn | |
| Growth Rate - CAGR | 6.4% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 180 Pages | |
| Market Segmentation | By Product Type, By Installation, By Material Type, By End-use | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Continental Fan Manufacturing Inc., Panasonic Corporation, Fuji Electro Co., Ltd., Suiden, Mitsubishi Electronics Ltd., Sodeca, Aerovent, Taiyo Electric Co., Ltd., Hewa, and Luminous Vento | |
The growing emphasis on sustainable and green building practices supports the ventilation fan market. Green building certifications, such as LEED (Leadership in Energy and Environmental Design), prioritize energy-efficient ventilation systems as part of the overall building sustainability requirements. Architects, developers, and building owners strive to meet these standards, creating demand for energy-efficient and environmentally friendly ventilation fans.
Technological advancements in ventilation fan design, such as brushless DC motors, smart controls, and sensor-based systems, enhance their performance and efficiency. Innovations in fan technology, including variable speed drives, automatic airflow adjustment, and humidity sensors, contribute to better control, energy savings, and user convenience. Technological advancements drive the adoption of advanced ventilation fans.
Competitive Landscape
Transparency Market Research has profiled the following players in its global ventilation fan market report:
Continental Fan Manufacturing Inc., Panasonic Corporation, Fuji Electro Co., Ltd., Suiden, Mitsubishi Electronics Ltd., Sodeca, Aerovent, Taiyo Electric Co., Ltd., Hewa, and Luminous Vento
Key Developments
- Panasonic has been focusing on developing energy-efficient ventilation fans with advanced technologies. They have introduced models with features such as brushless DC motors, smart controls, and motion sensors for automatic operation. Panasonic has also integrated its ventilation fans with home automation systems, allowing users to control and monitor the fans remotely.
- Delta Electronics has been investing in research and development to enhance the performance and efficiency of their ventilation fans. They have introduced models with low power consumption, silent operation, and intelligent controls. Delta Electronics has also focused on sustainability by using eco-friendly materials and optimizing the design for energy efficiency.
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Key Takeaways from the Market Report
- As of 2023, the ventilation fan market is forecast to reach US$ 2.9 billion
- By product type, the axial fans segment is expected to account for key market share in 2023
- By Installation, wall-mounted segment to remain popular during the forecast period.
- Based on end-user, the industrial segment likely to lead the global landscape during the forecast period
- North America is projected to be the lucrative market for the ventilation fan market
Ventilation Fan Market: Prominent Drivers and Trends
- The growing application in industrial and commercial sectors, including manufacturing, warehouses, offices, and healthcare facilities drive the market growth during the forecast period
- Increasing demand from the residential sector offers an opportunity for market expansion.
- Technological innovation and an increase in research & development activities accelerate the growth of the market during the forecast period
- Manufacturers are focusing on innovations energy efficiency, and noise-free features to enhance the efficacy of their products
Ventilation Fan Market – Regional Analysis
- North America is a significant market for ventilation fans due to factors such as strict indoor air quality regulations, energy efficiency initiatives, and the presence of well-developed construction and industrial sectors. The United States and Canada are major contributors to the North American ventilation fan market.
- The Asia Pacific region is expected to account for significant growth in the ventilation fan market due to rapid urbanization, infrastructure development, and increasing awareness of indoor air quality. The demand for ventilation fans is driven by industrialization, commercial construction projects, and the adoption of energy-efficient building practices in countries like China, India, Japan, and South Korea.
Ventilation Fan Market: Key Segments
By Product Type
- Centrifugal Fans
- Axial Fans
- Cross Flow Fans
- Domestic Exhaust Fans
- Power Roof Fans
- Others (Range Hood Fans, etc.)
By Installation
- Ceiling Mounted Fan
- Wall Mounted Fan
- Window Mounted Fan
- Inline Fan
- Others (Roof Mounted Fan, etc.)
By Material Type
- Metal
- Alloy
- Others (Plastic, etc.)
By End-use
- Residential
- Commercial
- Industrial
By Distribution channel
- Online
- Company Owned Websites
- E-commerce Websites
- Offline
- Specialty Stores
- Convenience Stores
- Other Retail Stores
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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